187 pharmaceutical companies in the first half of the "report card" released: 16 net profits of more than 500 million, "stock God" huge loss of nearly 900 million
As of the close of trading on August 7, A total of 187 A-share pharmaceutical companies disclosed the "report card" for the first half of 2018, 25 have issued semi-annual reports, 28 have issued performance reports, and 134 are performance forecasts。Among them, Jichuan Pharmaceutical's performance was outstanding, with a net profit of 8.4.3 billion yuan, gross margin of more than 80%;The net profit of 15 companies, including Xinhecheng, Xinlitai, Kelun Pharmaceutical and Lizhu Group, is expected to exceed 500 million yuan。In addition, Shanghai Raishi, once known as the "God of stocks", suffered a huge loss of nearly 900 million yuan in the first half of the year。
Summary of the performance of 25 A-share pharmaceutical companies in the first half of 2018 (Unit: 100 million yuan)
Jichuan Pharmaceutical: outstanding performance, gross margin over 80%
Among the pharmaceutical companies that have released their semi-annual reports in 2018, Jichuan Pharmaceutical's performance is the most brilliant, with a revenue of 38.0.4 billion yuan, an increase of 35 percent year-on-year.36%;Net profit 8.4.3 billion yuan, an increase of 44 percent year-on-year.81%;Gross profit margin is as high as 84.72%。
For the growth of performance, Jichuan Pharmaceutical said that it was mainly due to the rapid growth of sales revenue of the company's Pudilan anti-inflammatory oral liquid, children's soy Qiaoqingheat granules, iron protein succinate oral solution and other products during the reporting period, and the growth of the company's sales expenses and administrative expenses was effectively controlled。
It is understood that the product line of Jichuan Pharmaceutical mainly focuses on the fields of pediatrics, respiration, digestion, etc. The main products are Pudilan anti-inflammatory oral liquid, Rabeprazole sodium enteric-soluble capsules, children Soya Qiaoqingheat granules。In addition to the pharmaceutical business, its subsidiaries Pudilan Daily Chemical and Pudilan Cosmeceuticals are mainly engaged in the daily chemical product business such as Pudilan toothpaste and cosmeceuticals, while Kangxuyuan is mainly engaged in the health care product business。
Summary of the performance of 28 A-share pharmaceutical companies in the first half of 2018 (Unit: 100 million yuan)
Kelun Pharmaceutical: high performance growth, product structure continued to optimize
In the first half of the year, Kolun Pharmaceutical revenue reached 77.9.2 billion yuan, an increase of 57 percent year-on-year.68%;Net profit 7.7.4 billion yuan, an increase of 202.17%。The increase in revenue was mainly due to the increase in pharmaceutical revenue due to the company's strengthening of market development and continuous optimization of product structure, and the gradual full production capacity of its subsidiary Yili Twinning Biotechnology Co., LTD。The increase in net profit was mainly due to the company's strengthening of market development and continuous optimization of product structure, and the sales volume and sales revenue of infusion and non-infusion preparations continued to increase;Ili Chuanning production capacity release, the first half of the year gradually reached full production, revenue 16.4.5 billion yuan, an increase of 69 percent year-on-year.69%, net profit 3.5 billion yuan, an increase of 548.06%;In addition, the investment income of the associated enterprise Stone four pharmaceutical Group increased, and the intermediate link of marketing was reduced。
Some securities analysts pointed out that the products of Kelun Pharmaceutical's preparation sector are gradually rich, which will effectively drive the growth of performance。2018 year to date，Kelon Pharmaceutical has obtained dexmedetomidine, zoledronic acid, fat milk (10%)/ amino acid (15)/ glucose (20%) injection, amino acid glucose injection production approval，Escitalopram oxalate tablets passed the generic drug consistency evaluation，日前，Recombinant human thrombopoietin peptide-FC fusion protein for injection was approved for clinical use，With the advancement of research and development and products have been listed，Provide a strong guarantee for the company's performance growth。
Shanghai Raishi: Net profit loss of nearly 900 million
According to the performance report, Shanghai Laishi's revenue in the first half of the year was 9.6.1 billion yuan, an increase of 10 percent year-on-year.77%;Achieve net profit attributable to shareholders of listed companies after deducting non-recurring gains and loss3.0.5 billion yuan, an increase of about 12.30%;However, due to the investment business affected by market fluctuations, there were large losses, and the fair value change profit and loss and investment income generated by securities investment in the first half of the year totaled -13.7.8 billion yuan, down 17 percent year-on-year.6.9 billion yuan, resulting in a loss of net profit attributable to shareholders of listed companies in the first half of 2018.5.5 billion yuan, a year-on-year decrease of 220.64%。
In fact, as early as July 14, Shanghai Laishi issued a revised announcement of the 2018 semi-annual performance forecast, and the previous loss was expected to be 4.4亿-6.500 million yuan, revised projected loss of 6.6亿-8.700 million yuan, compared with a profit of 7.1亿元。For the reasons for the revised performance, Shanghai Laishi said in the announcement that due to the greater impact of the securities investment business, the company's half-year performance loss in 2018 exceeded the original expected range。On July 18, the management Department of small and medium-sized board companies of the Shenzhen Stock Exchange issued a letter of concern to explain whether the internal control system of securities investment is operating effectively and whether there is uncertainty in sustainable profitability。On August 7, Shanghai Raishi issued a notice to reply to the letter of concern。Among them, for the internal control and operation of securities investment, Shanghai Raishi said that since the company made venture investment, the relevant investment review procedure is complete, the investment decision is prudent, the internal approval process of relevant securities investment is legal and compliant, and the internal control system is effectively operated。
