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Data:2009-12-12 2:34
Source: China Securities Journal Authors: Zhang Mingfang
From the perspective of a long-term investment value, Tasly (600,535) is currently in a period of high input output after the night before, from the industrial layout, innovative selection of species, corporate governance structure and future growth and other performance perspective, the company is the pharmaceutical industry unworthy of the investment products are not available.
The company should be 25-30 times more reasonable PE. Expects 2006 net profit rose 8% to achieve earnings per share 0.73; 2007,2008-year net profit rose 24.1%, respectively, and 20.0%, respectively, to achieve EPS0.91 yuan and 1.09 yuan. From that perspective, the company's current stock price significantly undervalued, to maintain "strongly recommended-A" investment rating.
To uphold our values to ensure victory in the "Quality is life." Is the company's persistent pursuit of innovation in traditional Chinese medicine beliefs. Company's aim of fine varieties of Chinese medicine, have a very good patient satisfaction and the use of the larger market size. The company's R & D team for these species "Qucuqujing" to increase the effective substances to reduce the impurities, for the development of powder injection type, to improve efficacy, reduce side effects, to achieve product upgrading.
During the whole of traditional Chinese medicine injections industry hit rock bottom. In the securities industry and the investment community are "talking about the mere mention of traditional Chinese medicine injections," the critical juncture, the company does not retreat, "Qi Fu vein" powder for injection through the second review of easily and fully reflect the "quality is life" truth. State the requirements of traditional Chinese medicine injection of powder injection higher access to the more strict, the more beneficial to the company as "a wonderful work stood out."
Company "three-legged Better Services" will go a longer-term industrial layout. We are optimistic about Tasly "modernized traditional Chinese medicine pills, powder for injection industrialization of traditional Chinese medicine injection, in cooperation with the international cutting-edge bio-pharmaceutical," three-legged in hand, and complementary industrial layout. This structure represents both the modernization and internationalization of traditional Chinese medicine development, but also closely linked to the genetic engineering of biological drugs theme of the times, both of the close combination will allow the company to go further.
The company has achieved a series of oral pills production of traditional Chinese medicine products are: CSDP, Jing Hua Wei Kang Capsules, pills, etc. andrographolide. At the same time, the modern traditional Chinese medicine Tasly Resources Corporation has established a capacity of 1.6 million tons of online digital extraction production line, the next 3-4 years, do not increase investment. The production line extract can not only meet the company's own production needs, but also exports, is also the company's future profit growth spots. In addition, the orientation after issuance, the company will be Shanghai Tasly replenishment of 100 million yuan, the successful introduction of bio-pharmaceutical strategic investors.
"CSDP" internationalization worth the wait. Company "CSDP" Taking Aim at the direction of internationalization, in the original planting of medicinal herbs, the company built the industry's first-class, in line with FDA certification standards of the GAP planting base, the first in the country through the GAP certification. In addition, the company built from the Chinese herbal plant extracts to online digital and then to produce and sell a complete industrial chain, is currently under Phase II clinical trials, FDA certification, which is expected in the second half of 2007 will enter Phase III clinical trials.
Comprehensive list of earnings estimates the value of 2003A 2004A 2005A 2006E 2007E 2008E
Main Business Revenue (million) 1,055.76 1,301.84 1,465.87 2,089.73 2,430.33 3,030.02
Growth rate (%) 13.55 23.31 12.6 42.56 16.3 24.68
Net income (million yen) 141.19 171.28 193.51 213.32 246.3 289.99
Growth rate (%) 19.8 21.31 12.98 10.24 15.46 17.74
Earnings per share 0.5 0.6 0.68 0.7485 0.8642 1.0175
Price-earnings ratio 32.56 27.13 23.94 21.75 18.84 16
PEG 1.64 1.27 1.84 2.12 1.22 0.9
â–?Chart Data Source: Wind Information
