In the first three quarters of 2022, affected by factors such as the environment and the sharp increase in raw material prices, the overall performance of listed API companies was under obvious pressure, and the general increase in revenue did not increase profits
.
However, some companies have grown against the trend, reflecting stage differentiation
.
For example, Minova achieved a net profit attributable to the parent of 214 million yuan in the first three quarters, a year-on-year increase of 58.
06%; In the first three quarters, Xianju Pharmaceutical obtained a net profit attributable to the parent of 529 million yuan, a year-on-year increase of 15.
24%; The net profit of Jianyou in the first three quarters was 613 million yuan, a year-on-year increase of 36.
69%.
In addition, the non-net profit of Jiuzhou Pharmaceutical, Aoxiang Pharmaceutical, and Aurisco also achieved good growth
.
Entering the fourth quarter, what will happen to the API sector? Is the overall performance of API companies expected to return to growth? At present, API companies have expressed full confidence
in the fourth quarter and the annual performance growth.
As mentioned in the investor relations activity record table released by Xianju Pharmaceutical on November 10, in the third quarter of 2022, the company achieved operating income of 1.
225 billion yuan, a year-on-year increase of 4.
34%; The net profit attributable to shareholders of the listed company was 198 million yuan, a year-on-year increase of 6.
98%, and the non-net profit increased by 5.
95%
year-on-year.
The single quarter continued to grow from a high base in the same period of the previous year
.
The company said, "Looking ahead to the fourth quarter and full year, the company is confident of maintaining solid growth
.
”
In the institutional research announcement released in November, Minova mentioned that "I hope that PI will maintain a steady growth rate, and CDMO and preparations can achieve rapid growth, which will be better
than the fourth quarter of last year.
" The company will actively promote the three major business segments, as well as the new innovative technology field platform business
.
It is understood that Minova has three major business segments of API intermediates, CDMO and preparations, and its PI sector achieved single-digit growth in the first three quarters, the company said, combined with the API industry environment and the relatively tight epidemic at home and abroad, the company's API business growth rate in the API industry is relatively stable
.
From the perspective of major securities institutions recently, it is generally believed that API companies will usher in a performance inflection point after the repair of valuation at the end of the year and the improvement of policy environment factors, and API companies with fast performance growth or growth potential and existing inflection points are worth paying attention to
.
Among them, Founder Securities recently said in a research report that the current short-term recommended layout has a valuation repair market or pessimistic expectation repair of sub-sectors, of which the gross profit margin of APIs gradually recovers and the performance inflection point is beginning to appear, it is recommended to pay attention to Propharmaceutical, Jincheng Pharmaceutical, Jianyou Shares, Hepalink, Tianyu Shares, etc
.
Soochow Pharmaceutical's team believes that API companies generally sign factory orders in Q4, and the current cost is high, and the downstream is expected to continue to be smooth
.
With the current price of raw materials peaking and falling, the profitability of API companies is expected to improve quarter by quarter from Q1 2023, and the profit release is imminent
.
The newly released research report of Zhongtai Securities also believes that the current characteristic API sector is at the bottom of the cyclical attribute and on the eve of growth, and the industry will usher in a new round of speed
shifting.
Focus on Propharma and Tonghe Pharmaceutical, which have reached an inflection point; Aoxiang Pharmaceutical and Aurisco, which have sustained high growth in performance; Jiuzhou Pharmaceutical, Jiudian Pharmaceutical, which maintained rapid growth in performance, and Tianyu Shares, Sitaili, Minova, Jianyou Shares, Xianju Pharmaceutical, and Puli Pharmaceutical, which are expected to usher in marginal improvement in fundamentals
.
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