Pharmaceutical buckle non-ROE list released! Zhifei biological 48.11% proud group, excellent enterprises 29, the most investment value company is ...

Guide: Absolute dry goods, pharmaceutical manufacturing industry in the most investment value listed listed listed listed listed listed! When it comes to ROE (Return on Net Assets), most people think of the financial indicators that circulate on the Internet that "Buffett's old man has repeatedly mentioned."
" in fact, I do not know, for many beginners of investment, ROE is also divided into many kinds.
ROE: Refers to the return on net assets, which is the percentage of net profit and average shareholder's equity, which reflects the level of return on shareholders' equity.
the higher the indicator, the higher the return on the shareholder's investment.
Weighted ROE: Refers to the weighted average return on net assets, which is more fair than the "right ROE" attributable to the shareholders of the parent company, reflecting the impact of changes in net assets on net profit throughout the entire period of time.
deduction of unweighted ROE: refers to the return on net assets after deducting non-recurring gains and losses, and the difference between it and ROE is that, in calculation, excludes non-recurring gains and losses from molecules.
has the greatest impact on the "net profit" of listed companies, nothing but "operating income".
while the operating income of listed companies includes "main income" and "non-main income".
main business income refers to the enterprise's regular, main business income.
rather than the main income, there are many ways, can be like the 2020 Chang'an Automobile's mid-year forecast similar to the "stock speculation" income, can also be most of the enterprise during the outbreak of government subsidies and so on.
judge the company's performance, non-recurring profit and loss is more important non-recurring profit and loss and recurrent profit and loss, for example, we understand that, for example, our own annual salary of 50,000 yuan is a recurrent profit and loss.
and this year's lottery of 50,000 yuan is a non-recurring profit and loss, is not sustainable.
it is obviously unreasonable for us to declare that our annual income is $100,000.
deduction of non-ROE is the "average return on net assets" that removes non-recurring gains and losses.
net profit after deducting non-recurring gains and losses arising from the business process, it can eliminate some non-recurring factors, such as government subsidies, one-time gains or losses on the sale of assets, impairment losses on assets, and so on.
so, in general, when observing the performance of listed companies, deducting ROE is more research value, can most truly reflect the business results obtained by enterprises through business.
after many years of market law integration, listed enterprises if for many years "withholding non-ROE" in 15%-30%, it is said that the company in the same industry belongs to the "tip students", widely favored by many investors and institutions, to the college entrance examination results for example: ROE is at 15%-20 %, can be on 985, 211; ROE is between 20%-30%, can go to Tsinghua, Peking University; ROE in more than 30% is a pure case, can not be found, the situation is difficult to maintain, but are "genius level."
statistics for 2019 without ROE data, a total of 29 enterprises in the pharmaceutical manufacturing industry in the level of more than 15%, 15%-20% of enterprises have 7, 20%-30% of enterprises have 16, more than 30% of the number of 6.
this is rare in the entire A-share market, but also fully illustrates the development of the economy and the enhancement of people's health awareness, the pharmaceutical industry enterprise development opportunities are also rising.
on the other hand, looking at the main business of 29 enterprises, it will be easy to find that innovative drugs, biological drugs, biological products, the most important proportion of them, on the contrary, the traditional sense of generic drugs and pharmaceutical commercial proportion is relatively rare.
may be due to the impact of recent national policies, or perhaps as a sign of industry turnover.
but also suggest that the pharmaceutical industry internal changes have begun to emerge, master the core competitiveness of innovation of the rise of enterprises to rise far greater than other, the truth is obvious! In the wake of the fake vaccine incident in 2018, the management and attention of all levels of organs to vaccines has been greatly strengthened, and in December 2019, in order to actively promote the further improvement of the quality of vaccines in China, China also implemented the Vaccine Management Law to further enhance the importance of innovative vaccine research and development.
the same year, Zhifei became the designated agency of Mersadong in China, the unified sale of all vaccines imported by Mersadong, including the "explosive vaccine" nine-price HPV vaccine, pentavalent rota vaccine and so on.
and due to the sales of agent products, in the past two years, the performance of Zhifei bio has made rapid progress, relevant media reports said that as of 2019, Zhifei bio realized revenue of 10,587 million yuan, of which the agent product selling revenue of 9.189 billion yuan, accounting for 87.29 percent.
three-year vaccine product sales accounted for 10.99 percent, 11.13 percent and 10.78 percent of China's second-class vaccine market, respectively, the market share of domestic private vaccine enterprises ranked first.
not only that, the agent vaccine big red purple at the same time, the intelligent flying creatures are not satisfied with this, by the power of the east wind, independent research and development of vaccines the same feng shui.
is known to cover almost all of the world's leading-heavyweight vaccine varieties in research products, and recombinant TB fusion protein (EC) and mycobacterium bacillus vaccine (for tb-infected populations) are expected to be approved for market this year.
of course, such a proud achievement is inextricably linked to its strong research and development capabilities.
2019, Zhifei Bioresearch invested 259 million yuan, up 52.73 percent year-on-year, accounting for 19.37 percent of its own product revenue.
and the proportion of research and development investment over the years is almost 9%.
this is also the root cause of most investors' doubts about "the high ROE at the same time, but very low cash flow".
July 29, 2020, Zhifei Bio rose and stopped again, the stock price of 176.55 yuan / share, the total market value of 282.5 billion yuan, the beginning of 2020 so far the cumulative increase of more than 255.6 percent, the achievements of the group.
Hengrui Pharmaceuticals Hengrui Pharmaceuticals as China's first innovative drug transformation, year-round to maintain more than 20% ROE at the same time, gross margin is also at the front of the industry, two-way indicators at the same time leading is Hengrui in the pharmaceutical manufacturing industry leading position in the most permanent basic elements.
500 billion valuation, perhaps in the eyes of many people too risky, but has a strong competitiveness and industry leader position is also the basis of Hengrui Pharmaceuticals high valuation, research and development of every penny is not wasted, real full cost, the same makes its real net profit is underestimated.
in addition, in Hengrui said to give up most of the generic drugs, specializing in innovation today.
generics still account for more than 80% of Hengrui Pharmaceuticals' revenue.
that is, Hengrui Pharmaceuticals year-round high gross margin, the source is not a very high profit of innovative drugs, but the industry's ill-gotadisease "gross margin" generic drugs, the results far exceed the overall chemical industry gross margin level.
fully reflects the strong product competitiveness and "cost control" advantages of Hengrui Pharmaceuticals, coupled with the continuous approval of innovative drugs brought about by the "gross margin" increase, Hengrui like a castle general "defensive" is really fascinating.
finally, high gross margin drives high net interest margin of enterprises, with net interest rates of 23.74%, 23.8%, 23.6% and 24.02% respectively in 2016-2019.
under the high net interest rate and again affect the enterprise deduction non-ROE, accompanied by little change in the total asset turnover rate.
a virtuous circle, life is the image of Hengrui Pharmaceuticals to investors, not only good indicators, and very stable, is to let people at a glance can produce trust in its "big brother."
concludes that no matter how the economy develops and the number of high-growth-value companies increases, the number of high ROE companies in the industry is still scarce.
especially the reform of the board today, three days can see the potential of innovation company listing, moving is hundreds of times the value-added, but do not know in the national policy control, there is a lack of profit is more critical.
more and more potential companies, while high ROE companies are becoming scarcer. The same applies here to the
is scarce, and it is assumed that in the future high profitability (high ROE) companies may also become increasingly valuable because of scarcity.
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