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Data:2009-12-12 2:34
Author: Wu is pleased to
000028 unanimously Pharmaceutical: Target price of 9 yuan (7.50 yuan at current prices)
; Perspective Point 1: Guangdong and Guangxi integration continue to advance into the Southern Medical Distributors first brand: the company continue to promote the integration Guangdong and Guangxi, integrating internal resources to build a new organizational structure. The company initially expected to be by product line to build the various operators (net sales, transfer, quick batch, retail), merging the functions of various departments logistics. By building a new organizational structure and operational mode of operation, the company's operational efficiency (reduce costs, control costs), the variety of resources (upstream customers), sales of network resources (downstream terminal) the initial formation of the three core competitive advantage.
Perspective Point 2: Future earnings growth analysis: the company's profit growth next year, mainly from the company to control costs and expenses and sales expansion of the scale. Shenzhen unanimously (commercial) in the Sinopharm Holdings took over, the operational efficiency significantly raised, and we believe that this trend will continue to embody the next year; state-controlled, continued to maintain high growth momentum, while taking a step forward to reduce the costs; Guangdong Xin Long on the basis of the fast batch operations, and actively explore the community pharmacies, medical institutions, factories and mines, township health centers, the third terminal and other markets become the company's new profit growth point.
Perspective Point 3: The excellent management team: management, management ability and business aspirations for the success of an enterprise has an important influence. Pharmaceutical management agreement gives the impression that the greatest courage to try and innovation for the industry's current status and future development trends have deep understanding. This is why we recommend the same medicine is one of the important reasons.
Perspective on the medium-term funds Masukura 3:06 margin reached 25 points, while one-quarter of institutional investors is basically nothing!
valuation and investment advice: Based on the valuation model estimates, the company 2006-2008 EPS were 0.3 yuan, 0.37 yuan, 0.45 yuan. The same field of medicine in the medical business have a very strong competitive advantage and monopoly, the valuation should be given a certain premium. Tends to 2007 EPS 0.37 yuan and 23-25 times PE pricing, the company within 12 months valued at 8.5-9.3 yuan a reasonable target price for 9 yuan to maintain edge -1 rating. Meanwhile, the company B shares is only 5.04 Hong Kong dollars, undervalued, with a greater appreciation potential.
Historical Information: G consistent (000028): results of the reorganization of assets lead to growth in July 15, 2006
Source: Orient Securities
Orient Securities Institute ZHANG Xiao-qing view, G the same after the reorganization of assets, operating conditions have been greatly improved, the future development of strategic clarity, with more room to grow. 2006,2007 expects annual earnings per share were 0.31,0.37 yuan, to give an "overweight" investment rating.
First quarter of 2006, the company earnings per share were 0.082 yuan, net assets yield 5.73%. In addition, the company recently released a semi-annual Yejiyuzeng notice the first half of company's growth in the range of 150%. In this regard, Zhang Xiaoqing pointed out that the performance of the company to upgrade the main benefit from the company after the acquisition of state-controlled Guangzhou, revenue and profit are given a more substantial growth. ZHANG Xiao-qing said the acquisition of state-controlled in Guangzhou, the company's main business area has been expanded to Shenzhen in Shenzhen, Guangzhou, Liuzhou as the center, and radiation Guangdong, Guangxi, southern China region, the company sold in the hospital, business transfer, quick batch Logistics , drug retailing competitiveness among the retail type further enhanced scale of operation in southern China, and further strengthened. Is expected in the future the company will establish a unified logistics center in Guangzhou, unified distribution, unified procurement, and Guangzhou Pharmaceutical in southern China region to form an oligopoly structure. This will help the company's future business development of the pharmaceutical business.