Significant improvement in performance (figure)

Overall, the company's internal management since the second half of 2008 has been significantly improved, and the overall operating conditions of the 2010 quarterly, a significant improvement in the expected annual performance growth will be sustainable. 2010 Quarterly, the company to achieve business income of 998 million yuan, an increase of 33.51%, the realization of net profit of 66.38 million yuan, the year-on-year growth of 105.23% per share earnings 0.14 yuan; after deducting the non-recurrent factor, the net profit was about 49.3 million yuan, which grew by about 52%, Earnings per share of 0.11 yuan.　　Operating activities generated a net cash flow of 95.1 million yuan, an increase of 280%, per share of operating cash flow net amount of 0.20 yuan, cash flow is very healthy. From the subordinate enterprises, pharmaceutical factory, Tianxin Pharmaceutical, chemical pharmaceutical companies in the first quarter of the main cephalosporin raw materials and preparations are both booming production, income growth of more than 40%. 2009 years of the Four Seasons, Ming Hing, Guanghua, He Zipang Pharmaceutical Factory inventory has been cleaned up, Guanghua, He Zipang Pharmaceutical Factory and pharmacy to carry out sales resources integration, three companies 2009 years since the Four Seasons performance improvement.　　In the first quarter of 2010, the joint venture Hutchison Whampoa revenue continued to maintain a steady growth, and the operation of the 减亏 was gradually improving. We maintain the company's 2010, 2011 performance forecasts, that is, the earnings per share of 0.48 yuan, 0.58 yuan, considering the company's subsequent reorganization of the forecast, in accordance with the company's 2010-year performance to 35 times times PE, the December target price of 16.8 yuan, to maintain an "overweight-A" investment rating.