Annual Report Observation 丨 Net profit growth rate of 7 listed API companies last year

Annual Report Observation 丨 Net profit growth rate of 7 listed API companies last year
The 29 companies in the Fonghuashun API segment have all released their 2019 annual reports, and no one has replaced them.The only companies with revenues exceeding US $ 10 billion are ST Guanfu and Hisun Pharmaceuticals, Saito Biological, Yongan Pharmaceuticals, and Guangji Pharmaceuticals.According to the National Bureau of Statistics, the incremental revenue and net profit of the pharmaceutical manufacturing industry in 2019 exceeded the growth rate by 7 respectively.4% and 5.9%.For the API segment, the total revenue growth rate for 2019 is 14.3%, the maximum growth rate of net profit attributable to the mother is 17.6%.Southwest Securities Research pointed out that with the promotion of domestic volume purchasing and consistency evaluation, the API industry may enter a prosperous cycle again.From the perspective of the global market, from 2014 to 2020, nearly 259 billion US dollars of original research patents expired, and the termination of patented drugs provides a huge market space for the global generic drug market, bringing new development opportunities for generic drug-related companies.The rapid growth of the generic pharmaceutical industry will increase the market demand for relevant characteristic APIs and pharmaceutical intermediates, transform the R & D of API companies, and put forward higher requirements for innovation capabilities.In 2019, out of 29 listed API companies, 20 companies have revenues of over 1 billion.Among them, the revenue of ST Guanfu and Hisun Pharmaceutical exceeded 10 billion yuan.In terms of net profit attributable to the mother, Xinhecheng was the most, and net profit attributable to the mother was 21 in 2019.6.9 billion US dollars, but can temporarily cancel 29.56%.In addition, Haipu Rui’s net profit attributable to her mother also exceeded 1 billion, or 10.$ 5.9 billion, an annual increase of 79.11%.There are 11 companies whose monthly net profit has increased by more than 50%.Among them, the net profit growth rate of two companies exceeds 100%, which are ST Guanfu and Hisun Pharmaceutical, respectively, and the net profit attributable to the mother can be replaced by at least 125.41%, 118.90%.The net profit of 7 companies including Saito Biological, Yongan Pharmaceutical, Guangji Pharmaceutical, Jindawei, Xinhecheng, Erkang Pharmaceutical, and Zhejiang Pharmaceutical decreased, and the biggest alternative was Saito Biotech, which was 56.13%.In 2018, the controlling shareholder issued commercial acceptance bills in violation of regulations, external guarantees, and external borrowing . ST Guanfu continued trouble.After the reorganization was completed in 2019, the company strengthened its business logic, increased market input, expanded the breadth and depth of sales channels, and maintained a good growth momentum in various businesses, achieving overall expectations.Although ST Guanfu weighs the company’s well-known technology R & D investment, in 2019 ST Guanfu’s investment in research and development is very small, only 1.1.1 billion yuan, accounting for only 0% of revenue.69%, an annual increase of 24.66% is the lowest R & D investment ratio among all listed API companies.At the same time, the company’s sales expenses are also very low, 6116.260,000, decreasing by 2 every year.58%, accounting for 0% of revenue.38%.In 2019, there are 16 listed pharmaceutical companies with R & D occupying more than 5% of revenue, and Aoxiang Pharmaceutical is the most willing to take it.According to the number of reports, the average revenue and net profit of Aoxiang Pharmaceutical increased by more than 26% annually; R & D investment was 4774.680,000 yuan, accounting for 15% of the company’s revenue.51%; sales expenses only account for 2% of revenue.92%.The main products of Aoxiang Pharmaceutical are specialty raw materials and pharmaceutical intermediates. The products are mainly divided into double rooms, including liver diseases, respiratory systems, cardio-cerebrovascular products, high-end fluorine products, prostaglandins, and antibacterial products., Gout and anti-tumor, with many chiral structures, difficult research and development, high technical barriers, unique production process and other characteristics.Aoxiang Pharmaceutical said in its annual report that the company’s overall sales philosophy is “R & D-driven sales”, and R & D strength is the company’s core competitiveness.In the past three years, Aoxiang Pharmaceutical’s R & D and promotion revenue ratios have all exceeded 10%.Editor Yue Qingxiu proofreading Wang Xin drawing Li Shiyang

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