High "passive pit"! Nirvana's reborn Haizheng Pharmaceuticals, the value of investment geometry at the time?

Guide: Haizheng Pharmaceutical equity structure core issues can be completely resolved is the key! Haizheng Pharmaceuticals in the stock market is a relatively high-profile company, once with the pharmaceutical company boss Heng Rui qi name, but now even Hengrui's back can not see, not only the performance is far from, the market value is not even 4% of others, it is humbling.
, is the current sea being of no investment value? A brief analysis is provided below.
, equity structure I have always felt that the biggest factor that plagues the development of Haizheng is the equity structure problem.
most companies, if management does not own shares, management is not enough motivation, it is impossible to expect people to take such a little salary back to you to work hard, especially in the floating state-owned enterprises.
the retirement of Lao Bai, Haizheng was working hard to promote management's shareholding increase plan, the purpose is also to solve the incentive problem, but unfortunately failed.
Jiang Li took office, the company has been studying the issue of management's shareholding incentives.
into 2020, the company's equity structure has been a major move.
First, at the level of the controlling shareholder Haizheng Group, Chang'an International Trust, the management/backbone and employee holding platform of the listed company, transferred its 39.864 percent stake to the state-owned company in the Pepper River district, where the shareholding of the state-owned company rose to 79.864 percent and indirectly held 26.53 percent of the listed company.
July 20, the company announced a plan to increase its holding of 49% of Hanyu Pharmaceuticals through the issuance of shares, convertible bonds and cash payments to HPPC, as well as raising matching funds through a non-public offering of shares and convertible bonds.
The state-owned companies in the Pepper River District continue to subscribe for shares of not more than 700 million yuan, further strengthening the controlling position of listed companies, and the employee shareholding plan subscription shares of not more than 800 million yuan, troubled management and core staff incentive issues are expected to be resolved, combat effectiveness and enthusiasm for work or from then on to be effectively released.
It is also very important that, after the completion of the increase, in the pharmaceutical sector to achieve fruitful investment results of the well-known fund Gaoyu Capital will also hold more than 5%, become the company's second largest shareholder and posted directors to the company's board of directors, coupled with the current management has a number of high-profile background of the Hanyu war will, in the future in the management or bring many aspects of improvement and synergies.
's something to look forward to! Second, financial problems since 2015, Haizheng Pharmaceuticals' net profit for five consecutive years are hovering on the edge of losses, in order not to be buckled on the st hat, the company every year to try to adjust profits, embarrassing, investors in the eyes is also endless helplessness.
't have to look at the profits, look at the other business data.
in terms of total revenue, there has been little growth in recent years, but if you break down, the pharmaceutical industry, which has a high gross margin, has seen significant growth.
to look at the cash flow situation, in fact, operating cash flow per share is still very good, EBITDA is also more than 1 billion yuan per year, indicating that the company's operating quality is still relatively good.
gross margin and net interest rate are also increasing year by year, but the net interest rate is a bit slugged.
aside deduction of non-net profit, Haizheng is no worse than many pharmaceutical companies, indicating that the company's bottom is still good! It is estimated that some people will say, put aside the net profit you still analyze a hammer ah? No hurry, let's go into more detail.
's profits go? No way, there is a gold swallowing beast at home, no amount of money will be lost! Look at the table below: The swallowing beast in fixed assets (8.13 billion yuan), construction projects under construction (2.46 billion yuan), huge loans (nearly 8 billion yuan) in the three big holes, the annual engulfing profits of at least 1 billion yuan.
addition, research and development investment is also a big expense.
these are the pits dug in the old white period, of course, there are reasons for the historical background at that time, so the success or loss will not go to say.
the new management of Jiang Li portfolio took office, the first time and the former management to draw a clear line, large-scale asset impairment.
among them, in 2019, the company used the proceeds of the sale of Haizheng Borry's equity, a one-time increase of 1.7 billion yuan of huge asset impairment: 412 million yuan of research and development expenses, while accounting for intangible assets impairment losses of 102 million, construction and fixed assets impairment losses of 941 million yuan, survival loss of 274 million.
, the new management has been actively promoting a series of reforms around the goal of "slimming, focusing and optimizing", including the introduction of strategic investors by subsidiaries and the sale of idle assets.
After some efforts, it can be said that or achieved good results, the quality of operations in improving, the balance sheet ratio gradually declined (the future also need to continue to come down, but the meal is a bite to eat, anxious to come).
The future is also facing a relatively large depreciation pressure on fixed assets, this piece is only going to swallow the profit of about 800 million yuan (heartache ah), the company needs to make full use of existing capacity through cooperation and foundry and other means, to a certain extent to offset the impact of depreciation.
from the Haizheng (Nantong) company's operating situation, the company's management is also looking for ways to promote this work.
