Hengrui's senior executives have cashed in a large amount, and the way of Yaowang has reached the highest point?

Recently, Hengrui pharmaceutical, the "king of medicine" of A-share, announced that the shareholders sun Hui, Liu Jiang, sun Xugen and Tao Weikang (four of whom are also senior executives of Hengrui pharmaceutical) would reduce the total shares of the company by means of centralized bidding from December 30, 2019 to June 26, 2020 by no more than 626000 shares (accounting for 0.0142% of the total shares of the company) It is worth noting that in 2019, Hengrui pharmaceutical executives have cashed in more than 140 million yuan, more than the sum of the past decade At the same time, the stock price of Hengrui medicine also rose to the highest level since it was listed in 2019, but it has fallen from the highest value of 96.47 yuan / share to the closing price of 83.62 yuan / share yesterday This year, senior executives reduced their holdings and arbitrage more than last decade At present, Hengrui pharmaceutical has a total market value of 373.4 billion yuan, and it is firmly the leader of A-share pharmaceutical market value Since its listing, the stock price of Hengrui medicine has maintained an overall upward trend and gradually grown into A-share medicine king In particular, since the formation of the "big white horse" style in 2017, the A-share price has risen by 30% in 2018 and doubled in 2019 That is to say, in 2019, when the stock price of Hengrui medicine rose the most, the executives of Hengrui Medicine carried out a lot of reduction and arbitrage According to preliminary statistics, in 2019, the executives of Hengrui pharmaceutical sold about 2157500 shares of Hengrui pharmaceutical, and the accumulated cash out amount reached over 140 million Correspondingly, in the past ten years, Hengrui's senior executives have accumulated no more than 2.1104 million shares, with a total amount of about 100 million yuan In one year, the amount of cash out and the number of shares of senior executives have exceeded the sum of the past ten years With such a concentrated reduction, do many senior executives of Hengrui pharmaceutical think that 2019 is the company's stock price high? Is Hengrui medicine overvalued? Throughout the price rise trend of Hengrui medicine since it was listed in 2000, the basic state is the rise and rise, but now it has been a little "incomprehensible" Calculated from the listing date, the stock price of Hengrui pharmaceutical has increased by more than 90 times, with an average annual increase of about 30% At its highest point, Hengrui's dynamic P / E ratio is more than 90 times It has fallen sharply, but it is still about 75 times This is absolutely unique in the A-share western medicine sector Many investors attribute Hengrui's high P / E ratio to its innovative drug production capacity, which represents the future growth potential of Hengrui However, at present, there are not a few innovative pharmaceutical companies at home and abroad In contrast, the current dynamic P / E ratio of Fosun Pharmaceutical, a pharmaceutical stock with an average price compared with Hengrui pharmaceutical, is only about 24 times According to international standards, Pfizer and Johnson & Johnson, the international pharmaceutical giants closest to Hengrui, are no more than 20 times Can Hengrui medicine keep high growth all the time? Another argument that Hengrui medicine gets the overvalued value is that the potential market size of the pharmaceutical industry will be greatly increased under the aging trend of China's population, and Hengrui medicine as the industry leader will be the biggest beneficiary Under this trend, Hengrui pharmaceutical is expected to maintain high growth in the future, and its high P / E ratio will also be corrected in the high growth Naturally, this judgment is reasonable, but the aging population also brings another big problem to the pharmaceutical industry Under the trend of aging population, the social security cost burden of the government will be greatly increased For this reason, our government has put forward some policies, such as delaying retirement, medical reform and so on The "consistency evaluation", "procurement with quantity" and "medical insurance negotiation" under the medical reform policy all have a significant impact on enterprises Under the huge financial pressure, it is an inevitable trend for the government to reduce the profit space of pharmaceutical enterprises, and on the whole, the gross profit rate of pharmaceutical enterprises is bound to decline Under this trend, Hengrui's revenue should be able to maintain a high-speed growth in the future, but it is difficult to maintain the current super high gross margin and high R & D expenditure ratio Therefore, it is unclear whether Hengrui medicine can maintain its high P / E ratio in the future Penicillin is the reprinted content of yaozhi.com, and the copyright belongs to the original author The purpose of reprinting is to transmit more information, which does not represent the view of this platform If the content of the work, copyright and other issues are involved, please contact our website message, we will delete the content in the first time.