Share price performance and positions since the beginning of the year: at present, 20 CXO shares listed on a + H have been in cumulative negative return since the beginning of the year. The average return is – 31.7% with an average of – 31.7 percent. Since the beginning of the year, the 20 CXO shares listed on a + H is all in cumulative negative return, with an average return of – 31.7% since the beginning of the year. The 20 CXO shares listed on a + H have been in cumulative negative return since the beginning of the year, with an average of – 31.7% on average. Of which Jiangsu Apon Medical Technology Co.Ltd(300753) 0075 Pharmaron Beijing Co.Ltd(300759) medicalindex (- 24.24%) and CXO average. In 2022, 57.4% of the pharmaceutical assets held by Q1 pharmaceutical fund were CXO, and 37.3% of the pharmaceutical positions held by non pharmaceutical fund were CXO. Considering that the market value of CXO / CS medicine was about 15% ~ 16%, there was still a certain oversupply.
CXO company continued the trend of high-speed growth in 21 years and 22q1, and the high outlook continued. According to statistics, 19 A + HCxO companies achieved operating revenue of 66.2 billion yuan and 17.55 billion yuan in 2021 and 2022q1 respectively, with a year-on-year increase of 57.8% and 78.3% respectively. We judge that they continue to benefit from the “transfer of global industrial chain” under the engineer dividend and the high prospect of Chinese business, and cdmo companies benefit from the large volume of cdmo orders related to Pfizer paxlovid. According to the statistics of business segments, the operating revenue of cdmo business, laboratory business and clinical cro business in 2021 was 34.20/231.5/6.45 billion yuan respectively, with a year-on-year increase of 56.0% / 39.6% / 58.4% respectively, and continued to contribute to the increment of core performance.
Continue to maintain the high outlook of China’s generic pharmaceutical industry, i.e. the core outlook of ; (2) Cdmo business line: short-term related large orders continue to contribute to high elasticity. Taking into account the factors such as China’s industrial dividend, the continuation of high capital expenditure and the rapid growth of covered pipelines, the medium and long-term performance continues to grow rapidly, that is, the core recommendations Porton Pharma Solutions Ltd(300363) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , etc.
Risk tip: the prosperity of innovative drug R & D industry has declined; Covid-19 epidemic progress is uncertain; The overseas M & A and business expansion of related companies are uncertain; The impact on CXO is uncertain under the Sino US science and technology competition; Risk of loss of core management and core technical personnel.