As for liabilities, on the one hand, by confirming the equity income of Haizheng Borui, but also some high-interest loans, on the other hand, the current market interest rates are relatively low, the company can use the policy to issue low-interest bonds, replace high-interest loans, reduce interest expenses.
believe That Jiang Li will push even more hard after he gets the equity incentive.
li word head ah! With equity, work more hard! I think, in the future, with asset depreciation, interest expense decline, deductible non-profit profit will be more and more beautiful! That's the biggest reason I think hai is in trouble.
, this part of the product line does not want to say too much, use charts to talk about it.
, compared with Hengrui, Xinda and other innovative pharmaceutical companies, Haizheng's research and development pipeline is not really sexy.
Hai folding wheat cloth although is also a new class of drugs, but just metoo, the market share of the standard drug folding wheat cloth in the year-on-year decline, Heizer mebu toss so long, still in the supplement research, wait until the batch down, estimated that the yellow cauliflower are cold.
of course, as their own research and development of a new class of drugs, there is still a certain commercial value.
class 1 new drug jointly declared by Haizheng and Reding Pharmaceuticals with ZL-2401 toluene sulfonate for injection has been included in the priority review.
monoantigen drug research and development are currently in Haizheng Borui, the fastest progress is Invlixi monoantigen has been declared on the market, followed by curtoju monoantigen and lytoxi monoanti, is in clinical III.
the Ty league enters, there should be an improvement.
a lot of investors have been concerned about Haizheng selling a stake in biopharmaceity, I think it is not necessary! Looking back at 2018 and 2019, Haizheng is actually quite risky, heavy debt, depreciation pressure, large expenditure, not enough funds to maintain huge research and development expenditure, resulting in inefficient research and development.
, rather than these good projects rot in the ground, it is better to introduce war investment as soon as possible to speed up the development of capital markets.
, can ensure that sufficient funds to effectively support research and development, to ensure the output of results, to achieve win-win results.
, including Hanyu Pharmaceuticals, the company announced the acquisition of Hanyu shares, but also a bunch of people crooked.
have you ever thought that when Gao Yan Capital took over Pfizer, although it was also haizheng's main source of profits, Haihui's performance was not very good.
entered, the introduction of a large number of outstanding management personnel, the use of efficient operation and management experience and platform resources, hanyu into an international pharmaceutical giant recognized CSO platform, and constantly agent innovative pharmaceutical products (Novartic's Anrun (Malay acid Datro inhalation powder mist), Xirun (Grom bromine inhalation powder mist capsule), Jierun ( datroglon bromine inhalation powder mist capsule) three products, Fudan Zhangjiang's Li yando).
the 42% stake in Hanyu is indeed a lot of value-added, which is also the result of Gao's own active participation and efficient operation.
if Haizheng had given priority to buying back this part of the stake, with Haizheng's previous management's urine and inefficient management efficiency, it is estimated that Haihui would have fallen half-dead.
, don't see others earn money on the red eye, red eye disease is not conducive to their own development.
, a thousand Hamlets in the eyes of a thousand people.
the most difficult job to do and the easiest to offend.
, however, I write this report for myself to follow up on, do not care what others think.
haizheng did not become the potential of the head enterprise, but did not prevent him from finally out of trouble.
market value should reach $30 billion by 2020, and $50 billion should be appropriate by 2022.
if the pharmaceutical bull market continues (or there is no deep adjustment), market capitalisation can also be seen as high.
how much money you can make in the end, it depends on your personal work and luck.
, potential risk 1. Fixed increase failure.
addition is not only tied to the interests of high capital, but also a good opportunity to get management and core employees on board.
failure, the sea is 10 years no chance to turn over! In the past, Hai zhengding has added pits to many institutions, but also pitted the former management who wanted to get on the bus.
pit I can, but pay attention to the number of times! 2. The strategy of "slimming, focusing and optimizing" failed to advance, resulting in a significant increase in depreciation pressure on fixed assets and debt pressure, which ultimately overwhelmed the weak camel.
3. Betting agreement with Tai League.
When Tai League entered the shares of Haizheng Borui, the two sides had signed a gambling agreement, the third quarter of 2020 Quto Zhu declared the listing, the first quarter of 2022 to obtain drug registration approval, otherwise it will be possible to compensate 15-275 million yuan to TaiM.
, according to the company's January 2020 conference call company leaders reflect that the current clinical phase of Quto Zhu single resistance there are difficult problems in the group, is fully resolved.
this becomes a potential mine, in case the failure to advance as scheduled, it means the failure of gambling.
beef-squeezed rice.