2011, held yesterday, the national pharmaceutical industry information revealed at the annual meeting news, "biomedical" five-second "planning" has been developed near the end. Related personnel revealed that planning for the pharmaceutical development of large enterprises to develop a clear goal, "five-second" period, the industry is expected to substantially increase the concentration,China digital thermometer the average top 100 company sales income will reach ten billion yuan, while the average top 10 Sales exceed $ 50 billion to the "five-second" end of the top 100 companies accounted for 50 percent of industry revenue, to the "thirteen five" late, it will reach 80% target. BiomedicalChina clinical thermometer carrier, in contrast, 13 shares will enjoy feast.
NHU: worth the wait to buy new products
2010 VE price weakness ahead, rebound fatigue: VE last year, prices have been falling, the supply side during the insured's case is expected to rebound several times,China ear thermometer but the intensity is weak. Representative is the end of July, with the new, and as a maintenance shutdown, VE price fell to 105 yuan began to appear near the stop price, the expected rise in cases. But the end result as we expected: only 15% up on end.
The core logic behindChina digital blood pressure monitor the price increases is to have the support of the demand this year facing a new opportunity: VE After three years of rising prices, we propose a long boom cycle theory of VE continued to be tested. We insist that the price fluctuations are caused by supply and demand, due to optimistic about this year driven byChina digital thermometer manufacturer demand for feed, we are the first on March 7 tips vitamins VE and VA the opportunity to present good performance. Our latest view is that: Japan earthquake is a good trend this year has played a vitamin to accelerate the role, although short-term overdraft some price increases, but the second quarter as demand for the coming season, China clinical thermometer manufacturer VE and VA prices are still up possible.
Adjusted profit
If the price as a full-year forecast basis (VE135 yuan, VA140 yuan), we expect the company's 2011 EPS of 1.75 yuan, VE and then rose 10 yuan each, thickening performance of about 0.20.
Zhejiang Medicine: VE prices are expected to increase the performance worth the wait
Results in line with expectations: in 2010 the company achieved operating income of 4.558 billion yuan, total profit of 1.333 billion yuan, attributable to equity shareholders of the Company's net non-recurring gains and losses net profit of 1.162 billion yuan, respectively, an increase of 8.95%, -6.42%, - 5.97%, to achieve the basic EPS2.54 yuan, CPS2.92 yuan, basically in line with our previous expectations.
VE are the most important source of income: income of the company in 2010 2.199 billion yuan synthetic VE, an increase of -0.39%, 56.17% gross margin, revenue and gross profit in the company's accounting for respectively 48% and 56%; natural VE income 1.23 billion, an increase of 15.07%, 9.56% gross margins, revenue and gross profit in the company's accounting were 3% and 1%. VE products contribute the vast majority of the company's revenue and profits. Company VE production process of continuous improvement, quality and continuous improvement, high levels of VE (98% or more) of the strong growth in output, which helps the company forward - Step into the high-end market.
VE upside in prices: the domestic pig prices are still high, the domestic high inflation, hog prices will be strong support for the European aquaculture industry also pick up phenomenon. From VE seasonal demand, from the breeding market in April with the start, gradually increase feed production, is expected to be 5-9 months a rapid growth, feed consumption, strong seasonal demand will stimulate VE. High prices of petrochemical products, intermediates Isophytol, trimethylhydroquinone awake prices are rising, the cost of upgrading transmission of the downstream effects of VE will also be gradually revealed. VE likely future prices.
Preparations, anti-drug products has grown rapidly, the international certification registered significant achievements: in 2010 anti-drug product production volume growth, vancomycin hydrochloride bulk drug sales grew 63.11%, teicoplanin API sales up growth of 89.57%. Sales agents to achieve new breakthroughs, to credible revenue grew 33.52%, an increase of 43.60 percent plus Lixin. Vancomycin hydrochloride CEP certificate and API access to the Japanese PMDA approval granted in the United States, European Union, Australia, Japan and other major market; levofloxacin API in South Korea and India to complete the registration granted; miglitol bulk drug of DMF in India has already been approved; biotin pharmaceutical grade completed registration of Korea and India.
Risk factors: the risk of falling prices, RMB appreciation on the company exports.
Profit forecasts, valuation and investment rating: 11-13 years, we give the company forecast earnings of $ EPS3.19/3.89/4.60, corresponding to 11-13 years of PE were 12/10/8 times, according to 11 times earnings was clever, target price of 47.85 yuan, the company fundamentals are good.