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　　 Changjiang Securities Liu Shuchang

Key points of the report:

Event description:

　　 Humanwell Pharmaceutical On November 30, 2012, the company announced that it planned to transfer the real estate business to Wuhan Modern Technology, the largest shareholder of the company, by means of equity transfer, asset transfer and termination of entrustment, with a total transaction amount of 584.18 million yuan and an estimated transfer income of 45 million yuan. After the completion of this related party transaction, the company withdrew from the real estate business, which has no impact on the main business of medicine. This plan is a related party transaction and needs to be submitted to the General Meeting of Shareholders for deliberation.

Event comment:

The transfer consideration is relatively reasonable, with a total price of 584 million yuan: the listed company transferred all 85% of the shares of the contemporary property, the 300 mu project of the International Garden under its name to Modern Technology, and terminated the 500 mu project of the International Garden entrusted by Modern Technology. The total amount of this transaction is 584.18 million yuan, and the expected transfer income is 45 million yuan. We believe that the company's real estate divestiture method is appropriate and the transfer consideration is reasonable.

Further focus on medicine to clear the obstacles for private placement: this transfer announced that the company officially withdrew from the real estate business, and further focused on the main business of medicine. The company will complete the divestiture of real estate business before the end of the year, and there will be no obstacles to refinancing at that time, which will help accelerate the non-public issuance of no more than 60 million shares. It is optimistic that the refinancing will be completed in the first half of 2013.

Diagnostic reagents and other businesses will fill the gap in real estate performance: the real estate business has always contributed stable profits to the company. In 2011, the company's real estate business achieved revenue of 434 million yuan, gross profit of 189 million yuan, and the real estate business contributed about 120 million yuan in the first three quarters of 2012. It is expected to contribute about 160 million yuan of net profit in the whole year. We believe that Beijing Barry and other extension expansion will effectively fill the gap of real estate income and net profit, and the company's overall performance growth will not be affected.

The value is obviously underestimated, and the "recommended" rating is maintained: the company accelerates the divestiture of non pharmaceutical business, and further focuses on the main pharmaceutical business. Yichang Humanwell has little impact on the price reduction of narcotic drugs, which can maintain a growth rate of more than 35%. Nabupine and dihydromorphine are expected to be approved in the near future; The business of Uygur medicine and family planning medicine has great room for improvement; International business losses narrowed this year, and will break even next year; The blood products business gradually contributes to the performance and may be approved as a new plasma station. Considering the impact of the Bari consolidated statement, it is estimated that the EPS in 2012-2013 will be 0.88 yuan and 1.18 yuan respectively, which may exceed the expectation. The current stock price is obviously undervalued, maintaining the "recommended" rating.

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