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CR Sanjiu Medical & Pharmaceutical(000999):Partnering with Sanofi to develop health product market

中金公司


Equity Research
December 5, 2016
CR Sanjiu Medical & Pharmaceutical Partnering with Sanofi to develop health product market Company Update ENGLISH HIGHLIGHTS
Maintain BUY Ticker CICC investment rating Last close CICC target Business sector 000999.SZ BUY Rmb 26.80 Rmb 33.00 Health Care
Source: Wind, Bloomberg, CICC Research
What's new The company announced its signing a framework agreement with Sanofi. The two companies will begin strategic cooperation in three areas and jointly develop China’s health consumer products market. Comments Joint venture to be established to integrate pediatric and gynecological OTC products. The company will transfer 100% of its wholly-owned subsidiary CR Sanjiu (Beijing) Pharmaceutical into the JV and hold a 70% stake in it, and Sanofi’s Sunstone China will transfer its 100% stake in Sunstone (Tangshan) Pharmaceutical into the JV and then hold the other 30%. The JV will initially focus on the integration of pediatric and gynecological OTC products. Sunstone China holds pediatric drug brand Good Baby and gynecological drug brand Confort, so the transfer will enrich the company’s pediatric and gynecological product lines and complement its sales channels. The company will obtain exclusive distribution rights for Essentiale Forte N, which will supplement its liver disease drug products. Sanofi will grant the company and its affiliates an exclusive distribution rights to promote Essentiale Forte N capsules in China. Essentiale Forte N is one of Sanofi’s flagship products and will supplement the company’s liver disease drug products. The company will have the right of first negotiation for Sanofi’s health products; more product lines expected. Sanofi will grant the company a right of first negotiation to obtain exclusive distribution rights for Sanofi’s leading consumer health products in China. Sanofi has a wide range of health products in the world, including Lactacyd, Nature’s Own, Icy Hot and other brands in the fields of anti-allergy, digestive health system, and cough and cold. The JV is expected to introduce Sanofi’s consumer health product brands. Valuation and recommendation As the strategic cooperation is still at the signing stage, progress and the effects of integration remain to be seen. We maintain 2016/2017 EPS forecasts at Rmb1.35/1.51. The stock is trading at 20x 2016e and 18x 2017e P/E. We maintain BUY and a TP of Rmb33 (22x 2017e P/E). Risks Strategic cooperation progress or integration effects missing expectations. This is a partial translation of 牵手赛诺菲,共同开拓保健品市场 published on 12/05/2016.
Weiying TU Analyst weiying.tu@cicc.com.cn SAC Reg. No.: S0080516040001 SFC CE Ref: BHM709
Peng ZOU Analyst peng.zou@cicc.com.cn SAC Reg. No.: S0080513090001 SFC CE Ref: BCC313
Please read carefully the important disclosures at the end of this report
