From the beginning of 2022 to the end of the third quarter of this year, the adjustment range of Shenwan Pharmaceutical Bioindex is 27.
95%, of which since October 12, the overall trend of pharmaceutical stocks has begun to rise, and from 12 to 18, it has walked out of Wulianyang's strong pull, and the Shenwan Pharmaceutical Bio Index has risen by 14.
16%
in five days.
At the close of trading on October 31, the pharmaceutical biology (Shenwan) sector rose 4.
82%.
In many segments of the pharmaceutical industry, the CRO sector, whose stock price has experienced a rollercoaster, has attracted much attention
.
Pharmaceutical industry (Image source: Pharma.
com)
The performance of the CRO industry is clearly differentiated
Recently, the CXO sector has received good news, Zhaoyan New Drug disclosed its third quarterly report on October 29, and the company achieved total operating income of 1.
276 billion yuan in the first three quarters of 2022, a year-on-year increase of 49%; The net profit attributable to the parent was 632 million yuan, a year-on-year increase of 154.
9%; Earnings per share were $
1.
18.
CDMO head enterprise Clarion released its third quarterly report on October 27, and the company's operating income in the first three quarters was 7.
812 billion yuan, a year-on-year increase of 167.
25%; The net profit was 2.
721 billion yuan, a year-on-year increase of 291.
58%.
Among them, the net profit in the third quarter was 981 million yuan, a year-on-year increase of 269.
4%.
WuXi AppTec released its third quarterly report for fiscal year 2022 on the evening of October 26, showing that the company achieved operating income of 28.
395 billion yuan in the first three quarters of 2022, a year-on-year increase of 71.
87%; the net profit attributable to the parent company was 7.
378 billion yuan, a year-on-year increase of 107.
12%; Basic earnings per share were $
2.
52.
WuXi AppTec also expressed confidence in the future, adjusting the previously announced full-year revenue growth target for 2022 from 68-72% to 70-72%, and will maintain the target
of a compound revenue growth rate of no less than 34% from 2021 to 2024.
Jiuzhou Pharmaceutical also disclosed its third quarterly report on October 26, saying that the company's total operating income in the first three quarters of 2022 was 4.
373 billion yuan, a year-on-year increase of 45.
6%; The net profit attributable to the parent was 743 million yuan, a year-on-year increase of 57.
1%; Earnings per share were $0.
9.
It is worth mentioning that the performance of the CRO industry is clearly
differentiated.
At the same time that the leading companies have reported good news, the growth rate of net profit attributable to shareholders of listed companies in the first three quarters of some smaller enterprises has declined, among which the growth rate of Baihua Pharmaceutical has fallen by 79.
97%, PharmaBlock Technology has fallen by 43.
57%, and Boji Pharmaceutical and other companies have also
declined.
The head's fundamentals in the secondary market diverge from the stock price
Although the performance growth rate of leading companies is good, including WuXi AppTec and Zhaoyan New Drug, there is a deviation
between fundamentals and stock prices in the secondary market.
In addition, from the perspective of fund holdings in Q3 2022, many CRO companies were reduced in the
third quarter.
For example, in the third quarter, WuXi AppTec's stock price fell by 31.
06%.
As of September 30, 2022, a total of 358 funds held WuXi AppTec in the top 10 heavy stocks, a decrease of 258 from the previous quarter; A total of 429 million shares were held, a decrease of 18.
82% from the previous quarter; The market value of holdings was 30.
768 billion yuan, a decrease of 24.
208 billion yuan from the end of the previous quarter and a decrease of 44.
03%
from the previous quarter.
Porton shares fell 40.
25%
in the third quarter.
As of September 30, 2022, a total of 29 funds held Bolton shares in the top 10 heavy stocks, down 80 from the previous quarter; A total of 32.
1452 million shares were held, a decrease of 57.
42% from the previous quarter; The market value of holdings was 1.
498 billion yuan, a decrease of 4.
390 billion yuan from the end of the previous quarter and a decrease of 74.
56%
from the previous quarter.
For example, PharmaBlock's stock price fell 28.
83%
in the third quarter.
As of September 30, 2022, a total of 25 funds held PharmaBlock in the top 10 heavy stocks, a decrease of 17 from the previous quarter; A total of 15,009,400 shares were held, an increase of 3.
48% from the previous quarter; The market value of holdings was 1.
057 billion yuan, a decrease of 378 million yuan from the end of the previous quarter and a decrease of 26.
35%
from the previous quarter.
Looking forward to the future market, many institutions believe that we should return to the value of CXO enterprises, and they are still optimistic about the industry in the medium and long term.
Zhongtai Securities Research reported that the CRO sector has continued to pull back for 5 quarters, and the valuation has contracted to a historical low and entered the adaptation range
.
It said that the CRO sector is a high-quality track with long slopes and thick snow, and the business model of "front-end diversion + back-end extension" of the integrated platform has accelerated the harvest and continues to be optimistic
.
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