Plum Group: Renamed Plum Creatures, Highlighting Development Strategies

Core View point:ErK1Event
ErKAnnouncing Company Securities has changed from "Plum Group" to "Plum Creatures" as of April 9, 2014ErK
2Our analysis and judgmentErK(i) more prominent the real situation of the company's main business after the change of name
ErKcompany in the traditional business and product development at the same time, constantly enrich the product structure, broaden the business areaIn biotechnology, biopharmaceuticals, bio-new materials, bio-environmental protection and other fields continue to invest, to build high-end biological products industry platform, to achieve performance improvement, industrial upgrading, and with the original products, business combination, and constantly expand the extended industrial chain, to create a new business segment of the companyErK
　　Emerging bio-industry and traditional MSG amino acid business has become the company's two pillars, the name change more prominent the company's main business, especially biotechnology, biopharmaceuticals, bio-new materials, bio-environmental protection and other high-end industrial platforms ErK
　　(2) The bio-industry is expected to achieve strategic contributions
ErK company focused on the development of biopharmaceuticals, bio-new materials and bio-environmental protection and other high-level barriers, high-tech, high value-added, broad prospects for development of the sunrise industry, to achieve the company's performance improvement, industrial upgrading The new bioinvestment company is directly led by Chairman Meng Qingshan, while forming a first-class management team, research and development team, marketing team On this industrial platform, the company acquired Dalian Hanxin as a starting point, the introduction of the industry's top technical team to build the company's vaccine business sector, so that the company in the field of biological vaccines bigger and stronger; Following Dalian Hanxin and Guangsheng Pharmaceuticals, the future company will continue to expand the biological business through technology introduction, joint venture participation, mergers and acquisitions, and the share of bio-industry profits is expected to reach 30-40% ErK
　　(3) MSG prices are expected to rise channels, the future realization of price increase logic
ErK with the increase of industrial concentration and capacity elimination policy overlay, the average factory price of each manufacturer in the future into the rising channel probability is very large ErK
　　3 Investment recommendation ErK 2013/2014 EPS is RMB0.13/0.31, 2013-2015 net profit CAGR is 75%, relative to the valuation of 14PE is not overvalued, due to the future business development results of high elasticity, investors can focus on investment opportunities, maintain a "recommended" rating ErK Core View point: ErK 1 Event ErK Announcing Company Securities has been changed from "Plum Group" to "Plum Creatures" as of April 9, 2014 ErK
　　2 Our analysis and judgment ErK (i) more prominent the real situation of the company's main business after the change of name
ErK company in the traditional business and product development at the same time, constantly enrich the product structure, broaden the business area In biotechnology, biopharmaceuticals, bio-new materials, bio-environmental protection and other fields continue to invest, to build high-end biological products industry platform, to achieve performance improvement, industrial upgrading, and with the original products, business combination, and constantly expand the extended industrial chain, to create a new business segment of the company ErK
　　Emerging bio-industry and traditional MSG amino acid business has become the company's two pillars, the name change more prominent the company's main business, especially biotechnology, biopharmaceuticals, bio-new materials, bio-environmental protection and other high-end industrial platforms ErK
　　(2) The bio-industry is expected to achieve strategic contributions
ErK company focused on the development of biopharmaceuticals, bio-new materials and bio-environmental protection and other high-level barriers, high-tech, high value-added, broad prospects for development of the sunrise industry, to achieve the company's performance improvement, industrial upgrading The new bioinvestment company is directly led by Chairman Meng Qingshan, while forming a first-class management team, research and development team, marketing team On this industrial platform, the company acquired Dalian Hanxin as a starting point, the introduction of the industry's top technical team to build the company's vaccine business sector, so that the company in the field of biological vaccines bigger and stronger; Following Dalian Hanxin and Guangsheng Pharmaceuticals, the future company will continue to expand the biological business through technology introduction, joint venture participation, mergers and acquisitions, and the share of bio-industry profits is expected to reach 30-40% ErK
　　(3) MSG prices are expected to rise channels, the future realization of price increase logic
ErK with the increase of industrial concentration and capacity elimination policy overlay, the average factory price of each manufacturer in the future into the rising channel probability is very large ErK
　　3 Investment recommendation ErK 2013/2014 EPS is RMB0.13/0.31, 2013-2015 net profit CAGR is 75%, relative to the valuation of 14PE is not overvalued, due to the future business development results of high elasticity, investors can focus on investment opportunities, maintain a "recommended" rating ErK
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