In the first half of this year, the CXO sector can be said to be a track against the trend in the pharmaceutical subdivision sector, the growth momentum is rapid, as of August 30, A shares have disclosed that among the 29 CXO listed companies reported in the report, more than 70% of the net profit increased year-on-year, of which Boteng shares and Gloria Ying the two companies' revenue and profits have doubled
.
Pharmaceutical companies have performed well, but the secondary market has performed coldly? (Image source: Pharmaceutical Network)
On the evening of August 19, Boteng co.
, Ltd.
released the first half of 2022 performance report, during the reporting period, the company achieved operating income of 3.
914 billion yuan, an increase of 211.
67% year-on-year; The net profit attributable to the mother was 1.
212 billion yuan, an increase of 465.
01% year-on-year, setting a new high
for the annual performance.
According to its semi-annual report, in the first half of the year, the three major businesses of Boteng Co.
, Ltd.
, NAMEDMO, PREPARATION CDMO and Gene Cell Therapy CDMO, achieved substantial growth, opening a "troika" growth model
.
According to the analysis of institutional sources, in 2022, Boteng shares have made progress in new business development and production capacity layout, which is expected to further open up the company's performance growth space
.
On the evening of August 25, Gloria Ying also released the 2022 semi-annual report, and the company achieved revenue of 5.
041 billion yuan in the first half of the year, an increase of 186.
4% year-on-year; Attributable net profit was 1.
74 billion yuan, an increase of 305.
31%
year-on-year.
Earlier, Kai Laiying had explained in the performance forecast that the substantial growth of the performance was due to the impact of "large orders" and the release
of the company's production capacity.
Guohai Securities released a research report pointing out that the company's new business layout such as chemical macromolecules, biological macromolecules, preparations, and clinical practices has been first, and the team personnel and technical capabilities have gradually taken shape, and it is expected that the new business will maintain more than double the growth
this year and next year.
It is worth mentioning that although the performance of these two pharmaceutical companies in the first half of the year is very eye-catching, the performance in the secondary market is relatively cold
.
For example, the closing price of Boteng shares was 60.
89 yuan as of August 25, compared with the opening price of 61.
99 yuan
after the company's results were released.
Since the close of August 26, 2022, The stock price of Gloria Ying in the A-share market has fallen by 44.
74%, and the stock price of the H-share market has fallen by 51.
44%.
What is the reason for this? The analysis believes that there are many factors affecting the decline in the stock price of enterprises, such as the resonance of the industry cycle, and the overall decline in the industry since this year, and the performance of the individual stock market will naturally be affected
.
Some analysts also said that the main reason for the flat response of stock prices such as Boteng shares is that the cdMO business increment has been fully digested by the
market.
From the interim data of Boteng shares, it can be seen that although the company's preparation CDMO business and gene cell therapy CDMO business have a large growth rate, the revenue is only 20 million, which is a big
gap compared with the 212% growth rate of the API CDMO business.
In addition, the losses of the preparation CDMO business and the gene cell therapy CDMO business further widened
in the first half of the year.
In the field of gene cell therapy CDMO business, Boteng co.
, Ltd.
introduced 31 new projects, signed a new order of about 92.
08 million yuan, the industry expects that even if the order is cashed on schedule, the proportion of overall revenue will not be very high
.
However, in the long run, with the rapid development of the domestic innovative drug industry and the gradual transfer of overseas orders to China, most securities companies are still optimistic about the development and prosperity of
the CXO industry.
For example, Debon Securities pointed out that the valuation of the CXO industry has been adjusted to a historic low, and the investment value is prominent
.
Huaan Securities analysis pointed out that for the CXO industry, the current domestic CXO industry boom is high, the performance of the report is beautiful, and the head company is full of orders, and the fundamentals of long-term development have not changed
.
Zheshang Securities believes that under the background of domestic labor cost advantages, unique business models and delivery efficiency of local CXO companies, there is still a lot of room for
improvement in the future CXO market share.
