White horse returned back to faster growth

Biocoen high growth has not yet ended. History of brilliant performance from flagship products of biocoen high growth, compound growth rates of 2005-2012 46%, end of 2013 biocoen opened to distributors profit recovery initiative (biocoen efficiency), to ensure that in the next three years of biocoen item profit 30% growth. Single products rely on to drive the transition, second-line varieties gradually rise. Becaud can guarantee has company not in future three years within suddenly stall, second-tier varieties for the mo h amine, and three oxidation II arsenic, varieties began gradually rise (growth 30%+), reserves varieties up sand for the Nepal, and to that degrees amine, and according to Connaught liver pigment, and gland glycosides egg ammonia acid, and restore sex Valley glutathione Gan peptide, this Ming two years bulk listed, second-tier varieties of growth, reserves varieties of was batch, in 2-3 years within company will completed by single products rely on to more varieties drive of transition, future growth sex determine. Holding company granted a + good + new drug sales force strengthening is the catalyst for this year. We expect: Canada subsidiary of 23-Valent pneumococcal vaccine by the clinical official written reply + research and development expense capitalization CMO business + + the Government research and development subsidy 15% = Canada subsidiaries to achieve break-even this year; Foer biological production, rabies vaccine sales will generate revenue for the company in the second half; joint stock company approved injectable hyaluronic acid; equity GE subsidiary is expected to bring a large return on investment. Looking forward to the next biocoen. Questioned the logic of corporate growth biggest in the market, where the next biocoen? our confidence in the company of second-tier team, can make up of biocoen stall as cash cows, while the effects of dasatinib is expected to become the next biocoen. Investment advice: according to three quarterly reports we adjusted EPS 2014-15 1.65, 2.11 (original forecast of 1.70 and 2.18) and outward integration research and development strength of the company in the long run, nurturing many second-tier products, maintain buy-a investment rating, a 12-month target price of 60 Yuan, equivalent to 2015 28 times earnings.