191 listed pharmaceutical companies reported 43% decline in net profit of generic pharmaceutical companies

Wen | a Niu Ge By the end of the week, 191 of 317 listed pharmaceutical companies had released their 2019 performance forecast In the context of medical reform in full swing, what is the development status of the leaders in the pharmaceutical industry? We hope to get a glimpse of their financial data in 2019 by analyzing them in advance In general, the upper limit of net profit of 191 pharmaceutical listed companies making performance forecast is 34.944 billion yuan, and the lower limit of net profit is 25.070 billion yuan, with an average of 30.007 billion yuan Among them, the performance of medical device leader Mindray medical forecast is the most dazzling, with the upper limit of expected net profit of 4.835 billion yuan and the lower limit of 4.463 billion yuan Zhifei biology and China Resources 39 rank second and third respectively with the forecast net profit of about 2.4 billion yuan and 2.2 billion yuan It is worth noting that in 2019, Xinhua medical, with a net profit of only 23 million yuan last year, reported a net profit of about 900 million yuan, an increase of 3865.05% However, its net profit in 2019 is mainly obtained from the sale of equity of Westad (60%) and Changguang Huayi (8.02%), totaling 874 million yuan, and its long-term profitability needs to be confirmed Judging from the growth rate of these 20 enterprises, Zhifei biology is expected to grow by 65% year-on-year, aer ophthalmology is expected to grow by 35%, and Jilin Aodong is expected to grow by 47%.. These enterprises have achieved large-scale and high growth rate in 2019 Influenced by the centralized purchase of generic drugs, xinlitai expects its net profit to halve year-on-year, and it is the only one among the top 20 enterprises whose net profit has declined Figure 1: Top 20 companies with forecast net profit in 2019 Data source: Ifind, Zhongkang Industrial Capital Research Center From the growth rate of the forecast, it is estimated that 128 enterprises will continue to make profits in 191 enterprises, of which 100 enterprises will maintain rapid or normal growth, and 24 enterprises will turn losses into profits; a total of 62 enterprises will make losses, of which 24 enterprises will make losses for the first time Specifically, in terms of data, on average, 40 enterprises expect the growth rate of net profit to exceed 100% and 60 enterprises will decline Figure 2: change range of net profit (average of upper and lower limits) issued by enterprises Data source: Ifind, Zhongkang Industrial Capital Research Center In terms of enterprises, Xinhua medical, Tianmu pharmaceutical, Jiuan medical, Huahai pharmaceutical and Tebao biology ranked the top five with 3865.05%, 615.31%, 451.76%, 420.50% and 306.20% respectively However, the net profit of Watson bio, the star enterprise in vaccine field in China, decreased by 86% year on year, but this was mainly due to the investment income of 1.176 billion yuan generated by the transfer of equity of subsidiaries last year, and there was no such investment income in 2019, so the main business of the enterprise had no impact However, dong'ejiao, the leader in the field of traditional Chinese medicine and health care products, encountered great difficulties in 2019, and the annual net profit is expected to decrease by 119% year on year According to the company's announcement, this is mainly due to the expected decrease of the company's product value improvement and the company's initiative to clean up channel inventory In the long-term implementation of the price raising strategy was questioned, the future development of dong'a-jiao is facing challenges Due to the significant goodwill reduction brought by Hangzhou Yitian and other acquisition enterprises, Meikang biology, a star enterprise in IVD field, also forecast a loss of 568 million yuan for the whole year From the perspective of segmentation industry, among the seven segments, traditional Chinese medicine, medical service and chemical industry have encountered great difficulties The proportion of enterprises with negative net profit and growth rate is significantly higher than that of other segments, of which 43% of the enterprises with negative net profit decline The medical devices and biological products industry is the most outstanding Figure 3: forecast statistics of net profit of enterprises in various subdivisions of Medicine