CICC Research: December 5, 2016 Financial summary Financial statement (Rmb mn) 2014A 2015A 2016E 2017E 7,277 2,812 99 2,413 736 7 19 1,228 79 1,260 187 36 1,036 1,452 1,140 1,932 64 858 1,128 5,123 2,808 2,720 5,544 10,667 37 2,172 462 2,671 508 1,001 3,672 6,760 236 10,667 1,036 236 -148 -167 1,184 -578 -341 -920 0 -23 -1 -314 0 -49 7,900 3,067 110 2,677 774 4 175 1,443 281 1,529 254 25 1,249 1,507 973 2,390 72 911 868 5,213 3,077 3,715 6,806 12,019 1 2,737 563 3,301 500 1,044 4,345 7,572 102 12,019 1,249 235 -115 -338 1,260 -459 -331 -790 0 -33 -187 -643 1 -171 9,284 3,401 129 3,305 882 5 25 1,587 49 1,587 238 27 1,322 1,824 1,880 2,809 79 1,010 868 6,646 3,060 3,874 6,948 13,594 1 3,059 609 3,669 504 1,048 4,717 8,747 129 13,594 1,322 257 -158 -224 1,426 17 -389 -371 0 4 0 -148 0 907 10,698 3,905 149 3,905 1,006 -13 22 1,769 49 1,769 265 30 1,474 2,000 2,987 3,237 91 1,159 868 8,343 3,094 4,030 7,139 15,482 1 3,515 692 4,207 506 1,050 5,257 10,065 159 15,482 1,474 267 -51 -246 1,679 17 -448 -431 0 2 0 -140 0 1,107
Financial ratios Growth ability Revenue Operating profit EBITDA Net profit Profitability Gross margin Operating margin EBITDA margin Net margin Liquidity Current ratio Quick ratio Cash ratio Liability / asset Net debt / equity Return RoA RoE Per-share data EPS (Rmb) BPS (Rmb) DPS (Rmb) Cash flow per share (Rmb) Valuation P/E P/B EV/EBITDA Dividend yield
2014A 2015A 2016E 2017E -6.7% -13.0% -11.8% -12.3% 61.4% 16.9% 20.0% 14.2% 1.92 1.60 0.43 34.4% net cash 9.9% 16.0% 1.06 6.91 0.41 1.21 25.3 3.9 17.8 1.5% 8.6% 17.5% 3.8% 20.6% 61.2% 18.3% 19.1% 15.8% 1.58 1.30 0.29 36.2% net cash 11.0% 17.4% 1.28 7.73 0.15 1.29 21.0 3.5 17.2 0.6% 17.5% 10.0% 21.0% 5.8% 63.4% 17.1% 19.6% 14.2% 1.81 1.54 0.51 34.7% 15.2% 11.5% 9.7% 11.5% 63.5% 16.5% 18.7% 13.8% 1.98 1.71 0.71 34.0%
Income statement Revenue Operating costs Business tax and surcharges Selling expenses Administrative expenses Finance costs Others Operating profit Non-operating income and expense Profit before income tax Income tax Minority interest Net profit EBITDA Balance sheet Cash and bank balances Trade and bill receivables Prepayments Inventories Other current assets Total current assets Fixed assets and CIP Intangible assets Total non-current assets Total assets ST borrowings Trade and bill payables Other current liabilities Total current liabilities LT borrowings and bonds payable Total non-current liabilities Total liabilities Shareholders' equity Minority interest Total liabilities & equity Cash flow statement Net income Depreciation & amortization Change in working capital Others Cash flow from operations Cash inflows from investing activities Cash outflows from investing activities Cash flow from investing Equity financing Bank borrowings Others Cash flow from financing Foreign exchange gain (loss) Net changes in cash
net cash net cash 10.3% 16.2% 1.35 8.94 0.16 1.46 19.8 3.0 13.7 0.6% 10.1% 15.7% 1.51 10.28 0.18 1.71 17.8 2.6 12.0 0.7%
Source: Company data, CICC Research
Company description CR Sanjiu is a leading pharmaceutical company dedicated to the R&D, manufacture, and distribution of pharmaceutical products in China. Its controlling shareholders are Sanjiu Group and Shenzhen Sanjiu Pharmaceutical. CR Pharmaceutical and its healthcare service are the two main businesses. As a top-scale pharmaceutical manufacturer in China, Sanjiu’s product portfolio covers natural medicine and TCM, chemical drugs, biological medicine, and nutritional products, and it has a leading position in segments like large volume parenteral, cardio-cerebrovascular diseases, endocrinology, reproductive health, gastrointestinal health, dermatology, and cold medicines. Its “999” brand has become one of the most well-known trademarks in China.
