The hottest Ruikang pharmaceutical consumables sec

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Ruikang pharmaceutical: the consumables sector is becoming more and more mature, and the acceleration is just around the corner

: core views: (1) the growth of the pharmaceutical business is sustainable, and the growth rate of about 30% can be maintained for years. In September 2010, among them: the hospital business entered the second round of integration; The basic drug business will benefit from the substantial increase in the procurement scale of the new catalogue. (2) The consumables business is expected to be promoted and accelerated in the second half of the year, and the performance expectation and valuation are expected to be raised. The development mode of consumables business is more similar to Xinhua and Yuyue. The market space is broad and the valuation should be higher than that of pharmaceutical business

investment suggestions: the annual EPS is predicted to be 1.67, 2.23 and 2.89 yuan. Due to the promotion of consumables in the second half of the year and the deduction of financial expenses, the dilution of performance by additional issuance will be very limited. The current share price is equivalent to 21 times PE in 13 years. Maintain the overweight rating, with a target price of 45 yuan

consumables business: the development is becoming more and more mature, and the volume is just around the corner. The company's consumables development model is more similar to Xinhua and Yuyue, with broad market space and higher valuation than the pharmaceutical business. Last year and this year, the company's consumables business was in the stage of team building and team training. On the one hand, the company will build its own team, on the other hand, it will also consider finding a mature sales team, which will gradually achieve results from the second half of the year. We estimate that the consumables business is expected to contribute 20% of the net profit this year, which is a potential factor for the performance to exceed expectations

the hospital drug business continues to grow rapidly: the drug market is tightening as a whole, but the impact of differentiation is more serious, that is, the hydraulic market price is about 100000. For example, the second price negotiation is just a problem of redistribution of interests, which will have an impact on the industry, but mainly structural impact; The overall change is not so obvious for commercial companies to combine local advantageous resources. From next year, the industry will enter the second round of integration, and medical insurance bidding will be the catalytic factor

market expansion and share increase of basic drugs: (1) on the one hand, the basic drug market still has high-speed growth this year, and will further benefit from the substantial increase in the procurement scale of the new catalogue in the future. The basic drug label is expected to issue documents in the third quarter; (2) On the other hand, the company's grassroots market share in the province is still improving, with Q1 this year increasing by 2 percentage points over the whole year last year

at that time, the time for exhibitors to enter and withdraw from the museum will also be extended

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