vested in the shareholders of listed companies net profits of $ 34.97 million

Skilled and magical craftsmanship which only 6 cow-share your most promising? (Six-fifths) Xinhua medical: high growth to determine continued bullish long term development results continued high growth in the first quarter, revenues of $ 636 million in the first quarter, an increase of 37.9%, vested in the shareholders of listed companies net profits of $ 34.97 million, an increase of 56.25%, after deducting the nonrecurring profit growth of 62.37%, the company's quarterly results and continued the last yearAchievement of high growth trend. Medical device and pharmaceutical equipment are rapidly growing our business and products, and medical devices product line: hospital control equipment (cleaning and disinfection of hospital disinfection and sterilization equipment and hospital equipment), radiation therapy equipment, surgical and orthopaedic instruments and supplies, clean room engineering, biological detection; pharmaceutical equipment product lines: disinfection and sterilization equipment for the pharmaceutical and non-PVC soft bag infusion line. According to the growth in the first quarter, we expect a hospital 20-25% control equipment growth this year, increase by more than 20% radiotherapy device, orthopedic instruments (Shanghai, Thailand and the United States health care) and biological detection and consumables (Qing Wei TYCO in Beijing and Shanghai days) both increase by more than 30%; growth result of disinfection and sterilization of equipment used in pharmaceutical, transportationLiquid production line expansion around 20%. In General, whether it is a medical device or pharmaceutical equipment product line, have maintained a momentum of rapid growth. Medical devices: steady growth of old products, new products in high growth medical device product line of the company, control equipment, radiation therapy equipment and surgical instruments belonging to the old products, maintaining steady growth in 20-25% new productsDivision of Health launched the project of clean operating room, dental equipment diablo 3 power leveling, there are also extension of merger and acquisition of orthopedic instruments (Shanghai, Thailand and the United States health care) and biological detection and supplies (Shanghai and Beijing Wei TYCO days to clear). Hospital control devices in 2011 is expected to achieve sales revenue of around $ 500 million, while the base is not small, but the next 2-3 years while still being able to maintain cent more stable growth, mainly drivenFactors has: 1) hospital sense control device of replacement, such as cleaning disinfection device and low temperature sterilization device of launched; 2) hospital itself of extension, 35 period between is levels hospital, especially County Hospital investment of peak, is bound to will increased on medical device of procurement; 3) from low-end to high-end go, company past three methyl hospital do of does not more, now began gradually develop three methyl medicalMarkets, partial implementation of import substitution. Orthopedic devices and biological detection and consumable products, such as little base, maintain rapid growth above 30%; clean room engineering and dental equipment base and small, possible 100% of the high speed growth. Pharmaceutical equipment: order better than the market expected the market generally felt that pharmaceutical equipment business of the company has entered a higherPeak period, which will gradually from the economic highs, in fact, pharmaceutical equipment business of the company is still on track to achieve more than 20% of growth this year, with disinfection and sterilization equipment for pharmaceutical use growing close to 30%, non-PVC soft bag infusion production line expansion around 20%, there is still growth next year, better than we had expected (we expect the company's infusion production line in early this year increasedLong decline next year). Pharmaceutical sterilization equipments are benefiting from the new version of GMP Reformation, we think the future will maintain rapid growth 2-3; orders of large infusion line may have to wait till the second half of next year will fall, but because of the 6-12 months from the order to the revenue recognition lag, 2014 revenue growth of infusion production line may be down, 13 is still growing. Pharmaceutical equipment business of our company is: 1) infusion production line of the company's customers are mainly us, two cranes and other leading enterprises, these large companies in infusion solution industry's market share continued to improve, demand for large infusion line than the market expected to be strong; 2) is not the company's focus on the development of pharmaceutical equipment in the future direction of this yearRights projects all belong to the field of medical devices, pharmaceutical equipment currently share of the revenues and profits is not high, will be lower in the future; 3) pharmaceutical equipment business this year and next year to determine, although growth pressure on 14 may, but water will freeze-dryer of new products and equipment sufficient to offset part of the losses. Growth paths clear, core logic remains from 201Xinhua medical 0 years recommended in November for the first time since we had been optimistic about the long-term growth of the company, the main logic: 1) inflection points established at management level, large shareholders goals, require the company to 2015 to achieve sales revenue of $ 5 billion, net profit growth does not slow income growth, long-term growth clearly; 2) in 2009, the company announced a cash incentive programmes to addressThe core motivation of State-owned enterprises, the company management has a strong power of bigger and stronger. For now, both logic did not change, achieving the 2015 goals of the company's path is clear, is the extension of endogenous growth-mergers and acquisitions www.powerleveling.us/diablo-3, while the old products are fast-growing and acquisitions in recent years medical, Beijing, Shanghai, Thailand and the United States of WeiCompanies such as TYCO's contribution to the company's revenues and profits are obvious, and medical services will be the next focus on mergers and acquisitions, is expected this year is expected to achieve sales revenue of around $ 2.7 billion, which is fading. Incentive plan, there are no changes, with the company's rapid growth, increasing profit base, management accountAlso more and more, bigger and stronger power company will not lack. Profit forecasts and ratings do not take into account acquisitions, we maintain a previous earnings forecast, estimated EPS company 2012-2014 to 0.93, and $ 1.71, 25 times the current dynamic valuation, and valuations of the pharmaceutical sector, taking into account this year and next year's fastGrowth, valuations have strong attractions. Early due to rights issues and other reasons, the shares have a callback, but fundamentals remain solid, we maintain "outperform" rating, recommended bargain buy. Catalyst for shares in the quarterly growth rates reached or even exceeded expectations, successful acquisition of hospital assets. Risk prompted pharmaceutical companies due to the decline in industry boom reduce the pharmaceutical procurement of equipment;Hospital fixed asset investment growth slowed. Modern medicine: good deal structure growth at a reasonable standard of extension to expand product structure, preparation and then added a second "willingly" injection variety has always been short of the company, the acquisition of jiaozuo capacity, the advantage of methylprednisolone sodium succinate for injection (Mi Lesong), annual production capacity of 100 million, sales revenue reached $ 100 million, andTax contribution 40 million Yuan around, regardless of is income level also is profit level, equivalent to contribution has second a "is pleased to", Mi Lesong relative Yu Pfizer similar products (merchandise name methyl strong dragon) effective solution has help solvent benzene methanol caused muscle Contracture syndrome of challenges, to completed original research drug of imports alternative, and the products domestic competition opponents only days Ann drug industry a home, due to 10 only isListing days on the smaller market share (see schedule of market share), Mi Lesong first mover advantage in technology and market channels are clear. Judging from the scope of application and market space, methylprednisolone is mainly used in the treatment of rheumatic diseases, collagen diseases, endocrine disorders, skin diseases, blood diseases, caused by cancer, organ transplant rejection, clinically usedDiseases in critically ill or during maintenance treatment, oral and injection forms belong to the Medicare b, 2011 sales in the domestic market showed up with price discount of about 1.2 billion yuan, methylprednisolone sales in the international market has accounted for 24% of corticosteroids sales, ranked first is a prescription corticosteroid drugs. Deal structure, growth is good, in accordance with the increase of equity financingGrowth conditions in the agreement, and starting in July and table, the acquisition of future dynamic PE corresponds to about 7 times a year (2013.5-annual results in line with forecasts by half), if all the achievements reached in 2015, corresponding to the remaining 30% dynamic acquisition of PE in three times around (20% in 2015 after a three-year compound growth rate calculation), From the next three overall compound annual growth rate of 30%, pay the prices are relatively reasonable, does not take into account the diluted effect of additional, 12-14 EPS respectively thickness 0.05, 0.13, 0.18, acquisition preset conditions also reduce performance risk resulting from fluctuations do not determine on acquisitions. China national funding demonstrate the strategic positioning, large groupFuture development of small companies can be seen from the recent announcement, both haimen base construction and acquisition, on your sinopharm group in the capital was strongly supported, platform planning group of companies in the pharmaceutical industry in the positive, is expected to enlarge the field of preparation also won pole position in China national integration in the future. Profit forecasts and ratings due to uncertainty and tableAnd we will not take into account future equity acquisition performance thickening and thinning effect, to maintain the original forecast, 2012 EPS $ 0.52, respectively, $ 0.70 and $ 0.89, to May 25, 2012, closed at $ 11.55, 22 times for times forward earnings, 17 times and 13 times times, higher valuations haveMargin of safety, taking into account the new formulation brings to the valuation of high growth of premiums, remained the "recommended" rating. Risk 1, antibiotic restriction policy risk; 2, API export cyclical fluctuation risks; 3, medicine prices risk; 4, short-term sales costs significantly increased risk. 5, merger and acquisition performance is not up to expected risks.