share_log

【中信建投证券】中关村:剥离资产,聚焦医药

[CSC FINANCIAL CO.,LTD] Zhongguancun: divesting assets and focusing on medicine

中信建投證券 ·  Mar 20, 2015 00:00  · Researches

Divest loss-making assets.

Zhongguancun Construction, a subsidiary, achieved an operating income of 2.54 billion yuan in 2013, but it has been in a state of loss due to fierce competition, shortage of funds and other factors, deducting non-net profit of-263 million yuan in 2013, which has seriously dragged down the performance of listed companies. In order to concentrate resources and focus on the development direction of "science and technology real estate + medicine", the company sold its 90% stake in Zhongguancun Construction to China Construction Yunxiao.

Huasu Pharmaceutical, the magnificent turn of military assets.

Huasu Pharmaceutical, formerly known as the affiliated Experimental Pharmaceutical Factory of the Institute of Toxicology of the military Academy of Sciences, changed its name to Huasu Pharmaceutical in 2007. Relying on the Academy of military Sciences to continuously introduce new drugs to the market, there are currently 2 national first-class new drugs and 5 second-class new drugs. The company's products focus on cardiovascular, neurological and OTC categories in prescription drugs.

The product features are obvious, and the results of the transformation can be expected.

Different from other cross-industry transformation companies, the company has operated Huasu Pharmaceutical for many years, has rich experience in the pharmaceutical industry, and has gained a good market position in some market segments. The company has bisoprolol, Huasu tablets, tropisetron and other well-known varieties, with Benidipine, Feseler and other potential products, the future performance space is worth looking forward to. While the company's own product line is relatively thin, epitaxial mergers and acquisitions will become a better choice.

Profit Forecast:

Regardless of the impact of mergers and acquisitions, we estimate that from 2014 to 2016, the company's net profit will be 5261max 7206 / 109.24 million yuan respectively, and its EPS will be 0.09Uniqver 0.16yuan, corresponding to the price-to-earnings ratio of 123-90-59. In view of the fact that the company is in a period of business transformation, the future growth space is worth looking forward to, so we should give it a buy rating.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment