Canchi drug industry Falls: Children's medicine leading banner how long can you carry?

The surface performance "big increase" actually decline continuously [Canchi the performance of the medicine industry is not up to expect is not the first time. In the first year after the listing of the report, the performance of the landslide over 50%, the second year after the results of a landslide exceeding 70%] March 19, Canchi Pharmaceutical (300086.SZ) released the 2012 annual report results, its share price fell, and continued to close. After water injection, the performance is still lower than expected Canchi pharmaceutical industry in 2012 net profit of 23.3366 million yuan, a year-on-year surge of nearly 8 times times, operating income of 366 million yuan, up from the previous year 19.41%. Earnings per share of 0.1167 yuan, compared to 2011 per share of 0.0141 yuan significantly higher. Behind the bright performance is the outside business income, the company received 14.545 million yuan of net income outside the whole year, accounting for 28.3663 million yuan total profit of 51%, namely "extra income" revenue contributed to the company's 50% performance. Financial results show that the large amount of non-operating income mainly stems from the Canchi of the transfer of debt agreements in Hebei Province. In addition, the Canchi pharmaceutical industry gained 3.0588 million yuan in 2012, an increase of 169%, accounting for 13% of net profit. The results showed that the investment income was mainly caused by the increase of the profit of the financial products of the controlling subsidiaries. It is noteworthy that, while the "extra income" is increasing, the company's main business is showing a decline, as of last year in the four quarter, the company's operating income has continued to fall for three consecutive quarters. Even after the earnings of Canchi, the performance report produced by the pharmaceutical industry is still below market expectations. "The Canchi's annual report looks pretty, but the big reason for the increase is that the 2011 base is too low and its performance growth is lower than many institutions expected." "A pharmaceutical industry analyst who declined to be named said. And the reporter consulted a number of brokers for the Canchi pharmaceutical profit forecast report found that CICC analyst Sun Liang in its research report predicts Canchi pharmaceutical industry earnings per share of 0.3 yuan in 2012. The research report of the Canchi was also expected to yield 0.15 yuan per share in 2012. At the end of January this year, after the release of the Canchi Pharmaceutical report, the Joint Securities Release study reported that the reduction of Canchi pharmaceutical industry 2012-2013 EPS is 0.12 yuan, 0.35 yuan, the corresponding P/E ratio is 111, 40 times times, the city net rate of 1.55. But it is clear that even after the downgrade, Canchi's annual report on the drug industry has not been "up to standard". In fact, it is not the first time that Canchi's performance is not up to expectations. The first year after the listing of the newspaper that appears to face, the performance of landslides over 50%, the second year, the results of the landslide over 70%. In the pharmaceutical industry, which has always behaved steadily and has a good growth, Canchi pharmaceutical industry has become a negative representative in the medicine unit. How long does the recovery take? While the Canchi drug industry appears to have shaken off its worst predicament, many in the industry seem to have had time to return to the Canchi drug industry in the peak of good data at the time of the IPO. Some investors joked that the Canchi pharmaceutical industry was listedWearing heavy make-up, after the listing will soon fade out of makeup reveals its difficult to let investors accept the face of the color. As the largest manufacturer of Nimesulide preparations in China, Canchi pharmaceutical industry relies on core products Rui Zhi Qing in 2007 to 2009 three of the main operating income from 95.6 million to 216 million yuan, and with this beautiful performance to 62.5 times times the issue of price-earnings per share price of 57 yuan Landing gem Market, super raise capital of 1.1 billion yuan. But after the listing six months, Canchi pharmaceutical products Rui Zhi Qing was exposed to the children of the central nervous and liver damage, and even death of the news. May 20, 2011, the FDA regulation of Seretide oral preparations banned for children under 12 years old, this is the main child drug market Canchi Pharmaceutical industry is a wake-up. The 2011 Annual report, which was subsequently disclosed, showed that the income of Rui Zhi Qing was down 72.23% to 61.697 million