Under the influence of a piece of bad news, the stock of “Yaoming series” fell sharply on Tuesday, and the fund holding the stock suffered a large floating loss. According to statistics, by the end of last year, there were 97 fund companies and 659 fund heavily held Wuxi Apptec Co.Ltd(603259) A shares, with a total shareholding of 537999200 shares. Yesterday, the stock closed at 94.06 yuan, down 9.99%, and the position fund lost more than 5.6 billion yuan in a single day.
More than one star fund manager {123567}
According to the financial report data, in 2020, Wuxi Apptec Co.Ltd(603259) annual operating revenue and net profit reached 16.535 billion yuan and 2.96 billion yuan respectively, four times and six times that of 2014 respectively.
The rapid growth of performance has boosted the share price. At the beginning of listing in 2018, Wuxi Apptec Co.Ltd(603259) A shares had a minimum share price of only about 10 yuan (previously reinstated, the same below); By July 2021, its share price once hit a record high of 172.49 yuan, and its share price rose more than 15 times in just three years.
In this process, “yaomao” Wuxi Apptec Co.Ltd(603259) also continued to be favored by public funds. According to the data, as of December 31, 2021, there were 97 fund companies and 659 fund heavy positions of Wuxi Apptec Co.Ltd(603259) A shares, with a total shareholding of 537999200 shares, accounting for 21.12% of the circulating shares. Based on the closing price of 94.06 yuan on February 8, the fund suffered a floating loss of more than 5.6 billion yuan compared with the closing price of 104.5 yuan on February 7.
It is worth noting that many “top flow” fund managers such as China Europe Fund Ge Lan, Jingshun Great Wall Liu Yanchun and Yinhua Fund Li Xiaoxing all hold the stock heavily. Specifically, the eight products of China Europe Fund hold a total of 82.3119 million shares, and the four products managed by Glenn hold a total of 81.3117 million shares. Among them, the China Europe medical and health hybrid fund holds 65.716 million shares, which is the fund with the largest number of Wuxi Apptec Co.Ltd(603259) A shares. According to the latest disclosure of the fund’s four seasons report, the fund also added 24807000 Wuxi Apptec Co.Ltd(603259) A shares in the fourth quarter of last year.
In addition, the 16 products of Jingshun Great Wall Fund hold 55.7214 million shares of Wuxi Apptec Co.Ltd(603259) A shares in total, of which the five products managed by Liu Yanchun hold 50.2357 million shares in total and the seven products managed by Zhan Cheng hold 3.5248 million shares in total; The 38 products of Yinhua Fund hold 52.7762 million shares of Wuxi Apptec Co.Ltd(603259) A shares, of which the six products managed by Li Xiaoxing hold 23.4955 million shares in total, and the three products managed by Jiao Wei hold 17.5065 million shares in total.
By the end of the fourth quarter of last year, Wuxi Apptec Co.Ltd(603259) Hong Kong stocks and Yaoming biology were also heavily held by many funds. Taking GF Shanghai, Hong Kong and Shenzhen new opportunity stocks as an example, the fund holds 818600 Wuxi Apptec Co.Ltd(603259) Hong Kong shares and 820000 Yaoming biological shares respectively, which is its third and seventh largest heavy position stocks; ICBC Shanghai, Hong Kong and Shenzhen stock a holds 2503000 shares of YaoMing biology and 980000 Hong Kong shares Wuxi Apptec Co.Ltd(603259) , which is its fourth and tenth largest heavy position shares.
CXO prosperity or facing differentiation
Since the third quarter of last year, the CXO sector has continued to adjust and suffered another setback recently. Is there any investment opportunity for the CXO sector in the future? The reporter then interviewed a number of fund companies. On the whole, most institutions believe that the CXO sector still has great configuration value, but it needs to be carefully screened and selected the high boom segment track.
Yuan Zhidi, director of equity research of deppon fund, said that CXO sector, as an important part of high-end manufacturing industry, has a high overall prosperity of the track. From the perspective of industry research, the order scheduling of Enterprises above designated size is very full, and they need to continuously digest orders through the construction of new production capacity or even the collection and acquisition of new production capacity. From the medium-term perspective, the business side of the track is unimpeded. From the valuation side, since the third quarter of 2021, the valuation level of most targets of CXO track has been gradually adjusted to about 1 peg. As an industry with high business side certainty, after the panic decline ends and stabilizes, CXO sector will still be a necessary track for the pharmaceutical industry.
According to Zhu Mingrui, a medical researcher of Nord foundation, for macromolecular CXO enterprises, since their filters and other consumables are still dependent on the United States, if they cannot be successfully removed from the list in the short term, it may have a certain impact on their subsequent development. For small molecule CXO enterprises, this decline actually has no impact on the fundamentals, because the proportion of small molecules using products from local suppliers is higher, which may be a better time to buy. In addition, this event is also beneficial to the medicine machine track to a certain extent. Yesterday, the relevant targets of the medicine machine track also had a good performance.
Hengyue fund is more cautious. It believes that the current prosperity of CXO industry is facing differentiation, and the valuation digestion process is facing in the short term. Based on the consideration of downstream demand, we can focus on the characteristic CXO companies and relatively undervalued companies serving new technologies, as well as the scarce CXO targets of Hong Kong stocks.
