In 2015, the revenue increased by 25.09%, and the non-net profit increased by 31.36%. In 2015, the company achieved revenue of 2.104 billion yuan, an increase of 25.09%, net profit of 364 million yuan, an increase of 22.67%, deduction of non-net profit of 351 million, an increase of 31.36%, and an EPS of 0.62 yuan, which was in line with expectations, including a consolidated income of 294 million. The net profit of returning to the mother is 23.05 million. In the fourth quarter, the company achieved a revenue of 470 million yuan, an increase of 48.32%, a net profit of 23.31 million, a decrease of -27.65%, and a non-net profit of 51.45 million, an increase of 89.00%. In the first quarter of 2016, the company achieved revenue of 727 million yuan, an increase of 35.71%, net profit of 142 million, an increase of 30.86%, and a non-net profit of 142 million, an increase of 36.74%.
The three major product lines have grown steadily, and they have helped the medical clinical business. In 2015, the company's home medical series revenue was 950 million, up 11% year-on-year; medical clinical series income was 398 million, up 192% year-on-year; medical respiratory and oxygen supply series income was 750 million, up 9.3%. The company increased its e-commerce channel development efforts, and its business growth rate exceeded 100%. It explored the “ medical + Internet†mode of chronic disease management and introduced new products such as diffused oxygen concentrators and sleep ventilators. In 2015, the marketing team of more than 600 people covered more than 1,000 counters, more than 100 after-sales service outlets and major e-commerce platforms. After the completion of the acquisition of Shanghai Machinery Group, the company has hundreds of products and nearly 10,000 specifications, covering all aspects of family medical equipment, medical equipment , medical supplies, Chinese medicine equipment, surgical equipment, medicinal plasters and polymer accessories. Both category coverage and approval numbers are leading the industry.
During the period, the expense ratio decreased by 0.53 percentage points, and the operating cash flow increased by 163.99%. In 2015, the company's gross profit margin was 39.82%, a decrease of 0.16 percentage points. If the factors of the Shanghai Machinery Group were deducted, the company's gross profit margin was 42.00%, an increase of 2 percentage points.
The expense ratio was 20.96%, down 0.53 percentage points, of which sales expenses were 8.05%, down 0.78 percentage points, management expenses were 12.78%, down 0.06 percentage points, financial expenses were 0.14%, up 0.31 percentage points, and operating cash flow per share was 0.93 yuan. , increased by 163.99%. During the first quarter of 2016, the expense ratio decreased by 1.64%, the operating cash flow increased by 114.84%, and the gross profit margin decreased by 0.99 percentage points.
The three major areas continue to be laid out, and channel expansion and outreach mergers and acquisitions are sustainable. The company's family business, clinical medical care, and Internet medical services are the three core business directions, including home breathing and cardiovascular equipment, clinical high-value consumables and surgical instruments, and remote chronic disease management and diagnosis. The acquisition of the machinery further consolidates the company's industry position. In 2016, the company will continue to deepen the hospital's clinical market, explore the business progress in the three major areas, prioritize the integration of the Machinery Group and continue to promote the acquisition of leading enterprises in the segment.
The establishment of German companies to enter the international market, domestic and international cooperation continued to advance, maintaining the overweight rating. The company plans to invest no more than 10 million euros to set up a German subsidiary to promote the internationalization of the fish brand, products and team by the German company. In 2015, the company established strategies with world-class companies such as Ali Health Technology Co., Ltd. and Pfizer Investment Co., Ltd. The cooperative relationship establishes a good ecological circle for the pattern development of the company's remote chronic disease management through the top-level design. We are optimistic about the company's medium and long-term development, downgrading EPS-174 (original 0.99) and 1.05 (formerly 1.32) yuan in 16-17 years, up 35% and 25% year-on-year; corresponding price-earnings ratio is 39, 31 times; first year giving 18 years EPS1.32 Yuan, a year-on-year increase of 26%, corresponding to a price-to-earnings ratio of 25 times, maintaining an overweight rating.
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FOSHAN PHARMA CO., LTD. , https://www.fs-pharma.com