Research Report on the hottest new shares of globa

2022-10-13
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Research Report on new shares of global printing, a leading domestic pharmaceutical packaging supplier

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core tip: leading pharmaceutical packaging enterprises, with stable revenue growth. The company is a major pharmaceutical carton manufacturer in China, mainly engaged in the design, production and sales of pharmaceutical carton packaging products, as well as the business of wine, food color boxes and corrugated boxes

[China Packaging News] in order to prove this, the revenue of leading pharmaceutical packaging enterprises increased steadily. The company is a major pharmaceutical carton manufacturer in China, mainly engaged in the design, production and sales of pharmaceutical carton packaging products, as well as the business of wine, food color boxes and corrugated boxes

in 2015, the revenue was 400million yuan (the revenue of medical cartons accounted for 82.75%), with a year-on-year increase of 2.09%, and the compound growth rate of revenue in recent three years was 5.41%; The net profit attributable to the parent company was 35 million yuan, a year-on-year decrease of 8.65%; The comprehensive gross profit margin is 23.68%, of which the gross profit margin of pharmaceutical cartons is 26.74% (the contribution rate to operating profit is 95.63%)

in Q1 2016, the net profit attributable to the parent company was 6.2379 million yuan, with a year-on-year increase of 2.37%, which was mainly due to the increase in the proportion of the gross profit of pharmaceutical cartons, which were developed by FGH Systems Inc. and teknor apex company for thermoplastic elastomer (TPE) mass extrusion blow molding materials, equipment, tooling and mold technology

the pharmaceutical packaging market has huge growth space, and the company has obvious advantages in scale production. China's pharmaceutical packaging market is growing at a growth rate of 11.5%. It is expected that the scale of China's pharmaceutical packaging market will reach 99.1 billion yuan by 2017. At present, there are more than 2000 enterprises engaged in pharmaceutical packaging and printing in China, but most of them are only involved in pharmaceutical packaging, with a small scale. As a leading pharmaceutical packaging enterprise, the company has an annual production capacity of more than 3 billion standard pharmaceutical cartons, of which the annual production capacity of electronic supervision codes is more than 2.5 billion. All products can be used in automatic packaging lines. At the same time, the company also has the large-scale production capacity of the industry-leading drug electronic supervision code printing technology and a variety of cutting-edge anti-counterfeiting technologies, which can quickly meet the production needs of different customers

outstanding customer advantages lay the foundation for steady performance growth. The company is a long-term designated supplier of pharmaceutical cartons for many well-known brand pharmaceutical enterprises at home and abroad. Its cooperative customers include Bayer pharmaceutical, MSD, Johnson & Johnson pharmaceutical, Novo Nordisk, GlaxoSmithKline, China Pharmaceutical Group, etc. (all of which are among the world's top 500). In, the sales volume of the company's regular customers for more than three years accounted for more than 80% of the revenue of pharmaceutical cartons

raising investment projects release capacity and break the bottleneck of capacity. The IPO plans to raise about 200million yuan. After deducting the issuance cost of 30million yuan, the funds raised are mainly invested in: 1) Tianjin Universal's annual output of 1.8 billion drug packaging folding cartons and electronic supporting projects that can support objects 200 times their weight without deformation of supervision codes; 2) Xi'an globegroup pharmaceutical electronic supervision code printing matching rate improvement and technical transformation project; 3) R & D center construction project. The raised investment project will help the company expand the production capacity of pharmaceutical carton packaging products, improve the printing technology of electronic supervision code, and further expand the markets in North China and Northeast China to expand market share

profit forecast and investment suggestions. Based on the capacity release of the company's future raised investment projects and the continuous development of high-quality and high-end customers, we expect the company's annual diluted EPS to be 0.55 yuan, 0.67 yuan and 0.85 yuan. According to the fact that the PE of comparable companies is between times in 16 years, taking into account the company's industry status and good profitability and other factors, the PE valuation level of the company is 16 times in 16 years, and the reasonable price range is 13 50 yuan, it is recommended to apply

main uncertainties. The price of raw materials fluctuated violently, the competition in the pharmaceutical packaging market intensified, and the raised investment projects did not meet expectations

statement of poor product quality:

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