Tasly (600535): Planning for sale of major assets, focusing on industry

Tasly (600535): Planning for sale of major assets, focusing on industry

Tasly (600535): Planning for sale of major assets, focusing on industry

The company recently announced that it intends to sell its shares of Tasly Pharmaceutical Marketing Group to Chongqing Pharmaceutical, and plans to further focus on the pharmaceutical industry.

Comments on the proposed sale of assets in the commercial sector, the transaction is still uncertain.

The company signed a “Framework Agreement” with Chongqing Pharmaceuticals, and Chongqing Pharmaceuticals intends to directly and indirectly hold 87 of Tianshi Marketing through cash payment to acquire and acquire the company.

47% equity and shares of Tianshi Marketing held by other shareholders of Tianshi Marketing.

The “Framework Agreement” issued this time is an intentional agreement and is not a final restructuring plan. The specific transaction plan requires further demonstration and communication between the two parties.

If the transaction is successfully completed, the financial quality will be promoted.

Tasly Marketing is mainly responsible 杭州桑拿 for the company’s original pharmaceutical business business segment. Tasly Marketing achieved 116 revenue in 2018.

5.9 billion, net profit1.

00 million, accounting for 64% of the company’s 2018 revenue and net profit.

81% and 6.


If the transaction can be successfully completed, we expect the company’s revenue will be significantly affected, but the profit will be less affected.

Due to the low gross profit margin of the commercial sector and the large demand for funds, we expect that if the replacement is successful, the company’s gross profit margin, accounts receivable and other indicators will face improvement.

If commercial divestiture is achieved, the future will focus on industry.

The company supplements the product line through innovative research and development, cooperative research and development, and product transformation. It focuses on 杭州桑拿 major disease areas such as cardiovascular, cerebrovascular, digestive metabolism, and antitumor.Co-developed pharmaceutical platform.

The data from 1-3Q2019 shows that the proportion of gross profit of each sector in the pharmaceutical industry of existing companies is: Chinese medicine 68.

78%, chemical medicine 26.

69%, biological medicine 4.

53%, we expect that through the company’s continuous expansion in the field of innovative drugs, the future contribution of biopharmaceuticals is expected to gradually increase.

It is recommended to take into account this exclusive directional agreement, we temporarily maintain our 2019/2020 profit forecast1.


11 yuan, an annual increase of 2.

1% / 6.


The company’s current consensus corresponds to 14 in 2019/2020.


8 times P / E.

We maintain our company ‘s Outperform rating and maintain our target price of 20.

00 yuan, corresponding to 19 in 2019/2020.


0 times P / E, compared with the current 30% upside.

Risk trading progress is lower than expected.