KHI PHN TCH & U T

Nguyn Th Vn Anh

Bo co
PHN TCH NGNH DC

Ngy 16/03/2011

TNG QUAN NGNH DC 2010 & TRIN VNG NM 2011

Tc pht trin n nh Ngnh Dc nm 2010 tr gi khong 1.54 t USD, chim 1.47% GDP c nc (cao hn nm 2009 16%). Tc pht trin trung bnh hng nm ca ngnh t 16-18%, cao hn so vi th gii (4-7%) v chu (12.6%) (Pharmaceutical Drug Manufacturers News, 2010). S pht trin n nh ca ngnh Dc nhng nm qua l nh nhu cu v thuc ngy cng tng v t trng sn xut trong nc c ci thin vi kh nng cnh tranh hn. Nhu cu thuc ngy cng ln Cng vi thc phm, dc phm l mt mt hng thit yu vi nhu cu ngy cng cao. Nhu cu v dc phm tng 20% hng nm. Chi ph bnh qun cho dc phm nm 2009 l 19.77 USD, cao hn nm 2008 20% (16.45 USD), v gp hn 3 ln nm 2001 (6 USD). Sn xut trong nc tng trung bnh 20% mi nm Ring nm 2009 v 2010, sn xut thuc ni a tng t bin 37.6% v 43.35%. Kim ngch sn xut nm 2010 c tnh t 1.2 t USD v p ng c 50% nhu cu v thuc cho th trng trong nc (tng 10% so vi nm 2008). T l nguyn ph liu (NPL) nhp khu phc v sn xut theo cng tng trn 20% trong 2 nm 2009 v 2010. 2 1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2007 2008 Gi tr (t USD) 2009 T l pht trin 2010 30% 25% 20% 15% 10% 5% 0%

Gi tr sn xut dc Vit Nam - Ngun: Hip hi sn xut, kinh doanh dc Vit Nam (VNCPA)
Ph thuc nhiu vo nguyn ph liu v thuc thnh phm nhp khu Tng kim ngch nhp khu NPL v thuc thnh phm 11 thng nm 2010 u tng trong nm 2010, t 1.414 t USD, chim 2.1% tng kim ngch nhp khu ca c nc. Thuc thnh phm (50% s thuc tiu th): Nhp khu thuc thnh phm tng 23% nhng vn thp so vi mc tng nm 2009. Do Vit Nam nhp mt lng ln Tamiflu phng i dch H1N1 nm 2009. http://www.smes.vn Trang 1

Nguyn ph liu (90%): C th thy tc nhp khu NPL tng nhiu hn so vi tc ca thuc nhp khu, chng minh kh nng sn xut ni a ngy cng ci thin v dn c kh nng thay th thuc nhp ngoi.

Kim ngch NK Thuc

1500 1000 500 0 2008 2009 2010 6 thng cui nm
T l tng

1200 977.8 685.6

50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

Kim ngch NK NPL

250 200 150 100 50 0 140.4 169 214 30.00% 20.00% 10.00% 0.00% 2008 2009 2010 6 thng cui nm T l

6 thng u nm Tng c nm

6 thng u nm Tng c nm

Kim ngch nhp khu thuc v nguyn ph liu - Ngun: Tng Cc Hi Quan Vit Nam, 2010
Cnh tranh trong ngnh ngy cng cao S lng doanh nghip Vit Nam tnh n nm 2010 c chng khong 200 DN nhng quY m cn nh (v vn v nh xng), ch yu sn xut thuc ph thng v phn phi (TP. H Ch Minh v H Ni chim hn 50% tng s nh thuc t nhn trn ton quc) cn nhiu trng lp dn ti cnh tranh cao trong th trng ni a. 3 nm sau khi Vit Nam gia nhp WTO, cnh tranh vi cc DN nc ngoi ngy cng cao. S lng DN nc ngoi ng k kinh doanh ti VN tng t hn 300 nm 2007 ln gn 500 DN nm 2010.

Phn ngnh sn xut thuc

C th chia thnh 2 phn khc sn xut thuc chnh l ng dc v Ty dc: Phn khc sn xut ng dc: Th trng thuc ng dc ch chim t trng nh trong tng gi tr ca ngnh dc, khong 0,5 % -1,5% gi tr sn xut ton ngnh. Hin c khong 80 DN sn xut ng dc, trong 5 DN t chun GMP-WHO, v hn 400 c s sn xut nh khng c ng k. Cnh tranh cao do c nhiu tng ng v s mc sn phm v gi c gia cc n v. n c, hin c khong 60 DN cng sn xut mt hng Kim Tin Tho v hot huyt dng no. Phn khc sn xut Ty dc: gm 87 DN sn xut. Thuc Ty dc ni a ch yu l thuc khng sinh, vitamin v thc phm chc nng, gim au h st... Vitamin, thc phm chc nng v thuc khng sinh l 2 dng sn phm c sn xut nhiu nht, chim 22% v 21% th phn thuc sn xut trong nc. Th phn thuc khng sinh sn xut trong nc tuy cao nhng cht lng cha cao, cng thm nhu cu ca ngi tiu dng nn khng sinh nhp khu vn chim th phn ln trong kim ngch nhp khu thuc. Th phn sn xut Vitamin v thc phm chc nng cao hn th phn nhp khu mt hng ny, v cao nht trong th phn sn xut, chng t cc DN Vit Nam vn ang tp trung mnh vo mt hng ph thng ny. Cnh tranh trong 2 th phn ny phn ln l cnh tranh gin tip (do DN Vit Nam ch yu sn xut thuc ht hn patent), tuy nhin thuc nhp khu cn c u th hn do tm l chung thuc ngoi ca ngi tiu dng.

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Th phn Ty dc sn xut trong nc

Thuc khng sinh 21% Khc 32%

Th phn thuc nhp khu

Thuc khng sinh, 18%

Khc, 39%

Vitamin, TP chc nng, 10% Tim mch, 11%

Thn kinh 8% H hp 7%

Vitamin, TP chc nng 22% Tim mch 10%

Gy m hi sc, 5%

Tiu ha, 9%

Gim au, h nhit, 8%

Th phn thuc trong nc - Ngun: Thng tin thng mi

Hin nay c hn 500 DN nc ngoi cung cp thuc cho th trng VN. S lng cc cng ty v s thuc nc ngoi ng k tng vt 29% ln 8.500 thuc sau khi Vit Nam gia nhp WTO v thu nhp khu gim t 15-20% xung cn 5.2%. Cc cng ty ln nht ti VN gm Sanofi Aventis Group (8.8% tng thuc tiu th) v GlaxoSmithKline (7.8%), DHG (5%). DHG hin l DN ni a dn u sn xut thuc vi 12% th phn trong nc. DHG v IMP l 2 DN c doanh thu sn xut ln nht (1600 t VN v 625 t VN) v t trng doanh thu hng sn xut cao nht (94% v 95%).

