When the cost reduction and efficiency improvement of the industry are in progress, the API + Preparation integration enterprise is expected to benefit

[pharmaceutical network pharmaceutical stock market] in the new round of pharmaceutical reform, the competitiveness of API enterprises is gradually improving, through entering the pharmaceutical field to improve the voice of the value chain At present, when the cost reduction and efficiency improvement of the generic pharmaceutical industry are in progress, API + pharmaceutical integration enterprises are expected to enjoy the policy dividend in the preparation going to sea and export reporting From the perspective of stock selection, relevant securities personages recommend API + leading Jianyou stock, Puli pharmaceutical, pulo pharmaceutical, etc of HENGQIANG, as well as kaleyin and Jiuzhou pharmaceutical, etc with characteristic API production capacity Among them, the key recommended product lines are Jianyou and Puli pharmaceutical, which have strong overseas export capacity and domestic expectations of newspaper transfer / double reporting, and are more flexible In terms of business, Carling is strategically expanding the cdmo business of biopharmaceuticals and expanding its business scope We will expand the capacity of preparations, improve the one-stop service of "API + preparations" and enhance the competitiveness of services Further optimize the company's financial structure and promote the sustainable development of business Securities people believe that carling's performance is more certain In the future, the capacity of fund-raising investment project expansion will be released gradually, with a long-term growth period The Agency predicted that the company's performance growth in the next three years is expected to maintain a high-speed growth of 30% - 35%, maintaining the "buy" rating According to the mid-2019 report of Jianyou Co., Ltd., in the first half of the year, the operating revenue reached 1.177 billion yuan, a year-on-year increase of 38.44%; the net profit attributable to the parent company was 289 million yuan, a year-on-year increase of 27.34%; the non net profit deducted was 280 million yuan, a year-on-year increase of 30.13% The report shows that the company's performance is in line with expectations, including the growth of heparin API by 31.12%, the growth of low molecular weight heparin preparation by 59.17%, and the two wheel drive of API + preparation Securities personage pointed out that Jianyou stock is the leading exporter of heparin API, the global shortage is normal, and the company benefits steadily According to the research report, the company has both the steadiness of the leading heparin industry and the high growth of the premium injection Market in the United States and Europe; the company will be given a target price of 38.63 yuan in the next 6-12 months, which is equivalent to 46x19pe and 11x19ps; the company will be rated as "overweight" Puli pharmaceutical, as the forerunner of "preparations going to sea" in China, benefited from the consistency evaluation Puli pharmaceutical's good expectation was favored by the capital market After listing in early 2017, the trend was also like a black horse, which was particularly striking Under the background of 4 + 7 policy, the special dosage form of oral general medicine is more respected by dealers, and the sales volume and gross profit increase at the same time Securities people expect that Puli pharmaceutical's net profit in 2019-2021 will be 3.49/5.15/713 billion yuan, with an increase rate of 93% / 47% / 39%, EPS of 1.91/2.81/3.89 yuan, corresponding to PE of 39 / 26 / 19 times, and will be given an investment rating of "buy" The API intermediates and pharmaceutical business of Puluo pharmaceutical are the advantages of Puluo pharmaceutical According to the company's 2019 half year report, API intermediates include oral cephalosporin series, oral penicillin series, veterinary API intermediates series, spirit series and cardio cerebrovascular series, with a revenue of 2.935 billion yuan, accounting for 82.70% In terms of preparations, including anti infective, cardio cerebrovascular and anti-tumor products, the total revenue in the first half of the year was only 585 million yuan, accounting for 16.48% According to the research report, the EPS of Puluo pharmaceutical industry in 2019-2021 is respectively 0.45/0.62/0.77 yuan, corresponding to the current PE stock price of 27 / 20 / 16 times; we give the company 32 times of PE in 2019, corresponding to the target price of 14.43 yuan, covering the "buy" rating Jiuzhou pharmaceutical Jiuzhou Pharmaceutical Co., Ltd is currently engaged in cdmo and API business, which will be upgraded into two comprehensive business segments: "cro + cdmo innovative R & D service" and "API + Preparation integrated product service" in the future It is estimated that the company's operating revenue will reach 2.125 billion yuan, 2.436 billion yuan and 2.88billion yuan in 2019-2021, with growth rates of 14.13%, 14.62% and 18.56% respectively The net profit attributable to the parent company is 286 million yuan, 351 million yuan and 433 million yuan, with growth rates of 82.40%, 22.44% and 23.45% respectively EPS of the company is expected to be 0.36, 0.44 and 0.54/share in 2019-2021.