Please read carefully the important disclosures at the end of this report 2

CICC Research
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CR Sanjiu Medical & Pharmaceutical(000999):Partnering with Sanofi to develop health product market

发布机构:中金公司
报告类型:外行报告 发布日期:2016/12/5
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内容简介


Equity Research
December 5, 2016
CR Sanjiu Medical & Pharmaceutical Partnering with Sanofi to develop health product market Company Update ENGLISH HIGHLIGHTS
Maintain BUY Ticker CICC investment rating Last close CICC target Business sector 000999.SZ BUY Rmb 26.80 Rmb 33.00 Health Care
Source: Wind, Bloomberg, CICC Research
What's new The company announced its signing a framework agreement with Sanofi. The two companies will begin strategic cooperation in three areas and jointly develop China’s health consumer products market. Comments Joint venture to be established to integrate pediatric and gynecological OTC products. The company will transfer 100% of its wholly-owned subsidiary CR Sanjiu (Beijing) Pharmaceutical into the JV and hold a 70% stake in it, and Sanofi’s Sunstone China will transfer its 100% stake in Sunstone (Tangshan) Pharmaceutical into the JV and then hold the other 30%. The JV will initially focus on the integration of pediatric and gynecological OTC products. Sunstone China holds pediatric drug brand Good Baby and gynecological drug brand Confort, so the transfer will enrich the company’s pediatric and gynecological product lines and complement its sales channels. The company will obtain exclusive distribution rights for Essentiale Forte N, which will supplement its liver disease drug products. Sanofi will grant the company and its affiliates an exclusive distribution rights to promote Essentiale Forte N capsules in China. Essentiale Forte N is one of Sanofi’s flagship products and will supplement the company’s liver disease drug products. The company will have the right of first negotiation for Sanofi’s health products; more product lines expected. Sanofi will grant the company a right of first negotiation to obtain exclusive distribution rights for Sanofi’s leading consumer health products in China. Sanofi has a wide range of health products in the world, including Lactacyd, Nature’s Own, Icy Hot and other brands in the fields of anti-allergy, digestive health system, and cough and cold. The JV is expected to introduce Sanofi’s consumer health product brands. Valuation and recommendation As the strategic cooperation is still at the signing stage, progress and the effects of integration remain to be seen. We maintain 2016/2017 EPS forecasts at Rmb1.35/1.51. The stock is trading at 20x 2016e and 18x 2017e P/E. We maintain BUY and a TP of Rmb33 (22x 2017e P/E). Risks Strategic cooperation progress or integration effects missing expectations. This is a partial translation of 牵手赛诺菲,共同开拓保健品市场 published on 12/05/2016.
Weiying TU Analyst weiying.tu@cicc.com.cn SAC Reg. No.: S0080516040001 SFC CE Ref: BHM709
Peng ZOU Analyst peng.zou@cicc.com.cn SAC Reg. No.: S0080513090001 SFC CE Ref: BCC313
Please read carefully the important disclosures at the end of this report
CICC Research: December 5, 2016 Financial summary Financial statement (Rmb mn) 2014A 2015A 2016E 2017E 7,277 2,812 99 2,413 736 7 19 1,228 79 1,260 187 36 1,036 1,452 1,140 1,932 64 858 1,128 5,123 2,808 2,720 5,544 10,667 37 2,172 462 2,671 508 1,001 3,672 6,760 236 10,667 1,036 236 -148 -167 1,184 -578 -341 -920 0 -23 -1 -314 0 -49 7,900 3,067 110 2,677 774 4 175 1,443 281 1,529 254 25 1,249 1,507 973 2,390 72 911 868 5,213 3,077 3,715 6,806 12,019 1 2,737 563 3,301 500 1,044 4,345 7,572 102 12,019 1,249 235 -115 -338 1,260 -459 -331 -790 0 -33 -187 -643 1 -171 9,284 3,401 129 3,305 882 5 25 1,587 49 1,587 238 27 1,322 1,824 1,880 2,809 79 1,010 868 6,646 3,060 3,874 6,948 13,594 1 3,059 609 3,669 504 1,048 4,717 8,747 129 13,594 1,322 257 -158 -224 1,426 17 -389 -371 0 4 0 -148 0 907 10,698 3,905 149 3,905 1,006 -13 22 1,769 49 1,769 265 30 1,474 2,000 2,987 3,237 91 1,159 868 8,343 3,094 4,030 7,139 15,482 1 3,515 692 4,207 506 1,050 5,257 10,065 159 15,482 1,474 267 -51 -246 1,679 17 -448 -431 0 2 0 -140 0 1,107
Financial ratios Growth ability Revenue Operating profit EBITDA Net profit Profitability Gross margin Operating margin EBITDA margin Net margin Liquidity Current ratio Quick ratio Cash ratio Liability / asset Net debt / equity Return RoA RoE Per-share data EPS (Rmb) BPS (Rmb) DPS (Rmb) Cash flow per share (Rmb) Valuation P/E P/B EV/EBITDA Dividend yield
