Guangzhou Pharmaceutical: the worst is over with a bright future – Guangzhou Pha
Investment points Company Marketing Adjustment basically completed. Benefit from the medical reform, its varieties of potential drugs, while rabies vaccine will be a new profit growth point, future performance is expected to significantly reverse.
Wanglaoji expected to maintain 25% growth. Canton Medicine Future to look forward to the company. Moreover, the integrated system is expected to remain drug.
Forecasting firm 2009 -2011 Earnings per share were 0.22 yuan, 0.44 yuan and 0.59 yuan for the first time to "strongly recommended" rating.
Risk Note: Performance may reverse the extent and persistence of lower than expected; Guangzhou Pharmaceutical system integration uncertainty.
Guangzhou Pharmaceutical [11.575.47%] (600 332) for the large state in southern China Pharmaceutical companies , Ltd. Traditional Chinese medicine Materials, manufacturing and proprietary Chinese medicines Drugs Wholesale, retail and import and export trade. Quarterly Bulletin 2009, showing the three main business income of 2.9 billion, net profit of 153 million yuan, net profit excluding non-recurring gains and losses rose 75%. Since the upstream element of raw materials prices fell 2.5 percent gross margin, but the expense ratio decreased 3.3% during the period in which Sell Costs down 15%.
Adjusted results are expected to reverse marketing
2007, the company has taken aggressive sales strategy, the company to increase sales and channel performance using a large number of Yahuo way, seriously affected the later development, the company controlled the second half of 2008 shipments and inventory liquidation channels. To the original channel of the third quarter of 2009, stocks of basic clean-up completed, the sales to track. Quarterly Bulletin last year, showing sales revenue and net profit into positive growth, which main business net profit rose 75%. Show the company has begun selling becomes normal track, started to improve management quality.
Company owns, including Chen Li Chi, Jing Xiu Tang, Zhi-Lin Pan Gaoshou and mining and other century-old, with Xiaoke Pill, Wujibaifeng Pills, Huatuozaizao pill, Po Chai Pills, ointment mixing Loquat well-known brand Chinese medicine preparation. Huatuozaizao pill which Xiaoke Pill and essential drugs for the exclusive varieties, annual sales income of 5 billion yuan respectively, and 1.5 billion yuan. We believe that the company is much larger than the potential benefit of medical reform other small and medium sized pharmaceutical company. Which is expected to Xiaoke pill sales in 2010 expected to grow more than 30%, sales revenue is expected to reach about 650 million yuan. Huatuozaizao pill will restore rapid growth. The constellation of Pharmaceutical drug sales in 2010 returned to normal, fade out and stop drink beverage industry promotion costs, the company will be profitable. Pan Gaoshou medicine after two years of adjusted sales in 2010 will go on the right track, you may return to 2006 sales levels and profitability.
Rabies vaccine will be a new growth point
Guangzhou Pharmaceutical in Guangzhou Bedi subsidiary, the main biomedical research and development production, access to rabies vaccine production license approval documents and first half of 2009 sales of more than 3,000 yuan, annual sales of more than 5000 million is expected. In the second half because the state issued new standards for production processes affect the production, expected around April 2010 will return to normal production. As the new national standard rabies vaccine in adjuvant and will be removed from active units to 1.3 to 2.5 international units, many enterprises fail to production standards, leading to the vaccine shortage. Expects to achieve 100 million yuan in 2010 to about sales, net profit margin of 30% of the sales terms, can achieve 30 million yuan net profit around. Wong Lo Kat herbal tea beverage
series because of lower raw material prices and the Asian Games upstream factors, is expected to maintain a 25% growth. Wong Lo Kat Po Chai Pills, Po Chai and many other well-known proprietary oral formulations due to Essential drugs system And the health care market expansion will make it double-digit growth trend.
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