Guosen Securities (HK)  
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总市值(十亿/十亿美元) 日均成交额(百万美元) 收盘 52周最高/最低()
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绝对回报 (%) (2.21) 5.37 (6.36) (7.22) 17.64 64.80 0 45.77
绝对回报 (美元, %) (2.21) 5.37 (6.36) (7.21) N.A. 66.72 N.A. 46.55
相对于 HSI 回报 (%) (0.40) 9.60 2.41 (1.28) N.A. 76.10 7.41 63.08
丽珠集团 (1513 HK) 盈利将仍然平衡良好 - 8月 24, 2018 (11 页)  

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.

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