Zhejiang Huatong Pharmaceutical Co., Ltd. RMB ordinary shares will be listed on the small and medium-sized board of Shenzhen Stock Exchange on May 27th, 20 15. The short name of the securities is "Huatong Medicine" and the stock code is "002758". The total number of RMB ordinary shares of the Company is 56,000,000 shares, of which 65,438+04,000,000 shares have been listed and traded since the date of listing.
Northeast Securities: 35.23-43.05 yuan. The company will issue no more than 654.38+04 million shares at an issue price of 654.38+08.04 yuan/share, with a total share capital of 56 million shares. The raised funds will be invested in chain pharmacies, logistics and other projects. The company is a pharmaceutical commercial enterprise with Zhejiang characteristics. It is estimated that the EPS in 20 15 years will be 0.94 yuan, corresponding to the company's share price of 39. 14 yuan, and the company's reasonable share price will be 35.23-43.05 yuan.
Analysis of Huatong Medicine Positioning
company profile
Zhejiang Huatong Pharmaceutical Co., Ltd. is located in the pharmaceutical circulation industry. Since its establishment, the company is mainly engaged in drug wholesale and chain retail. The funds raised in this issuance will be used for the second-phase construction project of pharmaceutical logistics, the expansion project of chain pharmacies and the expansion project of pharmaceutical wholesale business, with a total investment of 257 million yuan, and it is planned to use the raised funds of 22,654.38+0 million yuan.
Positioning analysis
Huatong medicine: a regional pharmaceutical circulation enterprise
Category: Company Research Institute: fortune securities Limited Liability Company Researcher: Tang Peihui Date: 20 15-05-2 1.
Event: The company plans to implement online and offline subscription on May 19, 2065438.
Key points of investment
The company is mainly engaged in drug wholesale and chain retail. The wholesale business of the company is the responsibility of the parent company, and the chain retail business is the responsibility of the subsidiary Huatong Chain. The company has its own pharmaceutical logistics base, which mainly provides supporting logistics services for its own wholesale and retail, and is specifically responsible for the wholly-owned subsidiary Huayao Logistics. On September 20 10, its subsidiary Huayao Logistics obtained the qualification of third-party drug logistics operation, becoming the second company in Zhejiang Province. In addition to providing logistics services for the parent company and its subsidiaries in the mode of third-party drug logistics, Huayao Logistics has also provided third-party drug logistics services for external customers since 20 1 1. In addition, Huatong Exhibition, a subsidiary company, is qualified as a medical exhibition service provider, and carries out pharmaceutical wholesale business through regular medical exhibition activities. In 2003, the company established a subsidiary Jingyuetang to produce and process Chinese herbal pieces for wholesale by the parent company Huatong Medicine and its subsidiary Jingyuetang, as well as for Huatong chain retail, and also to produce liquid preparations for external use such as essential oil.
The concentration of pharmaceutical circulation industry needs to be improved, and the sales scale has maintained rapid growth. The drug circulation market in developed countries is relatively mature, the concentration of wholesale links is high, and the characteristics of scale and intensification are obvious. American drug sales account for more than 40% of the world drug market, but there are only 75 drug wholesale enterprises, and the top three have a market share of 96%. The market share of the top three pharmaceutical circulation enterprises in the EU is 65%. There are 16300 pharmaceutical wholesale enterprises, 3 107 pharmaceutical retail chain enterprises and 27 1 1000 retail pharmacies in China, and the industry concentration is low. In 20 13 years, the scale of drug circulation market maintained rapid growth, and the total sales of drug circulation industry reached1303.6 billion yuan, up 16.7% year-on-year, of which the total sales of drug retail market was 260.7 billion yuan, up/kloc-0.2% year-on-year.
The company's fundraising projects mainly include the second phase construction of pharmaceutical logistics, the expansion of chain pharmacies and pharmaceutical wholesale business. After the implementation of the project, it will further expand the company's main business scale and supporting service capabilities, and enhance the company's market position and core competitiveness.
The reasonable price is 32.7 yuan. Assuming that the total share capital after issuance is 56 million shares, the EPS of 20 15-20 16 is 0.94 yuan and 1.09 yuan respectively. Referring to the valuation of the industry and comparable companies, the company was given 2,065,438+30 XPE in 2006, and the reasonable price was 32.7 yuan.
