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The curtain has been drawn on the third quarterly report, which companies have a "money-making" effect beyond expectations, and which companies have caught off guard when their performance has changed faces?
The results of the third quarterly report came to an end, and more than 460 A-share medical companies announced "report cards"
.
There is not much time left for pharmaceutical companies to rescue their 2022 KPIs!
From the perspective of revenue data, optimism can prevail for a while, more than 60% of medical companies achieved year-on-year growth in total operating income in the first three quarters, 39 medical companies entered the "ten billion" mark, and 16 medical companies increased by more than 100%.
From the perspective of net profit data, there are also high-gloss enterprises in the third quarter results, and Jiuan Medical achieved a net profit of 16.
05 billion yuan, which is the only member
of the "10 billion club".
"Device No.
1" Mindray Medical and "CXO No.
1 Brother" WuXi AppTec ranked only second or third respectively, with the cumulative net profit of 33 medical companies increasing by more than 100% year-on-year, and only 15% of pharmaceutical companies were in a loss state
in the first three quarters.
01 Chemical Pharmaceutical: Hengrui sits on the throne of "one brother", and only 8 companies have a net profit of more than 1 billion
Chemical and pharmaceutical: Hengrui sits on the throne of "one brother", with a net profit of more than 1 billion yuan for only 8 companiesAfter hours on October 28, Hengrui released the latest quarterly report, from the data alone, "one brother" has not been able to reverse the decline in performance year-on-year, in the past six months, Hengrui Pharmaceutical's share price has fluctuated from the lowest point of 26.
9 yuan / share
.
After today's opening, the stock market still gave more positive feedback, opening low and moving high, closing at 40.
2 yuan / share
.
It is worth noting that the China-Europe Healthcare Hybrid Fund led by the "goddess of medicine" Gülen also increased its holdings in Hengrui in the third quarter and became the eighth largest shareholder of
Hengrui Pharmaceutical.
For the chemical drug sector, centralized procurement is still one of the factors that cannot be ignored in the performance of each company, and in the data disclosed in the third quarterly report, only 8 companies in the chemical drug sector have a net profit of more than 1 billion yuan in the first three quarters
.
However, the "abnormal" impact of centralized procurement on the chemical drug sector is tending to weaken, and how to find the next growth point is the focus
that everyone needs to consider.
The same is true
for "one brother" Hengrui.
Compared with performance data, the industry's attention to Hengrui's research and development expenses is also high
.
According to the data of the third quarterly report, together with the new development expenditure, Hengrui Pharmaceutical's R&D investment in the first three quarters exceeded 4.
5 billion yuan
.
In the third quarter, a number of its new drug and indication applications were accepted
.
At present, Hengrui has listed 11 innovative drugs, ranking first in the same industry in China, more than 60 innovative drugs are under clinical development, and more than 260 clinical trials have been carried out
at home and abroad.
Behind the increased R&D expenses is the signal
of the chemical sector's momentum to accelerate the transformation.
Combing through the data of nearly 150 companies in the chemical drug sector in the third quarter, more than 50% of chemical pharmaceutical companies have a net profit of less than 100 million yuan, but 40% of chemical pharmaceutical companies have R&D expenses of more than 100 million yuan
.
Can the chemists who did not choose to "lie flat" fight a turnaround battle in the next three quarterly reports?
02 CXO in the spotlight: WuXi AppTec's revenue exceeded 10 billion yuan in a single quarter for the first time
CXO in the spotlight: WuXi AppTec's revenue exceeded 10 billion yuan in a single quarter for the first timeWuXi AppTec recently released its 2022 third quarter performance report, the most eye-catching data is that its revenue in the third quarter exceeded 10 billion yuan, reaching 10.
638 billion yuan, a year-on-year increase of 77.
8%.
This is also the first time WuXi AppTec's revenue has exceeded $10 billion
in a single quarter.
Its net profit attributable to the parent in the third quarter was 2.
742 billion yuan, a year-on-year increase of 209.
1%.
Among the revenue of various business segments in the third quarter, the chemical business had the largest revenue, reaching 7.
843 billion yuan, an increase of 114.
8%; Revenue from testing business was RMB1.
572 billion, up 28.
1%; Revenue of biology business was 689 million yuan, an increase of 36.
6%; Cell and gene therapy CTDMO revenue was RMB306 million, an increase of 8.
4%; Domestic new drug R&D service revenue was 217 million yuan, down 30.
3%.
In its chemical segment, process research and development (D&M) revenue was RMB15.
42 billion, up 152.
2%
year-on-year.
Its performance report analysis shows that in the first three quarters of 2022, more than 1,000 new customers
were added.
Customer demand for services around the world continues to grow
strongly.
Among them, the revenue from US customers was 18.
991 billion yuan, a year-on-year increase of 110%; Revenue from Chinese customers was RMB5.
318 billion, a year-on-year increase of 30%; Revenue from European customers was RMB2.
897 billion, up 21%
year-on-year.
Revenue from the world's top 20 pharmaceutical companies was 12.
918 billion yuan, a year-on-year increase of 175%; Revenue from other customers worldwide was 15.
477 billion yuan, a year-on-year increase of 31%.
Kanglong Chemical's revenue in the third quarter of 2022 reached 2.
768 billion yuan, a year-on-year increase of 37.
31%; Non-net profit was 377 million yuan, a year-on-year increase of 8.
79%.