Phn ngnh kinh doanh, nhp khu v phn phi thuc:

Phn ngnh ny gm cc cng ty chuyn v nhp khu, kinh doanh v phn phi dc ca Vit Nam cng nh ca nc ngoi. Cc cng ty phn phi nc ngoi ln gm Zuellig Pharma (Singapore), Diethelm (Thy S), Mega Product (Thi Lan) vi doanh thu mi cng ty hn 1000 t. Doanh s ca 3 DN ny chim gn 50% th trng thuc ton quc. Cc cng ty tiu biu ca Vit Nam gm Codupha, Phytopharma, Vimedimex, Pharimexco, Hapharco, Trong , Vimedimex v Phytopharma chuyn xut nhp khu y thc cho Dielthem v Zuellig Pharma, Codupha c h thng kho bi v phn phi ln, chuyn phn phi cho cc cng ty Dc Trung ng, Doanh thu ca cc cng ty nhp khu v phn phi thng rt cao, gi vn bn hng theo t l thun cng cao hn cc cng ty sn xut nhng li nhun ch tnh trn % hoa hng nhn c t cc cng ty dc i tc.

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CC YU T NH HNG TI NGNH DC
Ngnh Dc chu s qun l cht ch ca nh nc v gi bn Gi dc phm chim khong 5.4% trong cng thc tnh ch s CPI. Ch s gi thuc v dc phm (MPI) c xu hng tng gim kh ging nh gi tiu dng (CPI), tuy gi dc phm khng c s dao ng ln bng. Nm 2010, t l tng ca gi thuc (5%) thp hn hn so vi t l tng ca CPI do B Y t sit cht hn cc quy ch qun l gi thuc. 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2006 2007 2008 2009 2010 CPI MPI

T l tng CPI v MPI nm 2010 - Ngun: Tng cc thng k

Trong nm 2010, s thuc tng gi chim khong 10% tng s thuc tiu th. Mc tng trung bnh ca thuc ni l 5.4%, thuc ngoi l 6.1%. C th ni gi thuc nm 2010 bin ng kh t so vi 2009. Mc tng gi thuc ni gim vo thng 2, sau tng dn n nh (6.1%) thng 5, v gim dn t thng 6 -9, sau tng vt 5.7% vo thng 10. T l tng gi thuc ngoi tng kh u, t bin ng hn, nhng cng tng mnh nht vo thng 5-6 v cui nm nh thuc ni. Gi thuc ni bin ng nhiu hn do nh hng nhiu bi NPL nhp khu. 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2 3 4 5 6 7 8 9 10 11 12

Thuc ni

Thuc ngoi

T l bin ng gi thuc 2010 - Ngun: VNCPA

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Cui nm 2010, bin php d tr quc gia c thc hin nhm n nh gi thuc nm ti. Hin 3 cng ty nh nc tham gia k hoch d tr ny l Cty Dc phm TW1, Dc phm TW2 v TW3 ang c sn c trong kho khong t 3.000 - 3.500 mt hng thuc d tr. Vi mc tng CPI nm 2011 d tnh mc 7-8% v quy ch cht hn, mc tng gi thuc ca nm ti c nh nc d kin s duy tr mc 3-5%. Gi Nguyn ph liu tng t bin vo qu 4/2010

NPL tho dc
Hn 80% NPL ng dc ca VN nhp t Trung Quc, v vy tnh hnh tho dc ti Trung Quc nh hng ln ti cc DN sn xut ng dc. Gi mt s NPL tho dc t Trung Quc tng mnh nm 2010, c bit l cy hi bo ch Shikimic acid. Gi cy kim ngn hoa cho thuc ung th tng 26%, loi cht lng tt tng 200%. Khan him nguyn liu th, giao thng gin on do bo tuyt vo thng 11 v 12, v i dch cm H1N1 y gi NPL tho dc t Trung Quc tng cao. Trong th trng ni a, gi NPL kim tin tho tng 37.5% ln 11,000 VND/kg so vi nm 2009.

NPL Ty dc
Khng sinh, gim au v vitamin l nhng mt hng NPL c nhp khu nhiu nht. Nhn chung gi cc NPL kh n nh trong 3 qu u ca 2010, nhng cao dn ln vo qu cui. Nguyn nhn mt phn l do du tng gi cng vo thi im cui nm. Du th trn th gii gi gi trong khong 74-76 USD/thng trong 9 thng u nm, nhng bt 12% t 79 USD/thng (thng 10) ln 88.6 USD/thng vo thng 12. NPL dc chu nh hng gin tip, theo t l thun vi gi du th gii v trong nc. Trong nm 2008, khi gi du tng thm 30%, chi ph sn xut ca cc DN Dc tng 1.75% v gi thnh sn phm thm 2.68% (Tp ch khoa hc HQGHN). 9 thng u nm 2010, NPL khng sinh khng c nhiu bin ng. Nhng t thng 10, Cefaclor c gi tng t 4,255/kg ln 4,316 VND/kg, Sulfamethoxazol cng tng ln 198,000 VND/kg t gi 186,850 VND/kg ca thng 1 n thng 9. NPL ph bin nh Ampicilin v Amoxilin tng mnh 10.5% ln 693,000 VND/kg t 627,000 VND/kg. Mc tng NPL khng sinh kh rng, t 2-10% ty loi.
15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 Cefaclor Sulfamethoxazol Paracetamol Gi du 2 3 4 5 6 7 8 9 10 11 12

T l tng gi NPL khng sinh, gim au v gi du 2010 - Ngun: VNCPA

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Trong khi , gi NPL thuc gim au (Paracetamol) v vitamin C gim mnh (10% v 20%) trong 9 thng u nm, nhng cng tng mnh nht t thng 10/2010. Paracetamol tng t 68,000 ln 84,000/kg, vitamin C tng t 150,000 ln 210,000/kg. Gi NPL Vitamin v gim au tng trung bnh 20%. Cui nm 2010, 2 DN sn xut Vitamin NPL ln ca Trung Quc ng ca dn ti gi NPL Vitamin tng mnh vo qu 4/2010. Tnh hnh i dch cm H1N1 ang quay tr li, bo tuyt thng 11 v 12 lm tr tr kh nng vn chuyn ti Trung Quc, khan him nguyn liu th cng khin gi NPL t Trung Quc tng cao (40% NPL dc nhp t Trung Quc).
25.00 20.00 15.00 10.00 5.00 0.00 -5.00 -10.00 -15.00 -20.00 -25.00 -30.00 Vitamin B6 Vitamin B1 Vitamin C 2 3 4 5 6 7 8 9 10 11 12