According to the total amount of funds raised by the company, it is 252.56 million yuan, and the new shares are calculated at140,000 shares, which is equivalent to 18.04 yuan per share (all the above prices are calculated at the full amount of funds raised by the company).
Risk warning. The company's main business area is Shaoxing area, and Zhejiang Province is an economically developed area. All the national pharmaceutical commercial enterprises set up business in this area, and the market competition is fierce.
Huatong Medicine: The stock price pressure in the initial stage of listing is expected to be 42 yuan -45 yuan.
Category: Company Research Institute: Hengtai Securities Co., Ltd. Researcher: Wu Lin Date: 20 15-05- 19.
Company profile:
The company's main business is pharmaceutical wholesale and chain retail in Zhejiang, which account for more than 85% of the company's revenue and profits. At the same time, the company also involves a small amount of pharmaceutical production, third-party pharmaceutical logistics business and exhibition business.
The controlling shareholder of the company is Huatong Group, which accounted for 35% of the shares before this issuance. The actual controller of the company is Shaoxing Keqiao District Supply and Marketing Cooperative.
Current situation and prospect of the industry:
The pharmaceutical circulation industry is large in scale and low in concentration. By the end of 20 12, there were 16300 drug wholesale enterprises, 3 107 drug retail chain enterprises, 52600 stores under its jurisdiction, 27 165438 individual retail pharmacies, and the total number of retail pharmacies reached 42377. In 20 13 years, the scale of drug circulation market maintained rapid growth, but the growth rate slowed down. The total sales volume of the pharmaceutical circulation industry reached1303.6 billion yuan, up by 16.7% year-on-year, with a compound growth rate of 20% from 2005 to 20 13. The concentration of pharmaceutical circulation industry in developed countries exceeds 75%, and that in China is 28%. Compared with developed countries, the concentration of pharmaceutical circulation industry in China is low.
The chain of pharmaceutical retail industry is a trend. The number of retail pharmacies in China increased from 250,000 in 2005 to 430,000 in 2065,438+03, and the chain rate increased from 27% in 2007 to 37% in 2065,438+03. The development of chain operation of pharmaceutical retail enterprises is conducive to their own development, speeding up the standardization and modernization of management methods, giving full play to the advantages of scale operation, and improving economic benefits and risk resistance. To this end, the Ministry of Commerce in May 20 1 1 released the "Outline of National Drug Circulation Industry Development Plan (20115)", which clearly stated that the proportion of chain pharmacies in all retail stores in the next five years will be reduced from the current/kloc-0.
Company highlights:
Take root at the grassroots level and serve "agriculture, countryside and farmers". The company is reformed from the subordinate enterprises of supply and marketing cooperatives, firmly rooted in the rural grassroots, and has the distinctive characteristics of serving agriculture, rural areas and farmers. In the past three years, the proportion of first-class pharmacies in rural villages and towns in the total number of chain stores is about 70%, and the cumulative average proportion of sales of rural stores in the total retail sales of drugs in the past three years is 53. 1 1%. The company maintains a differentiated competitive advantage in business development, and the state's support policies for rural pharmaceutical circulation, supply and marketing cooperatives and enterprises will constitute a strong policy support for the company's long-term development.
Advantages of regional terminal channels. The first channel established by the company is its own retail chain pharmacy network, which directly faces the end consumers; The second is the company's wholesale channels, mainly for medical institutions in cities and counties, urban communities and rural grassroots medical institutions, individual clinics and retail pharmacies, and mainly for end customers. The company's wholesale network has achieved the coverage of all public medical institutions in Shaoxing urban and rural markets. The company has been paying attention to the construction of regional terminal sales channels. The direct coverage of terminals in this area is strong, and the pure sales rate of drugs has been above 90%. The strong direct coverage capability of terminals in this region also constitutes an important channel advantage for the company.
Fundraising project
65,438+0. It is planned to raise 6,543.8+0.2 billion yuan for the second-phase construction project of pharmaceutical logistics; 2. It is planned to raise 0.6 1 100 million yuan for the expansion project of chain pharmacies; 3. It is planned to raise 40 million yuan for the expansion project of pharmaceutical wholesale business.