Livzon look deep reform of investment grade holdings Harvest

 Franc Group: deep reform of investment grade holdings of Harvest Hope
2007-8-24 16:22:00 Code: 000513 of: Hong Lu Source: Essence Securities Source: Vertex Financial
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steady growth of low-income department
, performance increased dramatically. reporting period to achieve the main income of 798 million, an increase of 8.15% and net profit of 239 million, an increase of 219.84%, earnings per share of 0.76 yuan. net profit growth for two main reasons: First, the depth of the marketing company reform, to ensure steady revenue growth, expense ratio dropped significantly three 9.66 percentage points to 26.87%, including sales charges rate fell 6.77 percentage points to 14.39%; the second is a substantial increase in stock due to investment income.
Chinese medicine, promoting hormones, pharmaceutical raw materials sales growth is gratifying. from the product category perspective, mainly to the increase in sales revenue Since the Chinese medicine, pharmaceutical raw materials promoting hormone and growth in sales of three products. Chinese medicine preparations maintained a good momentum of growth, an increase of 13.36%; promoting hormones gradually become the company's new profit growth point, an increase of 66.43%; API strengthened the research, production, sales of the systematic management, and gradually turned the corner, an increase of 23.10%. But sales of gastrointestinal products decline, down 9.82%; antibiotic preparations by the impact of price and product mix sales declined 20.69% year on year . specific to key products, Shenqifuzheng injection, anti-virus particles, follicle-stimulating hormone, HCG, ceftriaxone, polymyxin, cefuroxime sodium, and other products have greater sales growth.
marketing model will have a profound impact on the company converted .06 reform of the marketing company in mid-model change for the refinement of extensive marketing, marketing, and adopted a marketing model, the cost of sales increased efficiency, while marketing staff have a good quality incentives. through the large enhanced competitiveness, which will have far-reaching positive impact on the company.
by the the proportion of product sales, and actively promote Chinese medicine, promoting sex hormone high margin, specialty products sales, making it a new impetus to the growth performance of the company, the company is gradually accelerated by the Short-term investments. 07,08,09 years EPS forecast 1.20 yuan, respectively, 1.24, 1.43, excluding stock investment income EPS was 0.71 yuan, 1.02 yuan, 1.29 yuan. reference to integrated pharmaceutical companies in 2009 the average PE 35 times, even in the short-term investment returns without considering the relatively conservative, we still think that stock in the next 12 months should be a reasonable value of 45.2 yuan, giving the