Happy general medical treatment: One billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise await medical devices anthology

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Buy



37.5

Instrument of sweep the deck of inside and outside, medicine pays equal attention to, the heart and vessels specializes in peep of framework of one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise

Sweep the deck of inside and outside of surgery of heart internal medicine, breadth of mind, the management pattern infrastructure that appliance, medicaments pays equal attention to ends. All the time since the research and development that the company regards cardiovascular intervening bracket as, production and distributors, gain construction is single, 86% what bracket income held company gross earnings 2009. Because market competition is intense, in recent years bracket market structure tends stable, although company sale capability is stronger, still can ensure the income of 30% above grows, but should achieve market share short-term inside large-scale promotion difficulty is greater, and company market prise has achieved 20 billion above at present, only support support realizes a company very hard to grow quickly continuously. Before collaboration of square drug industry established company and day to accuse a day square Chinese traditional medicine of 51% to begin Wu of cardiovascular drug property jointly, we think to be bought this in the company think of after amounting to, le Pu already antenna comprehensive and outspread went to each the heart and vessels is professional getting inside the country, sweep the deck of inside and outside of surgery of heart internal medicine, breadth of mind, the management framework infrastructure that appliance, medicaments pays equal attention to ends, and be based on a company the advantage in cardiovascular major, as future the development of each business conformity, the gain ability of each company business will get large-scale promotion.



Yu Jing of fixed position different contends for adversary, begin to have the requirement that makes overmeasure be worth company of one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise. The cardiovascular specialized subject that we think the company had become future from bracket provider change at present treats a provider, as small as its competitor achieve medical treatment and Shandong power tall photograph is compared, le Pu produced tremendous change from company whole fixed position, small achieve remain pure bracket provider at present, and power tall criterion more deflection provider of material of the medical devices on broad sense, bad news, the view that will see Le Pu from business framework is broad, involves field is more professional with concentration, begin to have the requirement that grows to be worth company of one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise for overmeasure.
March one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise, maintain " buy " grade. Predict to think of amount to sales revenue achieved 22.69 million yuan 2010, net profit 10.87 million yuan, because happy general total capital stock is bigger, add to the outstanding achievement 2010 thick not apparent. Our of short duration does not increase company outstanding achievement, maintain original 2010-2012 year every accrual 0.55 yuan, 0.84 yuan of gain with 1.27 yuan are forecasted, in view of sweep the deck of inside and outside of surgery of company heart internal medicine, breadth of mind, the management pattern infrastructure that appliance, medicaments pays equal attention to ends, the company grows Yu Jing of fixed position clarity, different for a long time to contend for adversary, begin to have the requirement that becomes company of one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two market prise, maintain " buy " investment grade and 37.5 yuan target price.



Risk clew. Cure changes depreciate risk and decrease run a risk.

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Careful recommend - A

Announcement buys Beijing to think of amount to 100% equity: Company announcement, 150 million buy Beijing to think of amount to medical the limited company that install Ning 100% equity. Beijing thinks of the person that amount to the outstanding that is domain of domestic heart valve, achieved sales revenue 2009 17.78 million yuan, the market is had rate 15% the left and right sides, net profit 6.62 million yuan.
Beijing thinks of the person that amount to the outstanding that is heart valve domain: Beijing is thought of amounting to is home exclusive provider of product of valve of a homebred heart, product technology index is close to basically with foreign product, own 3 patent in all in respect of artificial heart valve at present, 2 register card and 2 brand patent, product technology index is close to basically with foreign product, here the domain has stronger market competition ability and industry brand famous degree.
Lepu receives soldier‘s morale dirty valve, powerful powerful combination: Heart valve prospect is better, at present the industry is added fast for 10%-15% , home has main 5 competition manufacturer at present, entrance product occupies 5/6 about. At present mechanical valve use quantity is in our country 90% above, we think, in last few years mechanical valve occupies the pattern of dominant to won‘t be changed, think of the mechanical valve that amount to to will be in of group of sale of section office of heart of Le Pujiang situation drive go up again a step, we think, think of the heart valve that amount to, in Le Pu run below, hopeful has rate promotion to arrive from existing 15% markets 25% the left and right sides.
Tone gain is forecasted on, maintain " careful recommend - A " grade: Strategic layout of Le Pu is around heart section office, make entire product line. Afterwards bought Wei Jinfan April this year (medical treatment of heart section office is medical equipment) , after arriving into soldier‘s morale dirty section office uses drug, le Puzheng perfects his product line stage by stage, this second buy think of amount to, receive soldier‘s morale dirty valve, the product structure that abounds domain of happy general heart, enter field of soldier‘s morale dirty surgery successfully. Main before product centers Lepu in heart internal medicine, take soldier‘s morale dirty surgical department this, will expand for the company new gain is nodded, open a new growing way. In view of buy increase, the profit that Le Pu moves on us forecasts: Predicting 2010~2012 year income grows 38%/36%/38% compared to the same period, net profit grows 39%/33%/33% compared to the same period, realize EPS0.50/0.66/0.88 yuan, 2010~2012 of correspondence of current share price year PE is respectively 61 times, 46 times, 35 times, maintain " careful recommend - A " grade.
Risk clew: Discretion pays close attention to the risk of product price fall; Cure changes the uncertainty that policy brings.

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Recommend



36.3

Industrial catenary is farther outspread, the high-end provider that makes solution of cardiovascular disease system.

