Yuyue Medical: Looking forward to the extension of the target price of 45 yuan
Brilliant performance growth, set the stage to promote the extension, maintain the overweight rating. Considering the rapid growth of the e-commerce channel and the internal management efficiency of the company, the EPS of 2016-17 will be raised to 0.74 (+0.03)/0.94 (+0.09), and the EPS of 2018 will be increased by 1.13 yuan. The company's merger and acquisition integrates the competitiveness of Shanghai Medical Devices' intensive clinical device business. After the current 2.527 billion increase has been reached, the extension will further enhance the platform competitiveness, maintain the overweight rating, consider the advantages of the company's integration platform, and give certain industry premiums (industry average) 50X), 2016 PE60X, target price lowered to 45 yuan. The Shanghai Machinery Group has consolidated its growth, and its main business relies on the growth of e-commerce business. In the first half of 2016, the company's revenue was 1.428 billion yuan, up 30.84%, and the non-net profit was 308 million yuan, up 35.75%. At the same time, the net profit in the first three quarters was expected to increase by 30%~50%. In the first half of the year, the company's original business net profit increased by 19.25%, the e-commerce channel promoted continuous growth, while the internal efficiency was optimized, the core product gross profit margin was further improved, and the medical clinical series gross profit margin increased by 2.71 pp. The gross profit rate of medical breathing and oxygen supply series increased by 1.52pp. The extension continues to increase, and the layout is accelerated. The Shanghai Machinery Group began to consolidate in July 2015. The revenue in 2016 was 297 million and the net profit was 30.99 million. It is expected to reach 70 million in the whole year. The company's fixed increase, the internal management and core management and technical personnel of the Shanghai Machinery Group also participated in the subscription, incentive optimization, and further explore the growth potential of the Shanghai Machinery Group. As of the end of June 2016, the company's 2.275 billion raised funds have been put in place. After the replacement of the previous project investment, the company's currently unused funds still have 1.938 billion yuan, and the M&A funds are sufficient. Considering the advantages of the company's platform integration and the resource synergy of Sequoia Investment, it is expected that the extension will continue to advance. This rating: Overweight Last rating: Overweight Target price: 45.00 yuan Last target price: $49.36 Current price: 34.88 yuan Total market value: 23311 million Risk warning: The growth rate of the original household equipment business base slowed down; the mechanical integration was lower than expected.
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