T l tng gi NPL Vitamin 2010 - Ngun: VNCPA

T gi ngoi t v li sut: Cc yu t ny c nh hng trc tip ti LNST v t l LNST ca DN. Theo b ti chnh, t gi USD/VN thng 12 l 18.715 tng 4.5% so vi thng 1/2010 v 8.9% so vi thng 12/2009, cao hn so vi mc tng ca 2009 (3.6%). Do cc hp ng nhp khu NPL v thuc thng c k bng la, Vit Nam ng mt gi, v ngun ngoi t khan him khin nhiu cng ty gp kh khn khi nhp khu NPL, thuc v u t sn xut. Li sut cho vay vi DN sn xut v kinh doanh mc 12.5-14%, tng 4% so vi nm 2009. Trong nm 2011, t gi USD/VND tip tc c iu chnh tng 9.3%, li sut cho vay ng thi cng tng mc cao, ph bin t 16%-20%, nh hng mnh hn ti hot ng sn xut ca cc doanh nghip dc so vi nm 2010, nht l cc DN c t l vay n cao.

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PHN NGNH CC DOANH NGHIP NIM YT

Phn ngnh sn xut Phn khc sn xut ng dc Hin, OPC v Traphaco l hai DN c t l li nhun t sn phm ng dc cao nht trong s cc cng ty nim yt (TRA trn 70%). c im chung ca 2 doanh nghip ny l: 80% NPL ng dc nhp t Trung Quc, ngun dc liu thu hi theo ma v, gi thnh phm thng thp hn Ty dc, th tch ng gi ln, qui trnh sn xut ko di hn. Do vy, kh nng t ch NPL, quy trnh tin tin v quy m sn xut l cc yu t quan trng nh gi cc DN ng dc.
M OPC Tn Cng ty OPC Sn phm chnh Sn phm ch lc gm Kim Tin Tho OPC, Linh Chi OPC, Mimosa,... Ngoi ra, OPC cng c quyn sn xut NPL Ethanol cho DN Dc khc. ng dc l mt hng ch lc, chim 38% tng doanh thu v 60-70% li nhun hng nm. SP ch o: Boganic 20% DT a bn hot ng Mnh khu vc TP HCM v min ng (68%), v min Ty (16%). H thng phn phi Nh thuc, bnh vin Y hc c truyn v trung tm y t, qua u thu v bn trc tip.

TRA

Traphaco

Khu vc min Bc c th phn ln nht (70% doanh thu), tip theo l khu vc min Trung.

im mnh ca Trafaco l ph sng ti tn tuyn x v tnh. Cng ty hin c 2 chi nhnh ti TPHCM v Nng v 34 i l c quyn.

Cc DN ng dc - Ngun: BCB Traphaco v OPC

Phn khc sn xut Ty dc Cc DN nh DHG, DHT, IMP, DHT, PMC tp trung sn xut khng sinh, vitamin v thc phm chc nng, gim au h st, cnh tranh cao trong phn khc v vi dc phm nhp khu. Cc cng ty c sn phm v a bn hot ng ging nhau (v d: DHG, IMP, PMC). Vi cc DN ny, quy m sn xut ln v h thng phn phi tri rng l nhng yu t quyt nh kh nng cnh tranh cao hay khng. Xt v quy m sn xut v h thng phn phi, DHG v IMP l cc DN mnh nht.

M DHG

Tn cng ty Dc Hu Giang

Sn phm chnh Mt hng c th phn ln nht l khng sinh, vitamin, gim au h st, tai mi hng. Khng sinh, vitamin, thc phm chc nng.

a bn hot ng Sn phm c mt 64 tnh thnh ca c nc.

H thng phn phi Ln v hiu qu vi 7 cng ty phn phi ring, 43 i l, v 53 quy thuc ti cc bnh vin. Sn phm ca DHG c mt ti hu ht cc bnh vin trn ton quc. Cc nh phn phi c quyn cho IMP gm: Cty TNHH Dc phm Gia i, DP Long Giang, DP Quc t, DP Vnh Khang

IMP

Imexpharm

Khu vc B sng Cu Long v TP HCM l 2 a bn ln nht ca cng ty, chim 48% v 19% t trng doanh thu hng IMP.

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DHT

Dc H Ty

Khng sinh c -lactam v khng sinh Cephalosporin

C mt trn 30 tnh thnh ca c nc. Ring ti a bn H Ty, cng ty c mng li ca hng n tt c cc x, phng. a bn tiu th ch lc l TP H Ch Minh v min Ty.

Phn phi sn phm qua cc cng ty dc khc: Cng ty c phn Dc phm Cn Gi, chi nhnh Dc TW2, TW3, cng ty Dc phm Nam H, Hi Phng. Cung cp sn phm cho cc cng ty kinh doanh dc phm (chim 63% doanh thu thun).

PMC

Pharmedic

Dng khng sinh, gim au, h st, khng vim

Cc DN sn xut thuc Ty dc - Ngun: BCB DHG, IMP, DMC, DHT, PMC

DMC, MKP, SPM, DCL u c th mnh 1 mng sn phm nht nh. DMC l DN hng u Vit Nam v thuc tim mch v ni tit. MKP l nh sn xut nguyn ph liu khng sinh duy nht ti Vit Nam. DCL vi sn phm vin nang v SPM c sn phm ch lc l Vitamin. Cc DN ny tuy gp t cnh tranh hn vi cc DN trong nc nhng phi i mt vi cnh tranh rt ln t dc phm nc ngoi. im ng ch l sn phm ch lc ca MKP v DCL u l NPL cung cp cho cc cng ty dc khc. iu ny cng chng minh cng nghip ha dc trong nc cha pht trin nhng cc DN ny cng nhn c s h tr ln ca nh nc trong k hoch khuyn khch pht trin ngnh ha dc ti nm 2020.

M DMC

Tn cng ty Domesco

Sn phm chnh Nh sn xut hng u Vit Nam v thuc tim mch v ni tit. Trong , hot ng sn xut thuc l ch o chim ti 52% doanh thu. Kinh doanh chim 48% doanh thu. DN duy nht trong nc sn xut NPL khng sinh bn tng hp (Ampicilin trihydrat v Amoxicilin trihydrat) p ng cho cc cng ty dc khc. Sn phm Vitamin Myvita chim 21.9% th phn ni a. Vitamin l nhm sn phm mnh ca cng ty. Sn xut sn phm vin nang (NPL) cho cc DN Dc trong nc v xut khu, cung ng 40% nhu cu vim nang NPL cho th trng ni a.

a bn hot ng Th trng H Ni chim khong 25% th phn, th trng thnh ph H Ch Minh chim khong 60%.

