Livzon Group (000513.SZ) sales remarkable achievements of reform, the main industry in strong growth

 Livzon Group (000513.SZ): Reform of outstanding achievements in sales, strong growth in the main business of marketing reform
remarkable achievements, the main industry to record levels. Lizhu two years, remarkable achievements in the marketing reform: 2007 main business of substantial growth 308%, drug resistance results of 0.76 million; growth of one main income increased by 13.29%; the other hand, the rational due to cost control, cost rate has dropped by three 8.59 percentage points. If the growth of the company's performance in 2007 mainly by , an increase of 33.18%. We expect the main results of the company in 2008 to reach 1.02 yuan, a high base in 2007, the new record.
Fukui securities investment more than .07 at the end of the valuation of the company Chenming Paper company holds about 2,000 shares as of June 30, there are still about 1,800 million, resulting in mid-year report changes in fair value of investment income and total income was -9,551 million, the main results by erosion Jinyu 0.2 yuan.
sales limitations, and focus on increasing product sales together. mid-year report revenue growth was mainly due to marketing companies continue to deepen reform, full implementation of the increase the unit output rate of the hospital.
the rapid growth of five categories of products: bulk drugs, gastrointestinal drugs, traditional Chinese medicine preparation, promoting sex hormone, diagnostics sales rose 44.82%, respectively, 38.13%, 48.20%, 57.18%, 38.19%. sales gross margin decline was mainly due to variety of antibiotics and antiviral agents of sales has dropped 2.78%, due to changes in product mix. three down from the company's expense ratio has been implementing the principles of cost control.
highlight the advantages of core business areas, follow-up of new products stocked. company's business covers pharmaceutical formulations, bulk drugs, diagnostic reagents, preparation is the focus of future development of the company, while the API is the company must establish a complete industrial chain, in recent years, the rapid development of diagnostic reagents, jump to another pillar industry for the company. newly listed this year a class of drugs Yi Pula yl countries, new products will be listed at the end of long-acting leuprolide, are the new company's future earnings growth.
prescription drugs, OTC and The third terminal goes hand in hand. company focused on the next two years: to ensure healthy growth in the original prescription, while, with the focus and the third terminal of OTC sales. The company plans three to five years, and the third terminal, OTC to reach 4-5 billion sales, prescription drug sales to reach 10-15 billion yuan.
risk warning: The company now holds a large number of secondary-market stocks dropped, the fair value of investment securities to continue downward fluctuations. Valuation Discussion: We believe that the current stock price Fukui has been on the secondary market investors have more fully reflected on the company's main industry, 08,09 and 14, respectively, in the dynamic PE times and 11 times, significantly lower valuation.
maintained an -A Fukui's investment in securities positive and negative implications, we still maintain the company's 08,09 pre-earnings forecast in the main business, that EPS was 1.02 yuan, 1.33 yuan. If the current situation and the broader market securities of the Company as of the end of June Fukui investment scenarios, the company EPS 08,09 years combined were 0.79 yuan, 1.46 yuan. We still maintain the company