Its performance report shows that its revenue in the first three quarters reached 7.
402 billion yuan, a year-on-year increase of 39.
63%; Non-net profit was 1.
057 billion yuan, a year-on-year increase of 13.
62%.
It is worth noting that the gross profit margin of Kanglong Chemical's main business in the first three quarters reached 36.
49%, which was the same as the same
period last year.
Among its four main business segments, the revenue of laboratory services in the first three quarters was 4.
577 billion yuan, and the gross profit margin reached 44.
71%; The revenue of CMC (small molecule CDMO) service in the first three quarters was 1.
679 billion yuan, and the gross profit margin was 34.
43%; The revenue of clinical research services was 982 million yuan, and the gross profit margin was 10.
19%; The revenue of macromolecule and cell and gene therapy services was 142 million yuan, and the gross profit margin was -22.
15%.
Tigermed revenue also increased in the third quarter of 2022, reaching 1.
812 billion yuan, a year-on-year increase
35.
35%； Non-net profit was 421 million yuan, a year-on-year increase of 29.
02%.
Revenue in the first three quarters was 5.
4 billion, a year-on-year increase of 59.
23%.
According to its performance report, the revenue increase was due to customer demand and the increase in
multi-regional clinical trial projects related to the new crown pneumonia.
03 Biological products: Zhifei Biotech's net profit fell by 33.
28%, and Junshi Biotech lost 1.
595 billion yuan
28%, and Junshi Biotech lost 1.
595 billion yuan
In the biological products sector, in terms of operating income, Zhifei Biotech is still riding the dust, breaking 20 billion yuan in the first three quarters, a full 6 billion yuan higher than last year to 27.
823 billion yuan, a year-on-year increase of 27.
46%, becoming the highest revenue in the sector and the only pharmaceutical company
to exceed 20 billion yuan.
However, Zhifei Bio has a situation of "increasing revenue without increasing profits", and the net profit attributable to shareholders of listed companies in the first three quarters was 56.
07 yuan, down 33.
28%
from the same period of the previous year.
For the reasons for the year-on-year decline in net profit, Zhifei Biotech did not explain too much in the third quarter report
.
However, during this period, its operating costs reached 18.
586 billion yuan, a year-on-year increase of 85.
16%, of which sales expenses, research and development expenses and research and development expenses increased significantly compared with last year
.
Even though the profit fell year-on-year, the net profit of Zhifei Bio still ranked first
in the biological product enterprise sector.
Different from Zhifei Biotech's "increase in revenue without increasing profits", HPV vaccine stocks Wantai Biologics and Watson Biologics have increased
significantly in revenue and profit.
Among them, Watson Biologics bivalent HPV vaccine was officially approved in March this year, becoming the second domestic bivalent HPV vaccine
approved for marketing.
In the first three quarters of 2022, it achieved revenue of 3.
706 billion yuan, a year-on-year increase of 74.
06%; The net profit attributable to the parent was 531 million yuan, a year-on-year increase of 45.
84%.
In the financial report, Watson Biologics explained that the growth was mainly contributed
by the increase in sales of 13-valent pneumonia conjugate vaccine and bivalent HPV vaccine.
It is worth noting that Wantai Biotech has become the second pharmaceutical company
in the biological products sector in terms of net profit in the first three quarters.
In the first three quarters of 2022, Wantai Biotech achieved operating income of 8.
651 billion yuan, a year-on-year increase of 140.
56%, and a net profit of 3.
944 billion yuan, a year-on-year increase of 231.
91%.
With the follow-up domestic HPV vaccine players entering the game, domestic HPV vaccines may face greater price reduction pressure
in the future.
The existing vaccine market landscape is also a challenge
.
In addition to Zhifei Biotechnology, Liaoning Chengda, whose revenue exceeded 10 billion yuan in the first three quarters of 2022, decreased year-on-year in revenue and net profit
.
According to the third quarter report, Liaoning Chengda achieved operating income of 11.
946 billion yuan, a year-on-year decrease of 11.
56%, and the net profit attributable to shareholders of listed companies was 1.
185 billion yuan, a year-on-year decrease of 36.
70%.
In addition, in the first three quarters of 2022, there are several others in a state of net loss, such as Sunshine Guojian, Sihuan Biotechnology, Bio-Thera, China Cell, CanSino, Remegen, Junshi Biotechnology, etc
.
Among them, Junshi Biologics had the largest net profit loss, achieving revenue of about 1.
218 billion yuan in the first three quarters, a year-on-year decrease of 55.
18%; The net profit attributable to the parent was about 1.
595 billion yuan, an increase of 1.
203 billion yuan
over the same period last year.
In a single quarter, Junshi Biologics achieved revenue of about 272 million yuan in the third quarter, a year-on-year decrease of 54.
91%; The net profit attributable to the parent was about 682 million yuan, an increase of 281 million yuan
compared with the same period last year.
At present, Junshi's operating income mainly comes from the sales revenue
brought by the commercialization of PD-1 trepilimab injection (trade name: Tuoyi, product code: JS001) in the domestic market.
The company explained in its financial report that the decline in revenue was mainly due to the increase in drug sales revenue compared with the same period of the previous year, which could not offset the decline in
technology licensing revenue.
Remarks: The article mentions that the company sector is classified according to Oriental Wealth Choice financial client Shenwan Industry (2021, A shares only).
This article is an industry analysis and is not intended as an investment reference
.