H thng phn phi Sn phm ca Domesco c tiu th trn khp c nc v xut khu sang Japan, HongKong, Lao, Campuchia, Philippine.

MKP

Mekophar

Khu vc TP HCM, H Ni v khu vc min Bc l 2 khu vc trng im vi 50% v 21% tng DT thun.

S dng h thng phn phi ca cc cng ty Dc phm TW, a phng v BV trn ton quc

SPM

S.P.M

TPHCM, H Ni, cc tnh

Cng ty TNHH Dc Phm Thnh c quyn chu trch nhim phn phi ti cc hiu thuc v BV ti TP HCM v H Ni.

DCL

Dc Cu Long

Cc thnh ph ln, ng dn: H Ni, Hi Phng, Nng, TP H Ch Minh, Cn Th...

Cc cng ty sn xut c th Ngun: BCB Mekophar, S.P.M, DCL

Phn phi trc tip sn phm Capsule v NPL sn xut tn dc cho cc x nghip trong nc. Phn phi cho cc BV ch yu trn a bn TP H Ch Minh, Ty Nam B, B sng Cu Long

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Phn ngnh kinh doanh, phn phi Trong s cc cng ty nim yt, Vimedimex (VMD) l DN dn u phn khc ny v doanh thu (5645 t VN). Cc DN trong phn ngnh ny c c im chung l li nhun chim t trng rt nh trong doanh thu ca doanh nghip (LNST ca VMD chim 3-4% doanh thu), do ch yu l nhp khu y thc cho DN nc ngoi v kinh doanh.

M DBT

Tn cng ty Bn Tre

Hot ng chnh Kinh doanh thuc nhp khu t nc ngoi v thuc trong nc

a bn hot ng Th trng min Nam (chim khong 75% tng DT). Th trng Bn Tre DT chim khong 45% tng DT hng nm. Rng khp, c bit l khu vc H Ni, Hi Phng v khu vc ng bng sng Cu Long, TP H Ch Minh

H thng phn phi Cng ty c mng li phn phi ring vi 4 chi nhnh ln ti H Ni, Nng, Nha Trang, v TPHCM. Ring ti Bn Tre, Cty c 22 hiu thuc ti tt c 7 huyn v th x. 3 trung tm phn phi chnh ti HN, TPHCM, Nng, 21 chi nhnh ti cc tnh ln, 14 i l cp 1 ti cc tnh cn li. Sn phm c mt ti 18.000 nh thuc, bnh vin, phng khm

DVD

Vin ng

Chuyn mua bn quyn dc phm sau thu cc DN trong nc v nc ngoi sn xut (thng hiu Lily of France). Ni bt: Khng sinh Vidorigyl v Vidorovacyn, B gan Vidocenol. Kinh doanh hn 1000 chng loi thuc nhp khu v sn xut trong nc. 77% hng kinh doanh l ca cc DN khc. Chuyn xut nhp khu, y thc v phn phi Dc phm, NPL, thit b y t v ha cht xt nghim (90% doanh thu).

LDP

Dc Lm ng

Tnh Lm ng (cc nh thuc, c quan, bnh vin v trung tm y t huyn th trong tnh Ch yu pha Nam v Ty Nam B: TP HCM, Bnh Dng, Cn Th, Ty Ninh, ..., pha Bc c H Ni.

Cng ty hin c 3 chi nhnh ti H Ni, TP HCM, v Bo Lc, thc hin phn phi cho cc i l, siu th, hiu thuc, v bnh vin trn ton quc. C h thng phn phi nh thuc ring. Ngoi ra, cng ty u thu mua sm TBYT, tn dc ca cac BV. BV 115, Ch Ry, BV i hc Y TPHCM

VMD

Vimedimex

Cc cng ty kinh doanh, nhp khu v phn phi thuc - Ngun: DBT, DVD, LDP, VMD

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KT QU HOT NG KINH DOANH CA CC DOANH NGHIP NIM YT

D gi bn b hn ch v gi NPL tng mnh vo cui nm, cc DN dc vn duy tr mc tng trng doanh thu v li nhun cao trong nm 2010 Tng trng doanh thu v li nhun trung bnh ca cc cng ty t 20% v 11%. Cc DN sn xut nhn chung tng trng tt hn cc DN kinh doanh v phn phi.

Phn ngnh sn xut

Phn khc sn xut ng dc So vi OPC, TRA c tng trng tt hn trong nm 2010 vi doanh thu v LNST dng (15% v 29%). Tuy vy, c 2 DN TRA v OPC u t k hoch LNST nm 2010. TRA tuy khng t k hoch doanh thu, vn vt xa k hoch LNST do gi bn ca mt s mt hng ca TRA tng mnh trong nm nh: Atot (thuc b, ng ung) t 14.500 VND/hp ln 22.500 VND/hp (tng 55%); Azythomycin 250 mg (khng sinh), tng t 12.000 VND ln 18.000 VND/hp (tng 50%); Dng ct hong tng t 36.000 VND ln 45.000 VND/hp (tng 25%).
M Cng ty Tng trng Doanh thu 2010 -16% 15% Tng trng LNST 2010 % K hoch Doanh thu % K hoch LNST

OPC TRA

OPC Traphaco

-0.2% 29.3%

108% 95.5%

126% 146%

HDKD ca 1 s DN sn xut ng dc 2010 Ngun: SMES

Phn khc sn xut Ty dc Tr DMC, hu ht cc DN u t k hoch ra cho nm 2010. DN sn xut Ty dc tng trng doanh thu trung bnh 18-20%, LNST tng 20-25%. Trong , S.P.M c tng trng LNST n tng nht, 109% so vi nm 2009 nh 68 t li nhun t bn bt ng sn, gp vn d n v kinh doanh mt hng khc.
M Cng ty Tng trng Doanh thu 2010 17% 16% 22% -2% 38% 37% Tng trng LNST 2010 % K hoch Doanh thu % K hoch LNST

DHG IMP DCL DMC MKP SPM

Dc Hu Giang Imexpharm Dc Cu Long Domesco Mekophar S.P.M

5.2% 22.5% -19% 7.2% 14% 109%

106% 100% 93.5% 86% 124.2% 101%

164% 119% 106% 62% 124.6% 100%

HDKD ca 1 s DN sn xut Ty dc 2010 Ngun: SMES

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Phn ngnh kinh doanh
Trong s cc DN kinh doanh, VMD trong khi li c mc gim LNST nhiu nht, 50%. Trong khi , LDP c mc tng trng n nh nht c v doanh thu v LNST (28% v 24%) v vt k hoch nhiu nht vi 143% doanh thu v 165% LNST k hoch. VMD l s t cc DN khng t d kin.
M Cng ty Tng trng Doanh thu 2010 3% 28% 11% Tng trng LNST 2010 % K hoch Doanh thu % K hoch LNST