yuan in 2010. The company belongs to the listed company shareholder net profit also instantaneous from 2010 's 139 million yuan drops to 2.816 million yuan, the decline ratio achieves 97.98%. Canchi pharmaceutical Industry to save the results of the decline of nimesulide crisis, to reduce over-reliance on Nimesulide granule Rui Zhi Qing products for the main business risks, Canchi frequent operation, trying to change the single product model. "At the same time as the introduction of new drugs, due to high advertising costs and depreciation of fixed assets, the recovery of net profit is still to come." The analyst said. But the new Canchi of the drug industry remains a concern. Canchi Pharmaceutical 2012 New Jinli, the main ingredient is limited to ammonia Kim Huangmin granules. In the latest revised "non-prescription drug containing amantadine hydrochloride", the state Food and Drug Administration prohibits infants under 1 years of age from taking ammonia Kim Huangmin granules, and children under 5 years of age are not recommended. Product safety problem has not completely calmed down, on the other hand, the "cost" of Canchi pharmaceutical industry surfaced. The Canchi Securities Research report also indicated that before 2010, the product structure of the pharmaceutical industry was unitary, and Nimesulide granules were the main source of the company's income and profits. To this end, the company has been working for the past two years from a single variety to many varieties of the transformation, 2012 increased the agent variety of sales, which dragged down the company's gross margin. At the same time, in order to make up for the loss of Rui Zhi Qing, 2011-2012 years to promote new product advertising costs, sales costs have increased significantly. The earlier study of the Joint Securities report also believed that the high cost of Canchi pharmaceutical management almost swallowed up all the profits, and most of the operating profit came from the interest income of the extra funds. "There has been no noticeable improvement in the company's operations, but the most difficult period has passed; the recovery to the highest level in history still takes a long time, but the potential of new products and the prospects of several subsidiaries of Shenyang Canchi, Hebei Canchi and marketing companies are still worth looking forward to." "Xu Xiang Canchi Medicine?" Canchi pharmaceutical industry yesterday evening disclosed the transaction data showed that the agency and the hot money at the same time the dumping of goods eventually led to Canchi drug industry fell. According to Shenzhen disclosed data, yesterday sold Canchi pharmaceutical industry The top five seats in the famous Floating capital club GalaxyShaoxing Securities Sales department sold 5.1689 million Yuan, of which three seats sold pure, Citic Securities Huizhou Wheat East Road Sales department sold 7.4896 million Yuan, Shanghai Securities Beijing Longevity Road Sales department sold 2.6153 million yuan. There is also a special seat for the organization to sell 5.2164 million yuan. According to yesterday's Canchi pharmaceutical sales price of 13.66 yuan per share, the agency seats or has sold 380,000 shares. The disclosure of the annual report will also make public the changes in the top ten Canchi drugs ' shareholders in the last four quarters. This reporter compared to the end of the third quarter with the end of the four-quarter Canchi drug industry shareholders found that the chips seem more dispersed. The Xu Xiang, a private-equity man, managed the city of Chak-Hee-jin 1th, which was in the two quarter of last year, and also left last four quarters. From the stock price trend, it seems this time Xu Xiang failed to achieve profitability. Data show that last year two, Chak-hee Ruijin 1th as a new identity to buy Canchi pharmaceutical 414,400 shares, accounting for the company's circulation of 0.59%. In the third quarter, Chak-hee Ruijin 1th continued to add 1.142 million shares, the proportion of the shareholding to 2.2%, but also quickly rise to the fourth largest circulation shareholders position. And in the report of the top ten circulating shares of the list of shareholders, Ze-hee Ruijin No. 1th has disappeared. Trading records show that Canchi's share price has been volatile since the two quarter of last year and has hit a record low of 9.91 yuan per share. From the end of last year's 13.42 yuan to the end of last year's 11.79 yuan, the overall decline of 12.15%. It is noteworthy that, just last year, after the third quarterly release Canchi pharmaceutical industry appeared a few trading days a sharp rebound in the trend hit a 14.17 yuan per share of the peak. Whether Xu Xiang at this moment is unknown.