Profit growth space limited John Yu pharmaceutical industry, such as the first to be questioned

Affected by the earthquake and tsunami in Japan, the global IPO market is "very hurt", but even in this "Concussion" in the background, the gem market has still ushered in four new members.　　They are the John Yu Pharmaceutical, Nachuan shares, high union new materials and US. These gem new shares once published, they have been widely concerned.　　such as John Yu Pharmaceutical, March 28, the unit began online purchase, which means that the domestic focus on the production of peptide drugs, "first" formally for investors, but it is noteworthy that the unit is still in the "parish will" during the period, it attracted a question sound. Without first being questioned according to the information, John Woo Pharmaceutical is a specialized in chemical synthesis of peptide drug research and development, production, sales of private enterprises.　　Its main products include peptide drug preparation, polypeptide drug APIs and customer peptide (custom service) three series. The actual control of the company is Zeng Shaoqui, Zengshaoqiang, Zeng Shaobin three brothers, the total holding ratio of 49.7%.　　The three main product series, the preparation has exceeded 100 million sales, mainly including the injection of thymus five peptide, injection of somatostatin, acetic acid to ammonia vasopressin injection, injection of the special vasopressin and so on. January 25, the first application of John Yu Pharmaceutical Enterprise Board was approved by the Commission. According to the company's report, the company plans to issue 25 million shares, with a total equity of 100 million shares after issuance. What is the purpose of these collected funds?　　The company said it was raising funds for the construction of a peptide drug production base and a pilot technology platform for peptide drug preparation.　　According to the John Yu Pharmaceutical, the prospectus showed that in 2007-2009, John Yu Pharmaceutical business income of 56.2016 million yuan, 77.3591 million yuan and 92.7114 million yuan, net profit of 15.2321 million yuan, 19.8588 million yuan and 35.3659 million yuan.　　In this respect, a careful person to calculate a sum, if the plan issued after the total share capital of 2009 years of operating income, the share of the operating income is only 0.93 yuan. It is precisely because of this, the industry has been questioned. Shenzhen, a senior sponsor representative said: "IPO procedures do not clearly define the company's equity and operating income of the corresponding relationship." It should be noted that the scale of operating income is too low to limit the size of the company's profits, each share of business income of less than 1 yuan, earnings per share will not be high.　　"The space for profit growth is limited although the pharmaceutical research and development of the company has its own unique advantages, but in the industry, the first set up in 2001, the pharmaceutical enterprises, the operating income has not been scale, which triggered a landing on the venture board of a query sound. According to the company's prospectus, 2007, 2008, 2009 and 2010 1 ~ June's operating income is 56.2016 million yuan, 77.3592 million yuan, 92.7114 million yuan and 51.9215 million yuan respectively. The net profit attributable to the shareholders of the parent company is 15.2322 million yuan, 19.8588 million yuan, 35.3659 million yuan and 18.7989 million yuan respectively. 2The annual compound growth rate of net profit of 007-2009 years operating income and attributable to the shareholder of parent company is 28.44% and 52.37% respectively.　　Some insiders pointed out that for any enterprise, operating income is too low will limit the size of the company's profits, business income scale is too small, and revenue growth is not very fast, corporate follow-up profit growth space will be limited. At the same time, Haitong Securities in its investment strategy report pointed out that the company's main two types of injection products accounted for the high proportion of the company's income, the source of profit is too concentrated. Therefore, the company's EPS is estimated to be 0.75 yuan, 1.07 yuan and 1.51 yuan respectively in 2011-2013.　　Reference comparable company valuation level, and comprehensive consideration of the current gem market investment risk, out of prudent principle, Haitong securities that can be given 2011 36-40 times P/E, the target price of 27.00-30.00 yuan, the value is 30.19 yuan.　　In addition to the small size of the revenue and the limited profit growth, the inherent risk factors have greater risks in the company's internal turnover and drug price movements.　　According to the public information, John Yu Pharmaceutical by the former brothers through the affiliated companies to set up, the company listed before the shareholding structure, Chairman Zeng Shaoqui shareholding 34.32%, Vice chairman Zengshaoqiang shareholding 26.64%, Supervisors Zeng Shaobin shareholding 5.3%, three brothers total direct shareholding 66.26%. In the operation of the listing process, the John Woo pharmaceutical industry also received two rounds of PE shares. Including March 2008 Sai Fu Three, Mauritius (China Investment) Co., Ltd. and Shenzhen Innovation Investment joint venture, the company increased capital of 55.6529 million Yuan, Sai Fu fund to obtain 20.91% equity, Shenzhen Innovation Investment to obtain 4.09% equity. In addition, the company has 5.36% shares held by Fengcheng investment.　　It is reported that Fengcheng investment is the company to lock the core backbone of the establishment of management shareholding platform. However, as a High-tech enterprise, it is surprising that its core personnel on the shareholding platform is also very small, production, research and development, marketing, finance and other core departments in charge of only 1.24% of the shares.　　A person in the industry said that the company is in a serious dependence on technology research and development of the industry, for this type of technology start-ups, management and core research and development personnel holding too low, easy to cause the loss of personnel and technology. In fact, the peptide drug industry in China is still in the initial stage, scientific research and technical personnel are still relatively scarce.　　In this respect, industry insiders believe that the company's current talent reserves can not meet the needs of the rapid development of companies, and the new recruitment of college graduates, but also need to undergo a longer period of training, therefore, the company if the core technical personnel loss of the situation, it will be possible to the company's sustainable development has adverse effects. Moreover, the risk to the company of drug policy is not negligible. According to the state "drug government pricing Method" stipulates that the state of drug prices for the government control, and the drug to distinguish between the original development and imitation drugs, new drugs and famous drugs and common drugs to price, the implementation of high quality excellentPrice。 And the company's acetic acid ammonia vasopressin injection, injection of somatostatin, salmon calcitonin injection, injection of oxytocin and other 12 varieties of drugs are included in the national "Health Care Directory." Industry analysts believe that since 2000, the country has repeatedly cut the policy of drug prices, drug prices showed a downward trend.