DBT LDP VMD

Dc Bn Tre Ladophar Vimedimex

29% 24% -50%

98% 143% 111%

111% 165% 39%

HDKD ca 1 s DN kinh doanh 2010 Ngun: SMES

Gi NPL tng dn ti suy gim li nhun gp ca cc doanh nghip sn xut, c bit l phn khc sn xut Ty dc C th thy t l gi vn bn hng trong doanh thu ca cc DN sn xut ng dc v Ty dc t khong 50% -70%. Do ch ng hn v ngun nguyn ph liu, cc DN sn xut ng dc t (hu nh khng) b nh hng bi tng gi NPL hn so vi DN sn xut Ty dc. Phn khc sn xut ng dc Gi kim tin tho, NPL ng dc tng nhng gi vn bn hng ca OPC v TRA u gim so vi nm 2009 (12% v 2%), theo , t l li nhun gp tng 11% v 2% tng ng. Nh vy NPL ng dc tng gi khng c nh hng ln ti tng trng li nhun gp ca 2 DN. Tuy nhin, vi t l gi vn bn hng thp hn v t l li gp cao hn, OPC hiu qu hn TRA trong qun l ngun NPL.
M Cng ty Gi vn bn hng/doanh thu 2010 51% 70% Li gp so vi 2009 T l li gp 2010 T l li gp so vi 2009

OPC TRA

OPC Traphaco

11% 22%

48% 31%

11% 2%

Tnh hnh li gp ca 1 s DN sn xut ng dc 2010 Ngun: SMES

Phn khc sn xut Ty dc Nhn chung, cc DN sn xut Ty Dc c t l li gp nm 2010 kh cao, trung bnh 25-28%. Tuy nhin, so vi nm 2009, t l li gp ca cc DN c xu hng gim, c bit l cc DN sn xut khng sinh nhiu nh MKP (gim 4%) v SPM (5%) do gi NPL khng sinh v Vitamin tng mnh cui nm.

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Cng ty

Gi vn bn hng/doanh thu 2010 49.5% 53.8% 70% 70% 79% 66%

Li gp so vi 2009

T l li gp 2010

T l li gp so vi 2009

DHG IMP DCL DMC MKP SPM

Dc Hu Giang Imexpharm Dc Cu Long Domesco Mekophar S.P.M

11% 20.8% 4.5% 1% 17% 21%

51% 46% 21% 30% 21% 34%

-2% 2% -3% -1% -4% -5%

Tnh hnh li gp ca 1 s DN sn xut Ty dc 2010 Ngun: SMES

Gi thuc thnh phm nhp khu tng dn ti suy gim mnh li nhun gp ca cc doanh nghip kinh doanh Thuc ngoi nm 2010 tng trung bnh 6%, DN b nh hng mnh nht l VMD vi t l gi vn bn hng tng 8% v t l li gp gim 8% so vi nm 2009.
M Cng ty Gi vn bn hng/doanh thu 2010 78.4% 84% 98% Li gp so vi 2009 T l li gp 2010 T l li gp so vi 2009

DBT LDP VMD

Dc Bn Tre Ladophar Vimedimex

9% 35% -81%

22% 16.1% 2%

-2% 1.2% -8%

Tnh hnh li gp ca 1 s DN kinh doanh 2010 Ngun: SMES

Cc DN Dc ph thuc nhiu vo vay ngn hn hn l vay di hn

Phn ngnh sn xut

Trong s cc DN sn xut, DCL c t l vay ngn hn cao trong nm 2010 do cc khon u t hon thnh nh my Cephalosporine. Tng t, cc khon vay di hn ca DCL (9.6%) v OPC (11.6%) nhm u t cho d n nh my sn xut trong 2010. Cc DN ny s chu nh hng nhiu hn nu li sut tng trong nm 2011.

Cng ty

H s n

T l vay ngn hn 14.9%

T l vay di hn 11.6% -

n by ti chnh 1.3 1.66

OPC TRA

OPC Traphaco

0.23 0.4

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DHG IMP DCL DMC MKP SPM Dc Hu Giang Imexpharm Dc Cu Long Domesco Mekophar S.P.M 0.28 0.21 0.62 0.29 0.19 0.39 0.8% 1.9% 36.4% 14.8% 9.2% 9.6% 3.1% 1.38 1.27 2.63 1.4 1.24 1.64

Tnh hnh vay n ca 1 s DN sn xut 2010 Ngun: SMES

Phn ngnh kinh doanh

Trong khi , cc DN kinh doanh v phn phi (LDP, VMD, v DBT) c t l vay ngn hn cao (trung bnh 33%) v h s n u trn 0.5, cao hn so vi cc DN sn xut. Cc DN ny s b nh hng hn bi bin ng li sut ngn hn.
M Cng ty H s n T l vay ngn hn 34.6% 56% 9.7% T l vay di hn 1.5% n by ti chnh 2.92 1.58 20.0

DBT LDP VMD

Dc Bn Tre Ladophar Vimedimex

0.66 0.58 0.95

Tnh hnh vay n ca 1 s DN kinh doanh 2010 Ngun: SMES

Bin ng t gi v li sut nh hng mnh nht ti cc DN kinh doanh v phn phi Vi t gi tng v li sut u tng khong 5% nm 2010, chi ph ti chnh ca cc DN sn xut tng tuy nhin t l LNST khng gim nhiu. C s phn ha r rt trong nh hng ca bin ng t gi v li sut n cc DN.

Phn ngnh sn xut

LNST ca cc DN sn xut ng dc (OPC v TRA) nhn chung khng b nh hng nhiu do t l nhp khu NPL nh hn, t l li vay di hn cao ca OPC ch dn ti LNST gim 0.2% so vi nm 2009. DN sn xut Ty dc duy nht c LNST gim so vi 2009 l DCL (gim 19%), trong khi LNST ca S.P.M tng t bin nm 2010.
M Cng ty Chi ph ti chnh/doanh thu 2010 7.7% 1.4% 0.2% LNST so vi 2009 T l LNST 2010 T l LNST so vi 2009

OPC TRA DHG

OPC Traphaco Dc Hu Giang

-0.2% 29% 5.2%

16% 8% 19%

18.2% 12.4% -9.8%

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IMP DCL DMC MKP SPM

Imexpharm Dc Cu Long Domesco Mekophar S.P.M

1% 5% 2% 0.8% 3.8%

22.5% -19% 9.8% 14% 109%

11% 8% 8% 8% 37%

5.8% -33.8% 7% -17.3% 52%

Tnh hnh LNST ca 1 s DN sn xut 2010 Ngun: SMES

Phn ngnh kinh doanh

Trong s cc DN kinh doanh, VMD c t l LNST gim mnh nht (50%), tuy t l chi ph ti chnh v li khng cao, y c th l gii l do DN hot ng khng hiu qu trong nm 2010.
M Cng ty Chi ph ti chnh/doanh thu 2010 0.3% 0.9% 4% LNST so vi 2009 T l LNST 2010 T l LNST so vi 2009

LDP VMD DBT

Ladophar Vimedimex Dc Bn Tre

24% -50% 29%

7% 0.2% 3%

-3% -55% 25%

Tnh hnh LNST ca 1 s DN kinh doanh 2010 Ngun: SMES

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C tc ca cc doanh nghip dc tng i cao v n nh Cc DN Dc nhn chung c kh nng chi tr c tc kh u v cao hn so vi mt bng chung.

