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Intel Group: Accelerating The Merger And Reorganization Of Pharmaceutical Circulation

2010/9/17 15:59:00 60

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Main points of investment:

Raise the rating to "buy"

Enlight

It is the second largest pharmaceutical distribution enterprise in Zhejiang province. Its market share is only slightly inferior to that of Huadong medicine, and its subsidiary is the main business entity.

Pharmaceutical circulation merger and reorganization accelerated

Leading enterprises

。

It is imperative to merge and reorganize pharmaceutical circulation industry in China. This year, we are expecting to accelerate the promotion of the policy.

In the stronger market, the pharmaceutical industry as a leading business in Zhejiang will obviously benefit from the improvement of industry concentration.

Moreover, the small and scattered market structure in Zhejiang determines that the penetration of domestic commercial giants such as Chinese medicine and medicine is slow in the Zhejiang market.

Based on the Zhejiang market, the company's business expansion is relatively large.

achievement

Elasticity.

The company is based on the Zhejiang market, actively seeks mergers and acquisitions, has completed the merger of Cixi medicinal materials, and is working on the operation of the purchase of Wenzhou supply and marketing.

Future Ltd extension business expansion will continue.

Unlike the national medicine, medicine and other pharmaceutical business giants in the whole country, the company, as the leader of Zhejiang Province, is concentrating on its own sites. Because the drug bidding and distribution are all provincial units, the merger of the company at the provincial level is obviously more synergistic, which is conducive to the improvement of net interest rate, and the performance elasticity of the epitaxial M & A is relatively large.

Clear positioning, the company maintained a relatively high level of profitability.

In the course of the development of the company, the company's position is very clear, that is, the name of the brand new features, and strive to maintain the advantages of varieties.

The famous and new drugs are mainly for hospitals above grade two, and the unit price is often higher and the price fluctuation is smaller. The proportion of the corresponding expenses is also smaller. Therefore, the company maintains a higher profit level, and the net interest rate is in the leading level in the industry, showing a steady upward trend.

Profit forecast and investment rating

Without considering the disposal income of the property, and according to the consolidated statements of Wenzhou's supply and marketing at the end of 2010, we predict that the EPS of the Intel group will be 0.21 yuan, 0.27 yuan and 0.38 yuan for 2010-2012 years respectively.

We believe that the company based on the Zhejiang market, endogenous growth is clear, extensive extension space, the future in the wave of industry mergers and acquisitions has strong performance elasticity, is expected to significantly benefit from the industry concentration.

At present, the market value of only 2 billion 100 million yuan can not reflect the company's huge terminal channel value and the value of acquisition. Therefore, we raise the company's investment rating to "buy", and the target price of 6 months is 13.64 yuan.

Risk warning

The extension of M & A is slow, and drug price regulation is beyond expectations.