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搜寻结果 (总数 25)
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丽珠集团 (1513 HK) 盈利将仍然平衡良好 - 8月 24, 2018 (11 页)  
8月17日,丽珠集团公布其2018年中期盈利为人民币5.71亿元(同比增长25%),占我们2018财年预期的55.5%(占分析师一致预期的51.9%),与2017财年持平。与管理层召开电话会后,我们预计集团收入于2018财年将实现同比7%的个位数增长,与2018年中期一致。我们的盈利复合年增长率预期(2017-2020财年)则达24.4%。基于较低的销售额及利润率,我们以现金流折现法所得目标价下降至56.00港元。维持“买入”评级。

Livzon Pharma (1513 HK) Growth supported by IIaprazole types - 4月 11, 2018 (12 页)  
Livzon Pharm, on 25 Mar, released its 2017 net profit at RMB4.4bn (+465% y-o-y) on property disposal gain; core profit rose 20% y-o-y to RMB820m, 7% below ours and Bloomberg estimate. In 2018, we see (1) broadly a 7% y-o-y product price cut; (2) Ilaprazole injection just started sales, accelerating FY18-19 revenue growth to 18%/19% y-o-y. Keep BUY with lower DCF-TP at HKD78.60 on lower sales and margin.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Livzon Pharma (1513 HK) Bigger 2017 dividend & catalysts ahead - 1月 24, 2018 (12 页)  
On 2 Jan, Livzon announced that CFDA had granted both injection and bulk medicine of Ilaprazole sodium, a “me-better” digestive system drug, as approval status (审批完毕-待制证). Starting on sales in 2H18, this accelerates our total revenue y-o-y growth in 2019 to 19% from 13%. On 23 Jan, its main shareholder Joincare Pharm, proposed Livzon to pay RMB20 dividend per 10 shares and 3-for-10 bonus shares. Our new DCF-TP points to HKD82.30, on new product sales boost beyond 2019 and synergies of diversified medical niches.

Livzon Pharma (1513 HK) Still balanced and gliding through - 8月 25, 2017 (12 页)  
On 22 Aug, Livzon announced its 1H17 core profit at RMB455m (+25% y-o-y), 4% missed ours and consensus on bigger profit from non-wholly owned subsidiaries. We expect its slacked sales on hormone to rejuvenate again from 2H17 with 22%/20% y-o-y growth in FY17F-18F. Maintain BUY with dipped TP at HKD51.90 on smaller gross margin and bigger minority interest.

Livzon Pharma (1513 HK) Still continue to glow - 7月 21, 2017 (12 页)  
On 11 July, Livzon announced its 1H17 preliminary result of reported net profit between RMB491m to RMB532m (+20%-30% y-o-y). We expect its 1H17 core profit to be RMB472m, up 30% y-o-y. Excluding the impact of land disposal gain of RMB3.5bn at end-3Q17, we raise our FY17F-19F core profit forecast by 16%/21%/24%, on bigger sales and wider margins. Maintain BUY with higher SOTP-TP at HKD52.50.

China Healthcare Dawns on Chinese medicine for tough illness - 6月 19, 2017 (4 页)  
Yaozh.com cited that the new Chinese Medicine Regulations (中医药法) and Related Guidelines will be rolled out by 1 July 2017, in particular to receive more attention on OTC Chinese medicine for anti-cancer therapy. The news highlighted the importance of dual therapy for cancer by both western drugs and Chinese medicine.

Livzon Pharma (1513 HK) Gliding over easily - 5月 4, 2017 (5 页)  
On 28 April, Livzon announced its 1Q17 core profit at RMB283m surged 25.9% y-o-y (1Q16: 35.3%), 29.3% of our FY17F full-year total (1Q16: 27.7%). As seen in 1Q17, good sales and wider margin from chemical drugs and bulk medicines will continue to achieve its full-year FY17F earnings growth. Disposal of its old site redevelopment project on 19 April, will yield RMB3.5bn one-time profit in FY17F. We keep our forecast with TP to stay at HKD54.85. Maintain BUY.

丽珠集团(1513 HK) 正处于稳定增长阶段 - 4月 10, 2017 (12 页)  
3月24日,丽珠药业报告其2016年盈利为7.84亿元人民币,核心利润同比增长27%至6.83亿元人民币,符合我们的预期,但比彭博综合预测低了12%。管理层的更新使我们得出结论:在2017年:(1)收入有约13%-19%的同比增长;(2)药品价格同比下跌大约2%-4%;(3)毛利率和2016年相同,保持在64%;和(4)其在新的国家药品报销(医保)中的药物需由各省再决定。由于更高的利润率,维持买入,目标价提高至54.85港元。

Livzon Pharma (1513 HK) On steady growth phase - 3月 29, 2017 (12 页)  
On 24 Mar, Livzon Pharm reported RMB784m earnings for 2016, while core profit surged 27% y-o-y at RMB683m, in-line with ours but 12% fell short of Bloomberg consensus. Management’s update allowed us to conclude that, in 2017: (1) revenue to grow at mid-teens y-o-y; (2) drug price cut likely at 2%-4% y-o-y; (3) gross margin to stay at 64% as in FY16; and (4) its drugs in new national drug list subject to provincial decision. Maintain BUY with higher TP at HKD54.85 on wider margin.