M DBT DCL DHG DVD IMP LDP MKP OPC PMC SPM TRA VMD

C tc 2010 t 1: 10% tin mt, t 2: 10% tin mt, t3: 10% tin mt t 1: 15% tin mt, t 2: 10% tin mt t 1: 10% tin mt, t 2: 5% tin mt, t 3: 10% tin mt 25% tin mt t 1: 20% tin mt, t 2: bn u i 10:2, gi 20,000/cp 10% tin mt 6% tin mt t 1: 10% tin mt; t 2: 10% tin mt t 1: 5% tin mt, t 2: 2.8% tin mt 10.71% tin mt t 1/2011: 20% tin mt; 2010: c tc bng c phiu 5:1 9% tin mt

Tnh hnh c tc DN 2010 Ngun: SMES, Stoxplus

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TRIN VNG NGNH DC NM 2011

Nhu cu dc phm L sn phm thit yu, nhu cu cho dc phm khng th gim, nhng duy tr c mc tng 20% hng nm, bnh qun GDP u ngi cn tng t nht t 3-4% nm ti v chi ph bnh qun cho dc phm tng t 15-20% mt nm. HSBC d bo GDP ca Vit Nam s vo khong 7% trong nm nay, nh vy GDP bnh qun s vo khong khong 1.290 1.300 USD/ngi, tng t 5-7% so vi nm trc. Vi mc tng 15-20% cho chi ph dc bnh qun, mc tiu duy tr tng trng ngnh c th t c. Ngun cung t sn xut trong nc Vi hng lot nh my mi bt u hot ng c hiu qu v s lng u thuc ng k tng, sn lng sn xut c th duy tr n nh mc 15-20%

Phn khc sn xut ng dc

M OPC Cng ty OPC Trong nm 2010, Cng ty u t v a vo hot ng nh my sn xut cn OPC tinh luyn, d kin nng sut ca nh my Cn trong nm 2011 s vt cng sut 5 triu lt/nm, tng 1 triu so vi nm nay. Cui nm 2011, nh my Dc phm OPC t tiu chun GMP WHO ti tnh Bnh Dng d kin s c hon thnh. Vi cng sut trung bnh gp i nh my hin hu, tuy cha th mang li hiu qu nng sut nm 2011 v 2012 do ang trong giai on chy th nghim, nhng trong di hn s tng nng sut DN ln ng k. Trong Qu I/2010, DHT u t hn 10 t ng hin i ho dy chuyn sn xut thuc ng dc.

DHT

Dc H Ty

Thay i nng sut trong phn khc ng dc Ngun: OPC, DHT, 2010

Phn khc sn xut Ty dc

M IMP

Cng ty Imexpharm Nm 2010, Nh my Cephalosporine Bnh Dng sn xut thuc khng sinh dng lng i vo chy th. Khi nh my c a vo hot ng chnh thc, c tnh s mang li khong 200 t ng doanh thu. Hin IMP ang u t xy dng dy chuyn thuc tim Peni ti KCN VN Singapore, Hi Phng. Nh my mi Non Beta-Lactam d kin s hon thnh vo qu 2/ 2011 vi cng sut 4 t n v sn phm, gm 2 khu: Khu 1 c cng sut 2,5 t n v sn phm - theo tiu chun GMP WHO, khu 2 c cng sut 1,5 t n v sn phm - theo tiu chun GMP EU. D kin s gp khong 1 t dn v sn phm vo sn lng ca DHG nu t ht cng sut. Nh my sn xut vin nang Capsule II v Nh my sn xut khng sinh th h mi bt u i vo hot ng nm 2010. Nh my Capsule II chuyn sn xut v nang rng capsule, cng sut 2,25 t vin/nm v Nh my sn xut thuc khng sinh nhm Cephalosporin vi gi tr sn lng 500 t ng/nm. Hai nh my vi nng sut hot ng nm u cha cao do ang trong giai on chy th, vn s gp phn ci thin doanh thu DCL

DHG

Dc Hu Giang

DCL

Dc Cu Long

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DMC Domesco Ngy 9/8/2010, khnh thnh Cm Cng Nghip Dc k thut cao DOMESCO giai on 1 ti ng Thp. D n pht trin Cm Cng nghip Dc k thut cao c xy dng trn tng din tch l 111.320m2, gm Khu nh my thuc Ha Dc Non-betalactam; nh my thuc Ha Dc betalactam; khu sn xut Dc liu; khu sn xut cc ch phm.

AMV

Thit b y t Vit M

D n nh my sn xut dc v thit b y t ti Bnh Dng c khi cng vo gia nm 2010. y l nh my chuyn sn xut sinh phm chn on nh tnh phc v cho xt nghim HIV, vim gan B, lao t tiu chun GPM.