2014A 2015A 2016E 2017E -6.7% -13.0% -11.8% -12.3% 61.4% 16.9% 20.0% 14.2% 1.92 1.60 0.43 34.4% net cash 9.9% 16.0% 1.06 6.91 0.41 1.21 25.3 3.9 17.8 1.5% 8.6% 17.5% 3.8% 20.6% 61.2% 18.3% 19.1% 15.8% 1.58 1.30 0.29 36.2% net cash 11.0% 17.4% 1.28 7.73 0.15 1.29 21.0 3.5 17.2 0.6% 17.5% 10.0% 21.0% 5.8% 63.4% 17.1% 19.6% 14.2% 1.81 1.54 0.51 34.7% 15.2% 11.5% 9.7% 11.5% 63.5% 16.5% 18.7% 13.8% 1.98 1.71 0.71 34.0%
Income statement Revenue Operating costs Business tax and surcharges Selling expenses Administrative expenses Finance costs Others Operating profit Non-operating income and expense Profit before income tax Income tax Minority interest Net profit EBITDA Balance sheet Cash and bank balances Trade and bill receivables Prepayments Inventories Other current assets Total current assets Fixed assets and CIP Intangible assets Total non-current assets Total assets ST borrowings Trade and bill payables Other current liabilities Total current liabilities LT borrowings and bonds payable Total non-current liabilities Total liabilities Shareholders' equity Minority interest Total liabilities & equity Cash flow statement Net income Depreciation & amortization Change in working capital Others Cash flow from operations Cash inflows from investing activities Cash outflows from investing activities Cash flow from investing Equity financing Bank borrowings Others Cash flow from financing Foreign exchange gain (loss) Net changes in cash
net cash net cash 10.3% 16.2% 1.35 8.94 0.16 1.46 19.8 3.0 13.7 0.6% 10.1% 15.7% 1.51 10.28 0.18 1.71 17.8 2.6 12.0 0.7%
Source: Company data, CICC Research
Company description CR Sanjiu is a leading pharmaceutical company dedicated to the R&D, manufacture, and distribution of pharmaceutical products in China. Its controlling shareholders are Sanjiu Group and Shenzhen Sanjiu Pharmaceutical. CR Pharmaceutical and its healthcare service are the two main businesses. As a top-scale pharmaceutical manufacturer in China, Sanjiu’s product portfolio covers natural medicine and TCM, chemical drugs, biological medicine, and nutritional products, and it has a leading position in segments like large volume parenteral, cardio-cerebrovascular diseases, endocrinology, reproductive health, gastrointestinal health, dermatology, and cold medicines. Its “999” brand has become one of the most well-known trademarks in China.
Please read carefully the important disclosures at the end of this report 2

CICC Research
Important legal disclosures General Disclosures This report has been produced by China International Capital Corporation Hong Kong Securities Limited (CICCHKS). This report is based on information available to the public that we consider reliable, but CICCHKS and its associated company(ies)(collectively, hereinafter “CICC”) do not represent that it is accurate or complete. The information and opinions contained herein are for investors’ reference only and do not take into account the particular investment objectives, financial situation, or needs of any client, and are not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. Under no circumstances shall the information contained herein or the opinions expressed herein constitute a personal recommendation to anyone. Investors should make their own independent evaluation of the information contained in this research report, consider their own individual investment objectives, financial situation and particular needs. CICC does not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Neither CICC nor its related persons shall be liable in any manner whatsoever for any consequences of any reliance thereon or usage thereof. The performance information (including any expression of opinion or forecast) herein reflect the most up-to-date opinions, speculations and forecasts at the time of the report’s production and publication. Such opinions, speculations and forecasts are subject to change and may be amended without any notification. At different periods, CICC may release reports which are inconsistent with the opinions, speculations and forecasts contained herein. The analysts named in this report may have from time to time discussed with our clients, including CICC salespeople, traders, and other professionals, or may discuss in this report, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the equity securities discussed in this report, which impact may be directionally counter to the analysts' published price target expectations for such stocks. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks as described herein.
