Suspected performance water injection, stock price is only 1 / 10, "God stock" hapree to go to Hong Kong again?

Ten years ago, on May 6, 2010, hpre was listed on the Shenzhen stock exchange with the highest issuance price of 148 yuan and the price earnings ratio of 73.27 times in the history of A-share, and won the title of "God share" in one fell swoop At that time, the closing price on the first day of listing of hiprec reached 175.17 yuan / share, with a closing market value of up to 70 billion yuan Ten years later, the stock price of HPRI is only about one tenth of the closing price on the first day of listing As of December 20, the closing price of HPRI is only 17.38 yuan, the price earnings ratio is about 24 times, and the total market value is about 21.7 billion In the near future, hpre has launched the listing of Hong Kong stocks I don't know what investors in the Hong Kong stock market will think of such a god stock whose stock price has plummeted and whose performance has been questioned A-share listing has been questioned, and the IPO sponsor received the warning letter Coincidentally, the relevant companies and personnel received the warning letter from the regulatory authorities before and after the IPO of A-share and Hong Kong stock Recently, shortly after the launch of the Hong Kong stock listing of hiprec, Shenzhen Securities Regulatory Bureau issued the decision to issue a warning letter to the pharmaceutical industry of hiprec, as well as the decision to take regulatory talking measures to Li Li, chairman of hiprec, Shan Yu, general manager of the company, Zhang Bin, financial director of the company and bu Haihua, Secretary of the board of directors of the company And 10 years ago, after A-share listing, it was the IPO sponsor of hiprec who received the warning letter Hapree once said in the prospectus that it is the only enterprise in the domestic heparin sodium API industry that has passed the U.S FDA certification Under this rare concept and beautiful performance, hipre "seals the gods at one stroke", with an issue price of up to 148 yuan However, Xu Kangsheng, secretary-general of China biochemical pharmaceutical industry association, said that the "only" statement was "not realistic", because in addition to hapree, many heparin sodium API manufacturers, including Yantai Dongcheng, Changzhou Qianhong and Hebei Changshan, have obtained FDA certification As a result, the CSRC issued a warning letter to two representatives of China Investment Securities Co., Ltd., the sponsor of hiprec, criticizing them for not being diligent in the due diligence investigation of the issuer's obtaining FDA certification and other matters Without this "only" FDA certification, hipre can't support more than 100 yuan of stock price As a result, shortly after the IPO, the stock price of HPRI fell sharply and never recovered Questioned performance water injection, after the IPO performance on the face of the IPO before the financial data is very beautiful In 2008-2010, the revenue of HPRI was 435 million yuan, 2.224 billion yuan and 3.853 billion yuan respectively, and the net profit was 161 million yuan, 809 million yuan and 1.21 billion yuan respectively In just three years, the revenue and net profit increased by 7.86 times and 6.52 times respectively Then after the IPO, the performance will change According to the financial report, in 2010-2017, the revenue of HPRI was 3.853 billion yuan, 2.495 billion yuan, 1.762 billion yuan, 1.513 billion yuan, 1.959 billion yuan, 2.292 billion yuan, 2.261 billion yuan and 2.67 billion yuan respectively, and the net profit was 1.21 billion yuan, 622 million yuan, 624 million yuan, 317 million yuan, 338 million yuan, 580 million yuan, 397 million yuan and 131 million yuan respectively After the IPO, the company's performance changed, and its income and net profit no longer exceeded the level of the year of IPO in 2010 Therefore, the performance was questioned to inject water, which is the reason why the stock price has not improved since then Core products are low in technology and have been overtaken by competitors? According to the company's investigation information, hiprec has always claimed to be the industry leader in the field of heparin For example, hiprec claims to have created the world's leading core technology systems of heparin sodium, such as "impurity and combination separation technology", "group integrity protection and active release technology" Then some industry insiders pointed out that the core product of HPRI with the largest revenue contribution is heparin sodium API However, heparin sodium API is an area without too much technical content and low access threshold In essence, heparin sodium APIs are similar to chemical stocks, rather than innovative drugs that many people think According to the financial report, heparin sodium injection is the product that contributes the most revenue to hiprec except heparin API, accounting for about 20% of its revenue What's more, the technical content of the preparation is higher than that of the API, which can provide support for the evaluation of hipre However, the Anda of norheparin sodium injection (low molecular weight heparin preparation) of hepreno was not approved by FDA On November 29, 2019, the competitor Jianyou received the Anda approval notice of enoxaparin sodium injection USP issued by FDA In addition, affected by classical swine fever, the industry raw material source pig intestine was impacted According to the latest data, as of June 30, 2019, the stock of heparin crude products of Jianyou Co., Ltd has reached 1.796 billion yuan, but only 368 million yuan has been stored in heprui, which is one fifth of the competitors Jianyou Co., Ltd has completed negotiations with major downstream customers, and the price of API orders has increased significantly, benefiting a lot At present, the P / E ratio of Jianyou shares listed later than HPRI is about 50 times, and the total market value is about 29.7 billion, which greatly exceeds HPRI From the stock price point of view, the capital market has fully recognized the anti super position of Jianyou shares to hipre 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.