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The company today released the annual report, to achieve Sell Income of 927 million yuan, up 15.79%; attributable net profit of 165 million listed company, EPS0.55 yuan, up 9.94%; deducting non-recurring gains and losses in earnings per share of 141 million yuan, 0.47 yuan per share discount. The company's profit distribution plan for every 10 shares of stock increase by transferring 5 to send 1 each. Extraordinary General Meeting to vote at the same time the company adopted the revised equity incentive plans, programs were awarded 18.75 million shares, the exercise price of 14.02 yuan, and exercise the right conditions are three rows of net profit growth than the year before in turn give not less than 15 %, 30% and 50%, ROE not less than 12%. Overall performance in line with expectations main profit below expectations: the company's overall net profit of the basic line with our expectations, which was higher than expected revenue was mainly due to inter losartan, Plymouth Class Other product sales exceeded our expectations ; but the company of three costs in the fourth quarter increased more than the third quarter, 1.7 percentage points, resulting in operating profit than the company expected about 16 million. Operating income in the fourth quarter the company increased by 28 million, mainly purchased this year the company sold commercial housing, while receiving government subsidies increase over the previous period. Overall, the company's fourth quarter results improved significantly, net revenues increased by 24%, gross profit margins due to high sales growth in the chain varieties rose 4.63 percent. Losartan drugs and formulations faster growth: sub-products, the company has Sartan the best drugs and preparations: which benefit from patent medicines due Sartan varieties sell heavy volume, sales revenue of 217 million yuan, up 46.76 percent, in the second half than the first half, Central Sartan sales up 39%, although as prices decline Sartan gross margin fell 6.26 percentage points, but still contribute to the overall gross profit rose 25%; preparation product sales 82 million, up 37%, gross margins have remained stable. Plymouth Products sales growth slower at the same time as prices fell, leading to overall sales growth rate of -4.82%. Expected future sales Sartan and agents will continue to grow rapidly, Plymouth drugs remained stable profit contribution decreased slightly. Expect heavy volume of international custom business in 2011: in 2010 the company will continue to develop preparation business, and quick to promote international business development agents to enhance the original research and pharmaceutical companies and international development. Preparation 10 billion company's future rapid development of the project will provide very good capacity to ensure that we expected that a production capacity of 3.3 billion invested in the second half year, 2011 or will become the company's heavy volume of international business preparation of the annual custom. We continue to favor the company's future in the international industrial transfer of market opportunities. Maintained overweight rating on the investment, it is recommended to choose the long-term investors to buy: According to the company's annual report, we slightly adjust the performance of the company 10-11 years to 0.71 yuan and 0.98 yuan / share, diluted according to the respective share capital increase by transferring 0.47 yuan and 0.65 yuan. We will depend on the company's future orders to adjust the forecast; short-term company valuations more reasonable 10 years PE37 times, maintain the company's holdings of investment grade. Performance of the company in 2011 after the company is expected to ultra-rapid growth is expected to remain an active interest in the proposed investors. Risk factors: lower than expected domestic formulations market development, international Cooperation Lower than expected. We are high quality suppliers, our products such as China PCB Assemblies , Printed Circuit Board Assembly Manufacturer for oversee buyer. To know more, please visits Printed Circuit Board Assembly.
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