CICC’s salespeople, traders, and other professionals may provide oral or written market commentary or trading ideas that may be inconsistent with, and reach different conclusions from, the recommendations and opinions presented in this report. Such ideas or recommendations reflect the different assumptions, views and analytical methods of the persons who prepared them, and CICC is under no obligation to ensure that such other trading ideas or recommendations are brought to the attention of any recipient of this report. CICC’s asset management area, proprietary trading desks and other investing businesses may make investment decisions that are inconsistent with the recommendations or opinions expressed in this report. Unless stated otherwise, any performance data quoted represents past performance. Past performance is not a indicator of future performance. No representation or warranty is made that any returns indicated will be achieved. Certain assumptions may have been made in this analysis which have resulted in any returns detailed herein. Changes to the assumptions may have a material impact on any returns detailed. To the extent this material is provided to any recipient, this material is provided solely on the basis that the recipient has the capability to independently evaluate investment risk and is exercising independent judgment in evaluating investment decisions in that its investment decisions will be based on its own independent assessment of the opportunities and risks presented by a potential investment, market factors and other investment considerations. This report is distributed in Hong Kong by CICCHKS, which is regulated by the Securities and Futures Commission. Queries concerning CICC Research from readers in Hong Kong should be directed to our Hong Kong sales representatives. The CE numbers of SFC licensed authors of this report are disclosed by the authors’ names on the cover page. This report is distributed in Singapore only to accredited investors and/or institutional investors, as defined in the Securities and Futures Act, by China International Capital Corporation (Singapore) Pte. Limited (“CICCSG”), which is regulated by the Monetary Authority of Singapore. By virtue of distribution by CICCSG to these categories of investors in Singapore, disclosure under Section 36 of the Financial Adviser Act (which relates to disclosure of a financial adviser’s interest and/or its representative’s interest in securities) is not required. Recipients of this report in Singapore should contact CICCSG in respect of any matter arising from or in connection with this report. This report is not intended for and should not be distributed or passed on, directly or indirectly, to any other person in the jurisdiction of Singapore. This report is distributed in the United Kingdom by China International Capital Corporation (UK) Limited (“CICCUK”), which is authorised and regulated by the Financial Conduct Authority. The investments and services to which this report relates are only available to persons of a kind described in Article 19 (5), 38, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. This report is not intended for retail clients. In other EEA countries, the report is issued to persons regarded as professional investors (or equivalent) in their home jurisdiction. This report will be made available in other jurisdictions pursuant to the applicable laws and regulations in those particular jurisdictions.
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CICC Research
Special Disclosures CICC does and seeks to do business with companies covered in CICC Research. As a result, investors should be aware that CICC and/or its associated persons may have a conflict of interest that could affect the objectivity of this report.
Disclosures in relation to the Companies contained this report could be found at http://research.cicc.com/disclosure_en, or in the published latest company-specific research. Distribution of ratings is available at http://research.cicc.com/en/disclosure/general.xhtml. Explanation of stock ratings: “Conviction BUY” indicates analyst perceives absolute return of 30% or more over the next 6~12 months; “BUY” absolute return of 20% or more; “HOLD” between +20% and -10%; “SELL” -10% and below; “Conviction SELL” -20% and below. Asterisk denotes non-directional rating change: coverage initiation or resumption, addition to or removal from Conviction BUY/SELL rating level. Explanation of sector ratings: Analyst expects a sector rated “OVERWEIGHT” to outperform the market by 10% or more over the next 6~12 months, “EQUAL-WEIGHT” to end up between 10% below and 10% above the market, and “UNDERWEIGHT” to fall behind the market by 10% or more, over the next 6~12 months. Copyright of this report belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation is prohibited without CICC’s written permission. V160908 Translation: Jincheng HUANG Editing: Se CHEN, Jim SATKO

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