Three major factors are positive

Source: Internet
Author: User
Keywords Good
-Zhao Cen Securities based on the following factors, we are optimistic about the company's performance prospects: The inflection point has been, the company's product sales into a benign period of development. The company's leading product growth momentum is good, last year 23 varieties of sales revenue breakthrough tens of millions.  The growth rate of Qi Qi liquid increased by more than 20%, and in Sichuan region, the sales of billion, too much of the increase of about 30%, and for the first time to enter overseas markets, while Trimebutine and Babel oral liquid sales have recovered. "Double plan" into the third year, the asset is expected to further increase the invigorated. The company's annual financial expenses for 09 amounted to 143 million, while operating profit was only 78 million. Land assets are idle and financial costs devour most of the profits. In this respect, the company 08 proposed "Double plan", the company also has a large number of land disposal, 09 Annual report mentioned this year will timing disposal of idle land, is expected to further reduce financial costs.  After reckoning, the company has the total value of land assets of 4.005 billion yuan, equivalent to 12.2 yuan per share, for the current share price to provide a high margin of safety. Chongqing regional capital market integration curtain has been opened. "Financial mayor" Huang Qifan since taking office to vigorously promote the integration of Chongqing's capital market, Taiji Group has three listed companies, the integration of the expected strong.  Once integrated, the southwestern pharmaceutical industry and Tungjun will be sold as Shell resources. In view of the company's asset disposal schedule has a greater impact on performance, and there is a certain uncertainty, we are divided into Conservative and optimistic analysis of two situations. Under the conservative estimate, EPS was 0.24, 0.35 and 0.43 yuan in 2010-2012, and the optimistic estimate was adjusted to 0.77, 0.57 and 0.72 yuan respectively, and the reasonable price was 17.50 yuan. Give a "strongly recommended" rating.
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