Thay i nng sut trong phn khc Ty dc Ngun: IMP, DHG, DCL, DMC, AMV

Mc cnh tranh trong ngnh s tip tc tng Phn khc sn xut ng dc Nm 2010, Danapha gia nhp 5 DN ng dc c nh my t chun GMP. Hu ht cc c s cn li khng iu kin chuyn i vi hn cui nm 2010, v c nguy c s phi gii th. Nhn v gc cnh tranh, y l tn hiu tt cho cc DN ng dc ln, t chun. Nu B Y t khng thay i cc tiu chun GMP cho ph hp vi c th ngnh sn xut ng dc v li thi hn p dng GMP n nm 2015, phn khc ny s c nhiu thay i trong nm ti. Hn 400 n v sn xut nh t nhn s b gii th hoc chuyn i sn xut cho 5 DN t chun. Gim s lng DN nhng quy m sn xut s ln hn s khin cho cnh tranh trong ngnh khng km phn gay gt. Phn khc sn xut Ty dc Hin nay, ngnh dc ang c Nh nc u t xy dng n "Quy hoch chi tit pht trin Cng nghip Dc VN giai on n nm 2015 v tm nhn n nm 2020" nhm quy hoch, phn b cc nh my sn xut thuc trong nc theo hng khuyn khch sn xut thuc ph thng gim gi thnh sn phm v u tin cung ng cho h thng c s khm cha bnh cng lp. Nh nc ch trng tng ngun cung ng thuc cn bng cung - cu th trng dc phm bng vic tng s lng doanh nghip nc ngoi kinh doanh thuc 8,38% ln 540 DN, cng c ngun nguyn liu dc ti VN v tng cht lng, s lng thuc sn xut trong nc.... 5 nm k t khi gia nhp WTO, nm 2011-2012, thu nhp khu bnh qun i vi dc phm gim t 5% ch cn 2,5% s lm gia tng thm t 10-20% u thuc nc ngoi ng k ti VN. Vi cc chnh sch ny c a vo hot ng, s cnh tranh v pht trin ca phn khc sn xut v kinh doanh thuc ph thng s cng tng (do tng doanh nghip cnh tranh, gi c, v s lng thuc). V vy, nhiu DN ang chuyn hng kinh doanh, tp trung hn vo thuc c tr (c t l li cao hn). Bin ng v NPL, t gi v li sut Gi du tip tc leo thang, v d kin s t trung bnh 100-110 USD/thng trong nm 2011, tng 16% so vi mc trung bnh 75-80 USD/thng trong nm 2010. Cng thm vi thiu ngun NPL, bnh dch, v nhu cu ngy cng cao, gi NPL th gii ni chung v NPL dc ni ring s c xu hng tng. nh hng ca tng gi NPL qu 4/2010 s th hin r hn kt qu HKD ca qu 2/2011, do t l d tr ca cc DN kh ln trc dp ngh l m lch. T gi trong nm 2011 iu chnh tng 9.3% trong thng 2/2011, VND b ph gi tuy nhin khng nh hng tiu cc ti ngnh v li nhun ca cc DN do nhiu DN phi s dng USD vi t gi t do t trc nhp khu. D kin trong nm 2011, s kh c mt t iu chnh th 2, t gi USD trn th trng t do v chnh thc cng tin li gn hn sau n lc ca chnh ph. V vy, t gi khng phi l ni lo ln cho DN trong nm 2011.

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Trong thng 3/2011, li sut cho vay ngn hn phc v nhu cu sn xut -kinh doanh c nim yt mc 12% mt nm tng ng 2010, theo bo co ca Ngn hng Nh nc. Li sut cho vay tha thun theo c ch mi dao ng 12-14% i vi nhm ngn hng thng mi nh nc v khong 15-17% i vi nhm c phn. Li sut cho vay USD t bin ng hn. Cha c thng tin mi v kh nng tng li sut trong cc thng cn li ca nm 2011. Nu li sut tng, mt s doanh nghip vay ngn hn hoc di hn u t nh my c th s c chi ph ti chnh tng t bin nh DCL, DMC, LNST ca cc DN kinh doanh cng s b nh hng mnh. 4% tng li sut dn ti 33% gim LNST ca DCL v 55% vi VMD trong nm 2010. Gi xng tng ln 19,300 VND trong thng 2 s ko theo t l lm pht trong thng 3 v 4. Mt lot cc mt hng thit yu s tng gi, trong c dc phm. Tuy chu s kim sot ca nh nc, gi dc phm s phi tng t nht 5-10% theo tng ca CPI. Gi bn tng cng sn lng tng s b cho pht sinh chi ph ti chnh v gi vn bn hng, bo m li nhun tng trng n inh.

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KHUYN NGH U T
Cc doanh nghip ngnh Dc nhn chung c quy m vn ha nh, ngoi tr DHG, u di 1000 t, khng ng gp nhiu vo t trng VN-Index. Nm trong phn ngnh c tnh cnh tranh cao c trong v ngoi nc, li c % R&D (Nghin cu & Pht trin) thp nn tng trng a phn nh vo tng trng c hc hn l t ph v sn phm mi c gi tr ln. u im ca ngnh dc l c hng li t qu trnh tng trng chung ca nn kinh t vi xut pht im thp v s bo h ca Nh nc nh mt nhm ngnh thit yu quan trng. Ngnh Dc khng ph hp vi Nh u t lt sng ngn hn do thanh khon khng n nh, thp hn trung bnh nhiu ngnh ch cht khc, v quan trng hn l thiu thng tin t bin. Trong nhng giai on th trng iu chnh mnh, ngnh CP ngnh dc cng suy gim t hn nn cng khng c nhiu c hi bt mnh nh cc ngnh mang tnh cht chu k khc. Ngnh Dc ph hp hn i vi NT gi tr, nm gi trung v di hn do dng tin tng i n nh v c tc cao. Trong nhm ngnh dc, chng ti khuyn ngh NT tp trung vo cc cng ty thin v sn xut (hn l phn phi) vi cc dng sn phm c cht lng R&D cao, thin v thuc c tr c kh nng thay th thuc ngoi nhp, v h thng phn phi mnh c bn bun v bn l. y cng thng l cc cng ty c quy m ln nht trong ngnh vi tim lc ti chnh di do, c kh nng lin tc ti u t, m rng nng lc cnh tranh trong tng lai. Mt s doanh nghip NT c th tham kho nh:
TRA Sn phm chnh Kh nng t ch NPL cao Sn xut ng dc C ngun cung cp nguyn liu ti Sapa, hin t p ng 30% nhu cu NPL DHG Sn xut Ty dc 80% NPL chnh l nhp khu SPM Sn xut Ty dc NPL chim 60-70% gi thnh sn phm Thng 5/2009, nh my mi theo tiu chun C-GMP vi vn u t 180 t ng c a vo hot ng, d tnh c th t ti a cng sut nm 2011-2012 Sn phm Myvita xut khu sang cc nc M, Nga, Malaysia, bt u c th phn ti y. 601 54,500 VND 10% 5,978 VND u t di hn

Kh nng tng trng sn xut qua ci tin k thut, nh xng

Hin ang xy dng nh my sn xut thuc ng dc GMP ti Hng Yn vi din tch trn 31.000m2, tng vn u t 70 t ng.
Ti tn tuyn x, huyn

Nh my mi Non BetaLactam d kin s hon thnh vo qu 2/ 2011 vi cng sut 4 t n v sn phm. Ln v hiu qu vi 7 cng ty phn phi ring, 43 i l, v 53 quy thuc ti cc bnh vin. 1,220 114,000 VND 10% 14,608 VND u t di hn

