TX Investment Consulting (hereafter referred to as TX), as the largest independent securities research institute, sought to establish a TX-Brokerage alliance in 07 with a view to having in-depth and comprehensive cooperation in securities research based on its existing research platform. At present, TX is the industry’s only research organization that covers all mid and small caps with four years of experience in continuously carrying out follow-up study on the mid- and small-cap sector. Zheshang Securities, located in the economically developed Zhejiang province that witnessed the fastest development of private enterprises in China, has geographical advantages in mid/small-caps research. Its market influence will radiate out to the whole Yangtze Delta region in the next few years. In March 08, the two leading players held hand in hand a large field-research event “Approaching the Vigorous SME Board in Zhejiang” and conducted a research on nearly 20 mid- and small-size listed companies in Zhejiang. This report belongs to the series of reports.
In Europe and the United States, pharmaceutical manufacturing has extended from the upstream pharmaceutical raw materials to the downstream manufacturing preparations, which opened a market with billions of dollars to China. The company is ready to seize the opportunities. Preparations could trigger a long-term, rapid and sustainable growth. In aspects of drug registration and capacity building, the company has made substantial progress. EPS in 08-09 is expected to be 0.78 yuan and 1.12 yuan respectively. The company’s development strategy is clear and "overweight" rating is reiterated.