Company already sortie bracket ﹑ is sealed implement the domain such as cardiovascular drug content of ﹑ of machine of radiography of heart and vessels of ﹑ of material of ﹑ bad news, plan to be thought of through buying amount to a company to enter field of soldier‘s morale dirty valve, range of products is richer, synergism is more apparent, the high-end provider that makes solution of cardiovascular disease system stage by stage;
Buy quicken company dilate, reflect a company to run a powerful and integrated ability again. As the heart embedded kind of domain, product development ﹑ is clinical and register etc cycle is very long, the company is passed and buy, although pay fair excessive price, but market of can quick race to control and avoided the risk such as failure of own research and development, exchange time and market with monetary excessive price, reflected a company to run a powerful and integrated ability again;
Think of amount to position of industry of company heart valve firmer. Heart valve domain enters a doorsill taller, think of amount to a company to take field of domestic heart valve about the market share of 15% (the emperor in all competitors still is amounted to is home provider of the biggest valve, occupy about 30% ) ; Consider the dominant product that amounting to valve of double leaf of company dominant product is domestic clinical application, also be home exclusive provider of a homebred product;
Predict to buy pair of 2010-2012 year EPS contribution is 0.013 ﹑ respectively 0.016 ﹑ 0.02. Predicted to think of the sales revenue that amounts to a company to achieve 22.69 million yuan 2010, net profit is 10.87 million yuan;
Maintain recommend grade. When take no account of and be being bought, the company 10-12 that we forecast year EPS is 0.5, 0.66, 0.89 yuan, short-term profit impact is minor in buying pair of companies this; By 11 years 50XPE looks valence is mark 33 yuan; Consider its to advantage industry position reachs future and be bought etc anticipate, give of 10%
Excessive price, keep commendatory investment grade.
Risk clew:  of Xue of border of ぜ of  osmic Mao falls  of conspicuous of ぞ of Mao of egg of clean  of Gu Lu  is climbed dregs of rice Man of ナ У Mu

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Buy




35.6

Buy think of amount to a company, platform of unifinication of cardiovascular diagnosis and treatment is perfected further

Consider the lead company that amounting to a company is valve of heart of domestic artificial machinery. Think of amount to a company advocate battalion is artificial mechanical heart valve, sold 5371 2009, home market portion is achieved 15% the left and right sides. Valve of double leaf of its dominant product is the mainstream product of domestic application, also be home exclusive supplier of a card of home made product, technical level and entrance product are adjacent, and have clear price advantage.
Space of market of valve of domestic artificial heart is vast, mechanical valve occupies dominant. Our country has patient of heart disease of sex of 2.235 million rheumatism, need every year to undertake the patient of art of heart valve displacement makes an appointment with 200 thousand person among them. However, home changed valve surgery quantity to be controlled for 30 thousand only 2009, prospective market growing vacuum is giant. Considering come on patient nature growth, cure is protected submit an expense account of the standard rise and the promotion that the hospital changes valve surgery ability, predicting home changes valve surgery quantity and artificial valve to make dosage will maintain the steady growth of 15-20% . From the point of product structure, our country mechanical valve makes dosage is in 90% above, because our country changes valve patient average age under the developed country (biology valve suits senile patient more) and difficulty of technology of art of biology valve displacement is greater, we think future is longer mechanical valve will hold dominant position inside time.
Buy think of amount to a company to will promote company profit capability. Because consider the competitive dominant position with amount to a company to be had in home stated, the sale increases market of fast prep above average level, maintain basically in 20% above, and the growth flexibility of net profit will be taller. The company predicts to think of amount to a company to achieved sales revenue 2011 27.19 million yuan, net profit 13.03 million yuan, add large company thereby 2011 EPS 0.016 yuan.
Industrial catenary is outspread, make platform of unifinication of cardiovascular diagnosis and treatment. Rely on the channel in cardiovascular domain and brand advantage, the company is making platform of unifinication of cardiovascular diagnosis and treatment stage by stage: Afterwards buys Wei Jinfan to enter a heart and vessels kind after domain of medical devices and market of content of cardiovascular drug of sortie of collaboration of industry of as square as the day drug, the company thinks of the heart valve business that amounts to a company to enlarge oneself to intervene in the heart and vessels further through buying the core competition ability that treats a field. Adopt industrial chain outspread, the company develops utmost land the synergism in cardiovascular domain and competitive dominant position, cast off stage by stage right at present the outstanding achievement of medicaments bracket business is depended on. We think, the company is after this second investment still balance surpasses collect fund 272 million yuan, choose will morely and buy those who will realize industrial catenary is outspread. At present company investment department is opposite relevant domain undertakes comprehensive survey, did not come and buy anticipate intense, the appraise that hopeful promotes a company ceaselessly is worth a level.
Gain is forecasted reach investment grade
Take no account of sequel and buy an ingredient, we forecast 2010-2012 of happy general medical treatment year EPS is 0.51 yuan respectively, 0.72 yuan mix 1 yuan. At present the company is in the dominant position that technology and sale held to go up in the medicaments bracket market of tall boom continuously, future enjoys utmost ground the tall growing sex of the industry, and the company will continue to make platform of unifinication of cardiovascular diagnosis and treatment, future is strong buy anticipate will gift value of the company‘s fair appraise value excessive. We maintain reason happy general medical treatment " buy " investment grade, price of 6 months target is 39.66 yuan. Current share price is opposite the PE of outstanding achievement was 42 times 2011, consider the company is high grow anticipate, appraise cost is not high, share price still has ascendant space. Proposal investor is long-term hold.
Risk clew: Do poineering work board systematization risk; Of medicaments support system change; Suffocate suffocate of process of new product research and development.