H thng phn phi tt

Vn iu l (t VND) Gi (02/03/2010) C tc cao EPS Khuyn ngh

349.5 50,000 VND 20% 5,672 VND u t di hn

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Sn xut ng dc OPC Doanh thu (T VND) % tng trng Gi vn bn hng (T VND) % doanh thu Li gp (T VND) T l li gp EBIT (T VND) % doanh thu LNST (T VND) T l LNST 313.8 -16% -162.1 51.66% 151.6 48.31% 63.6 20.27% 49.3 16% TRA 859 14.99% -596.5 69.44% 262.4 30.55% 91 10.59% 66 8% DHG 2035.7 17% -1006.7 49.45% 1029.1 51% 436.1 21.42% 381.1 19% IMP 764 16%

Sn xut Ty dc DMC 1043 -2% -728.3 69.83% 314.7 30% 113.3 2.33% 81.9 8% SPM 349.7 37% -231 66.06% 118.6 34% 146.6 41.92% 130.4 37% DCL 701.5 22% -555.8 79.23% 145.6 21% 58.9 8.40% 55.6 8% MKP 894.7 38% -709.6 79.31% 185.1 21% 89.6 10.01% 70 8%

Sn xut khc AMV 10.2 82% -5.4 52.94% 4.7 46% 2 19.61% 1.9 19% MKV 33 21% -20 60.61% 13 39% 1.9 5.76% 1.6 5%

Kinh doanh v phn phi LDP 279 28% -234 83.87% 45.1 16.1% 24.3 8.71% 18.6 7% VMD 5645.6 11% -5551.8 98.34% 93.9 2% 11.8 0.21% 12.4 0% DBT 433.7 3% -340 78.40% 93.7 22% 3.6 0.83% 11 3%

-411.1 53.81% 352.9 46% 99.3 13.00% 80.5 11%

K hoch Doanh thu 2010 (T VND) % k hoch K hoch LNST 2010 (T VND) % k hoch

290 108.21% 39 126.41%

900 95.44% 45 146.67%

1920 106.03% 232.5 163.91%

762 100.26% 67.5 119.26%

1200 86.92% 130.52 62.75%

345 101.36% 130 100.31%

750 93.53% 52.5 105.90%

720 124.26% 56.25 124.44%

9 113.33% 3 63.33%

36 91.67% 1.35 118.52%

195 143.08% 11.25 165.33%

5081 111.11% 31.6 39.24%

440 98.57% 9.9 111.11%

Tnh hnh kinh doanh ca cc DN Dc 2010 - Ngun: BCTC Q4

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Sn xut ng dc OPC Tng ti sn (T VND) 379.28 TRA 579.3 DHG 1685.18 IMP

Sn xut Ty dc DMC 765.43 SPM 986.26 DCL 857.16 MKP 512.31

Sn xut khc AMV 30.5 MKV 23.6

Kinh doanh v phn phi LDP 120.87 VMD 2578.23 DBT 214.23

750.75

Hng tn kho
Tng n (T VND)

103.88
86.58

185.94
229.77

328.13
465.11

172.87
161.14

199.46
219.81

26.3
385.06

198.31
531.29

208.15
98.44

4.55
5.77

5.89
10.91

55.14
69.52

278.59
2449.30

85.29
140.90

T l vay ngn hn T l vay di hn

Tng vn (T VND)

11.61%
292.70

14.86% 349.53

0.76% 1220.07

1.95% 589.61

14.8% 3.1%
545.63 0.29 1.40 4.03 2.76 24,300 5,072 4.8 0.8

9.23% 601.20

36.44% 9.57%
325.89

413.87

7.21% 24.73

23.18% 2.20%
12.68

56.11% 120.87

9.75% 0.02%
128.93

34.57% 1.48%
73.33

H s n n by ti chnh
ROE (%) ROA (%) Gi (28.02.2011) EPS (c bn) PE PB Beta

0.23 1.30
17.65 13.06 34,800 6,031 5.77 0.99 1.09

0.40 1.66
21.60 13.45 50,000 5,672 8.82 1.85 0.75

0.28 1.38
32.77 22.96 114,000 14,608 7.80 2.62 0.33

0.21 1.27
14.21 10.86 48,900 7,372 6.63 0.99 0.68

0.39 1.64
30.91 17.81 54,500 5,978 9.12 1.36 0.23

0.62 2.63
17.61 7.49 28,500 5,953 4.79 0.91 0.82

0.19 1.24
17.43 14.60 47,300 7,750 6.10 1.07 0.40

0.19 1.23
16.85 16.12 12,700 155 81.94 1.18 1.86

0.46 1.86
26.22 14.89 21,900 1,566 13.98 1.78 0.48

0.58 1.58
99.85 44.37 38,800 9,560 4.06 1.49 0.49

0.95 20.00
24.57 1.08 26,700 14,100 8.04 1.41 0.50

0.66 2.92
31.43 8.27 24,000 3,465 6.93 0.98 0.48

0.86

Cc ch s ti chnh ca DN dc 2010 - Ngun: BCTC v SMES

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KHI PHN TCH - U T

Nguyn Vit Hng Gim c Khi V Duy Khnh Chuyn vin phn tch Nguyn Tin t Chuyn vin phn tch Nguyn Th Vn Anh Chuyn vin phn tch

TR S CHNH: 39 Ng Quyn, Hon Kim, H Ni Tel: (84-4) 22205678 (ext: 408) Fax: (84-4) 22205680 Email: research@sme.vn Website: http://www.smes.vn

CHI NHNH TP. HCM: 11 Trn Quc Tho, Qun 3, HCM Tel: (84-8) 39308708 Fax: (84-8) 39308707 Email: research@sme.vn Website: http://www.smes.vn

* Tt c nhng thng tin nu trong bo co phn tch ny c xem xt cn trng, tuy nhin Cng ty C phn Chng khon SME (SMES) khng chu bt k mt trch nhim no i vi tnh chnh xc ca nhng thng tin c cp n trong bo co. Mi quan im cng nh nhn nh phn tch trong bn tin cng c th c thay i m khng cn bo trc. Bo co ch nhm mc tiu cung cp thng tin m khng hm khuyn co ngi c mua, bn hay nm gi chng khon. Ngi c ch nn s dng bo co phn tch ny nh mt ngun thng tin tham kho SMES c th c nhng hot ng hp tc kinh doanh vi cc i tng c cp n trong bo co. Ngi c cn lu rng SMES c th c nhng xung t li ch i vi cc nh u t khi thc hin bo co phn tch ny Bo co ny c bn quyn v l ti sn ca Cng ty C phn Chng khon SME (SMES). Mi hnh vi sao chp, sa i, in n m khng c s ng ca SMES u tri lut. Bn quyn thuc Cng ty C phn Chng khon SME, 2010

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