In this regard, some insiders pointed out that while listed companies rely on investment income performance growth, if the company is too dependent on investment income or risk exposure is too large, investment losses will also lead to a sharp decline in current performance。Shanghai Laishi is currently in a major asset restructuring suspension period, such a loss in the asset restructuring under the positive hedge, the company's shares after the resumption of trading how the stock price performance is still unknown。
Healthy: Net profit growth is rapid, the recent "troubled autumn"
According to the United States health performance Express, the first half of the revenue of 34.9 billion yuan, an increase of 57 percent year-on-year.66%;Net profit 1.6.7 billion yuan, an increase of 998.00%。Meinian Health said that the performance growth is mainly: with the successive landing of the national preventive medicine policy and the upgrading of health consumption, the market demand of the health examination industry is strong, showing a blowout trend。In the first half of 2018, the scale of the company continued to expand, and actively expanded the inspection and value-added service market while continuously consolidating and developing the inspection market。Product connotation and then expand，Quality service upgrade，It has successively launched new high-end medical products such as genetic testing, tumor early screening, coronary nuclear magnetic test, and liver super，Income maintained a high growth rate，The proportion of individual inspection continues to rise，The product mix continues to be optimized，Real volume and price rise，Further increase the profits of listed companies，Continuously enhance the core competitiveness of the company。
However, it is worth noting that recently, the "fake doctor" incident of Meinian Health was stirring, and on August 6, Meinian Health issued an announcement saying that it had received the "Notice of Ordered Rectification" from the Guangzhou Tianhe District Health Bureau.。Industry analysts pointed out that the integrity of the medical industry has made the pharmaceutical sector regarded as a "minefield", which will lead to the withdrawal of funds from pharmaceutical stocks to a certain extent。
134 A-share pharmaceutical companies in the first half of 2018 performance forecast
New Harmony: The net profit is expected to exceed 2 billion
Xinhecheng is an enterprise engaged in the production and sales of nutrition products, flavors and spices, new polymer materials and apis, the main products include vitamin E, vitamin A, vitamin D3, biotin and so on。2017 revenue 62.3.5 billion yuan, an increase of 32 percent year-on-year.77%;Net profit 17.0.4 billion yuan, an increase of 41 percent year-on-year.72%。In the first half of 2018, the net profit is expected to be 20.22亿-21.Between 9.7 billion yuan, an increase of 245%-275%, that is to say, the net profit in the first half of this year has exceeded the whole of 2017。
New and Cheng as early as the disclosure of the first quarter report on the first half of the performance is expected, net profit 22.27亿-25.2 billion yuan;On July 3, New and Cheng released the announcement of the revised semi-annual performance forecast for 2018, and the net profit is expected to be 20.22亿-21.97亿元。Compared with the previous slightly decreased, for the reasons for the revision of performance, New and Cheng said that due to the decline in the sales price of the company's product vitamin E, the gross profit margin of the product was reduced, resulting in the half-year net profit did not meet expectations。
"Down and down"!Is the second half of the year OK for pharmaceutical stocks?
Since the exposure of the Changsheng biological vaccine incident, it has opened a continuous limit mode, and some fund companies have lowered their valuation to 0 yuan, and the pharmaceutical sector has lost more than 100 billion yuan in market value in a week。Some analysis pointed out that the pharmaceutical industry will not affect the development of the industry because of one or two things, at present, the pharmaceutical sector is a large increase in leading enterprises, belong to the high-quality target, there should be no greater pullback。In the long run, the overall sector is still a steady upward trend, and rigid demand is still there, and the performance is relatively stable。So, in the second half of the year, how do securities companies look at the pharmaceutical industry?Where will the investment wind blow?Perhaps in the investment strategy of some brokerages can see the clue。
Shenwan Hongyuan: Invest in pharmaceutical "flow entry" type companies
Look for inbound companies in the pharmaceutical industry。To find certainty in the uncertainty of the pharmaceutical industry, the most critical is to find a "traffic entry" type of company。The flow inlet of pharmaceutical industry is divided into talent flow and patient flow。Talent flow: Focus on the supply of innovative projects。follow up with foreign countries to do follow-up innovation, the flow of research and development talents (Hengrui Pharmaceutical, Wuxi Apptec, Kelaiying) and the flow of innovative drug projects (TigerPharma)。Patient flow: Grasp the needs of patients: have a nationwide hospital sales network (East China Medicine, Tonghua Dongbao, etc.);Chain OTC pharmacies (Yifeng Pharmacy, People, One heart Tang, Dashen Lin);Medical service organizations (Aier Ophthalmology, Tongze Medical, International Medical, etc.)。
Everbright Securities: Through the clouds to see the sun, the road ahead
China's pharmaceutical industry "scattered, chaotic, savage growth" era has passed, since 2015, The State Council, the Food and Drug Administration, the Health and Family Planning Commission and other ministries and commissions jointly passed a series of powerful reform measures, the effect is prominent, the industrial structure upgrading trend is obvious, the pharmaceutical industry has entered a new era of sustainable and healthy development, a new cycle。The current direction of investment in the pharmaceutical sector has lifted the clouds，Directional light，Based on the main line of "innovation + upgrade"，In the second half of 2018, it is recommended to focus on Kanghong Pharmaceutical, Xinlitai, Tonghua Dongbao, Antu Biology, Lepu Medical, Yifeng Pharmacy, Dashan Lin, Yitang, Shanghai Pharmaceutical, Runda Medical, Aier Ophthalmology, Yunnan Baiyao, Tongren Tang, Pien Tze Huang, Changchun High-tech。
Source: Oriental Wealth Network, listed company Announcement, Shenwan Hongyuan, Everbright Securities, etc
