This week (2022.1.8-2022.1.14), 129 listed companies (72 last week) were investigated by institutions, which decreased significantly month on month. On the whole, they are mainly distributed in Shenzhen market and gem.
In terms of industry distribution, 9 listed companies in the pharmaceutical and biological industry were surveyed, followed by 8 listed companies in the electronic and mechanical equipment industry.
which stocks have been upgraded?
From January 9 to January 14, 561 research reports gave buy and above ratings of listed companies, which increased significantly month on month. Among them, 46 gave strong recommendations (including strong promotion), 50 recommended ratings, 10 overweight ratings, and the rest were buy ratings.
In terms of industry distribution, the number of buy ratings obtained by the chemical industry has increased significantly, ranking first and leading in fault type, and 73 research reports have given buy ratings; Subsequently, food and beverage companies and banks received more than 45 research reports and gave buy ratings.
In recent 5 days, 13 stocks were upgraded, including Moon Environment Technology Co.Ltd(000811) , Syoung Group Co.Ltd(300740) , Citic Securities Company Limited(600030) , Henan Lingrui Pharmaceutical Co.Ltd(600285) , Tsingtao Brewery Company Limited(600600) , Zhejiang Weixing Industrial Development Co.Ltd(002003) , Zhejiang Xinan Chemical Indusyrial Group Co.Ltd(600596) , Fibocom Wireless Inc(300638) , Camel Group Co.Ltd(601311) , Shijiazhuang Kelin Electric Co.Ltd(603050) , Guangdong Chj Industry Co.Ltd(002345) , Shandong Weifang Rainbow Chemical Co.Ltd(301035) , Inner Mongolia Baotou Steel Union Co.Ltd(600010) .
research details of key companies: Apeloa Pharmaceutical Co.Ltd(000739)
Apeloa Pharmaceutical Co.Ltd(000739) recently, it has been investigated by more than 100 institutions such as China Merchants Securities Co.Ltd(600999) , China Europe Fund, Tianhong fund, Yinhua Fund, HSBC Jinxin, China financial asset management, Danshui spring, Chengquan capital, Zhongtai Securities Co.Ltd(600918) , Chongyang investment and Taimin assets.
The research content focuses on the issues concerned by many markets, which are summarized as follows:
introduction to the company’s basic operation
The cdmo business of the company maintained rapid growth in 2021, and the API business recovered well and remained stable as a whole. Both businesses were in line with expectations. The preparation business was slightly affected and the recovery was slower. The metoprolol project of the company was affected by the epidemic, and the FDA audit has been delayed.
From early September to October, the price of raw materials increased significantly. The company timely adjusted the pricing strategy for some products and was accepted by customers. The operating revenue in the fourth quarter reached a record high. The company’s API overall performed well in the fourth quarter and maintained a good market share in 2021.
Due to the rapid growth of the number of cdmo projects and the shortage of production capacity, the company has put into use a multi-functional modular flexible workshop in October 2021, which can produce 4-6 products at the same time. The workshop mainly serves clinical API; The company’s high activity workshop is expected to be put into use in the first quarter of 2022, a larger cdmo dedicated workshop is expected to be put into use in the second half of 2022, and more API capacity will also be put into use.
In the long run, it is reasonable for cdmo business to maintain the gross profit margin between 40% – 50%, and it is normal for quarterly gross profit margin to fluctuate.
metoprolol, the variety that the company subsequently participated in the centralized purchase, has three mainstream specifications, and the competition situation is good
There are six products approved in 2021. Cefixime granules, cefixime tablets and metoprolol succinate sustained-release tablets, as the core varieties of the company’s API preparation integration, will participate in the next batch of centralized purchase. The company is highly competitive in these three varieties, and these products were previously sold at the third terminal, and the sales in the hospital market is basically zero, It will bring relatively large increment to the preparation business in the future.
This is a rigid demand, and the layout must be global. At present, the company’s intermediates, including side chains and parent nuclei, are still exported overseas. In the future, the company will make a global layout with the combination of “API + preparations”. In order to further enhance the competitiveness of the product, the company is strengthening the construction of side chain and parent core, including scientific and technological research and capacity expansion.
Metoprolol has intermediates, APIs and preparations. It is also the only intermediate manufacturer of this variety in China, and the API production capacity is also the largest. Cefixime granules and cefixime tablets are also integrated varieties of the company’s API preparations. At present, API is the largest in the world, and the cost advantages of the two products are very obvious. The company has the most complete industrial chain of cefixime from side chain, parent core, API to preparation.
R & D investment was nearly 500 million yuan, with a year-on-year increase of about 38%, and about half of the increase was in cdmo R & D
The company’s R & D expenses in the fourth quarter of 2021 increased by about 60 million yuan year-on-year, mainly in labor, depreciation and project expenses. Among them, the project cost is relatively more; Cdmo R & D investment accounts for half; API is more than preparation. The annual expense part increased by about 100 million yuan.
At present, the company has more than 800 R & D personnel, with a target of more than 1300 by the end of 2022 and a long-term target of more than 2000 by 2025, of which about 60% are cdmo R & D personnel.
others
There is a big difference between veterinary drug business and human drug business. The company must first greatly strengthen the cost competitiveness of veterinary drug API. For some varieties with large tonnage, the company will make use of the cost advantages of local energy, food and electricity in the north to cooperate with UL. For some pet drugs with high added value, high unit price and low production capacity, the company will produce them in Zhejiang.
At present, the company has 6 classic famous prescriptions under research, and the sales volume of traditional Chinese medicine business is small. The company will also continue to promote the work of classic and famous prescriptions and further promote the sales and promotion of original exclusive varieties in accordance with the relevant policies of the state to encourage traditional Chinese medicine.
