Comments on 13 annual reports of Jiaying pharmaceutical: natural borneol planting base is expected to be next city

In 2013, the company achieved a total operating revenue of 227 million yuan, a year-on-year increase of 117.04%; the net profit attributable to the shareholders of the listed company was 139 million yuan, a year-on-year increase of 1743.15%, corresponding to a per share income of 0.55 yuan It is expected that the net profit from January to March 2014 will increase by 636.0-682.08%, and it is planned to transfer 10 shares to 10 shares of 0.8% Traditional main products are selling well In 2013, the company increased its marketing efforts and brand publicity, launched leading product publicity advertisements on CCTV channels 2 and 3, and carried out a series of terminal promotion activities at the same time, which continued to maintain the sales growth of the leading product Shuangcai Houfengsan and chongganling tablets; meanwhile, it adhered to the multi product development strategy, increased its new product promotion efforts, strengthened weak market development, and effectively created new profit growth points, The brand image has been improved The acquisition of Jinsha pharmaceutical industry ushered in the turning point of performance and improved its core competitiveness While adhering to its main business development, the company acquired the remaining 64.47% equity of Jinsha pharmaceutical in November After the wholly-owned holding of Jinsha pharmaceutical industry, the company's product line has expanded from throat cold medicine to bone injury traditional Chinese medicine; in terms of channels, from South China and southwest retail markets to hospital terminals in various provinces and cities across the country, a win-win and mutually beneficial situation has been formed, greatly improving the company's core competitiveness and profitability During the reporting period, the operating revenue increased by 117.04% and the gross profit rate increased by 7.18% in 2013, while the sales, management and financial expense rates decreased by 6.62, 7.10 and 1.21% year-on-year respectively, and the net profit increased by 1743.15% In 2014, Meipian planting base is expected to expand from 3000 mu to 5000 mu The company will continue to cooperate with South China University of technology, Jinan University, South China Agricultural University and other universities and scientific research institutions to cultivate and develop plum tree resources, orderly promote the research of key technologies for large-scale production of high-purity natural right-handed borneol (Natural Borneol); strive to expand the base of planting 2000 mu plum based on the original 3000 mu planting base, In addition, we will build a good seedling cultivation field for Mei Pian cultivation base, further carry out the construction of Mei Pian extraction workshop, and prepare for the quality standard of Shuangcai Houfengsan included in the new edition of pharmacopoeia in 2015 and the quality standard of natural dextrorotary prepared by the company Profit forecast and valuation We estimate that the EPS of the company in 2014-2016 is respectively 0.58 yuan / 0.75 yuan / 1.08 yuan, corresponding to pe39.3 times / 30.6 times / 21.1 times Meipianshu planting and effective component extraction project has been listed in the sailing plan of Guangdong Province It is a key project for the second greening and green GDP of Guangdong Province It has won the full support of all levels of government and local farmers in Guangdong Province, and enjoyed many preferential policies such as VAT reduction and income tax reduction The potential value-added / growth space is huge The "buy" rating is maintained and the target price is raised to 32.4 yuan.