"Anti-corruption" is getting tighter: pharmaceutical stocks are facing double squeeze

The A-share market, which has been declining for several days, showed signs of stop falling at the end of October 28, but the pharmaceutical stocks continued to decline, led by individual stocks in some industries As of Monday's close, CITIC's first-class industry pharmaceutical index fell 0.73% In terms of stocks, Huahai pharmaceutical industry closed down, with Yunnan Baiyao, Sihuan pharmaceutical, foci pharmaceutical, and Tailong pharmaceutical industry all down more than 5% For the trend of continuous sharp decline of pharmaceutical stocks, some analysts in the pharmaceutical industry believe that, on the one hand, some pharmaceutical stocks have published three quarterly reports in succession in the near future, and some of them have even lost money; on the other hand, it is reported that the government may take special actions on commercial bribery in the pharmaceutical industry, and the market is expected to have a short-term adverse impact on Listed Companies in the pharmaceutical industry, Some institutions began to reduce their positions in pharmaceutical stocks recently, which led to the overall weakness of related sectors The company's net profit in the first three quarters of 2013 was 285 million yuan, up 28.53% year on year, according to the company's third quarter report released on Tuesday According to Gao Hua Securities Research Report of Goldman Sachs, Huahai pharmaceutical announced that its main business revenue in the first nine months of this year was close to 1.7 billion yuan, with a year-on-year growth of 19.85%, "the growth rate is far lower than our forecast (for the company) of a year-on-year growth of 36%" Meanwhile, the average growth rate predicted by the Research Report of securities companies for Huahai pharmaceutical industry in the same period is 34% It is worth noting that, as a typical pharmaceutical "Baima stock" in the A-share market, Yunnan Baiyao continued its good performance of substantial growth in the first three quarters, but it was still unable to escape the fate of a sharp drop On the 28th, it closed down 7.65%, and its share price returned to below 100 yuan, closing at 99.66 yuan According to the information data, as of the 28th, a total of 113 listed pharmaceutical companies had released their "report cards" for the first three quarters of 2013, 86 of which had a year-on-year increase in net profit, of which Yunnan Baiyao achieved a net profit of 1.758 billion yuan in the first three quarters, a year-on-year increase of 56.80% The decline in pharmaceutical stocks has lasted for several days Since last week, Huahai pharmaceutical's share price has fallen by 15.58% in total, Yunnan Baiyao's share price has dropped by more than 10%, while Sihuan pharmaceutical's share price has fallen by 9.83% in total since its resumption on October 24 Previously, the State Council issued a number of opinions on promoting the development of the health service industry, which clearly defined eight tasks for the development of the health service industry, striving to achieve a total scale of more than 8 trillion yuan by 2020 It is expected that the policy will benefit the pharmaceutical industry, especially the listed medical institutions in the medium and long term However, media reports later said that the leading group of the special action against commercial bribery of the health and Family Planning Commission had been established and would launch a secret visit in several provinces News on the overall trend of pharmaceutical stocks constitute a significant suppression In this regard, a Southern public fund manager believes that the impact of cracking down on commercial bribery on the pharmaceutical industry cannot be underestimated In the fourth quarter of 2012, when "three public consumption" was limited, many people also disagreed, but in 2013, the liquor industry turned down sharply; in addition, after the continuous rise in the first three quarters of this year, the valuation of the first-line pharmaceutical stocks has reached about 36 times , the valuation of small and medium-sized board and gem pharmaceutical stocks is higher From the valuation point of view, the inherent requirements of the value return of pharmaceutical stocks may be adjusted in stages.