Guang letter de Super low price assault shares Huaren pharmaceutical industry

Public data show that 2008, the Cologne pharmaceutical production of non-PVC soft bags accounted for less than 3% of the total output of all its products, but the absolute value of non-PVC soft bag infusion is close to the scale of Huaren pharmaceutical industry, the gap is less than 9 million bags.　　As for the market position and growth of the Huaren pharmaceutical industry, several medical researchers interviewed by reporters declined to comment on the basis of the company's failure to do so. Accounts receivable accounted for "half of the revenue" prospectus, Huaren Pharmaceutical Industry in 2007, 2008, 2009, respectively, the accounts receivable 85.66 million yuan, 103.43 million yuan, 132.23 million yuan, accounting for the current period of business income of 53.16%, 49.83%, 45.83%,　　Nearly half of the three-year operating income is accounted for in accounts receivable.　　And in the same three years, comparable company--------------large infusion industry leader in the collection of accounts receivable accounted for less than 20% of the annual revenue share. As for the accounts receivable turnover rate This is an important indicator of the enterprise health, the number of Huaren pharmaceutical industry is also a lot of losing peers.　　2007-2009, the Huaren drug industry accounts receivable turnover is 2.56, 2.20, 2.45, and the industry average is 7.14, 8.50, 8.96, the gap is not small. The explanation given by the Huaren pharmaceutical industry is that "the company has different product structures from other listed companies, so there is no obvious comparability of data." "" Non-PVC soft bag double valve infusion price than the traditional glass bottle infusion and plastic bottle infusion to expensive, franchise non-PVC soft bag Infusion Huaren Medicine Accounts receivable account for the proportion of too large to understand. But the accounts receivable turnover rate does not exist this problem, this has nothing to do with the product structure, the buyer side of the settlement is the same treatment. Huaren Pharmaceutical Accounts receivable turnover is too low, this is not a good thing.　　"The above industry analysis. Huaren pharmaceutical Industry in the prospectus provides data, and Huaren pharmaceutical industry's main business non-PVC soft bag double valve overlap higher than the listed companies have three, is the double crane pharmaceutical, Southwest Pharmaceutical, Cologne pharmaceutical industry,　　The three companies 2009 accounts receivable turnover is the lowest 6.00, the highest is 9.09, are much higher than the Huaren pharmaceutical industry.　　And the only one accounts receivable turnover rate is lower than the Huaren drug industry listed pharmaceutical companies-Tonghua Dongbao, it is the main business and Huaren pharmaceutical industry is far from, belong to "no comparable" category. In addition, the Huaren pharmaceutical industry in the prospectus said that as of December 31, 2009, the age of 1 years within the accounts receivable balance ratio of 91.74%, the aging structure is more reasonable. At the same time, the number of the drug industry in Cologne was 99.35%.