#头条创作挑战赛#
Finally, the whole industry chain layout including pharmaceutical distribution, R&D, manufacturing, and retail has been formed.
Thereinto:
1) Pharmaceutical distribution - the sales scale ranks second in the country, with distribution channels in 30 provinces and 10 logistics bases. Its end customers cover nearly 3,800 medical institutions in Shanghai and East China, of which 56.5% are tertiary hospitals and 57.1% are secondary hospitals in East China.
2) Pharmaceutical retail - it has more than 1,600 chain pharmacies, covering 8 provinces and cities, mainly concentrated in East China, with well-known pharmaceutical retail brands such as Fahrenheit, Lei Yunshang, and Huqing Yutang Guoyaohao.
Among them, Fahrenheit Pharmacy is the largest, ranking 10th among pharmaceutical retail chain enterprises in the country
3) Pharmaceutical industry - During this period, Shanghai Pharmaceutical had more than 3,000 drug production approvals, including 156 exclusive varieties, 8 confidential varieties of traditional Chinese medicine, and 31 protected varieties of traditional Chinese medicine
However, there are no large varieties with sales of more than 1 billion yuan, and there are 19 varieties with sales of more than 100 million yuan.
It focuses on five major areas: cardiovascular and cerebrovascular, anti-infection, digestive system, nervous system, and anti-tumor
At the same time, at this stage, its revenue and net profit are rising, among them, the revenue growth rate is rising, and the net profit margin, due to factors such as the turnaround in 2007 and the restructuring in 2010, there are certain fluctuations, but the overall is rising
To sum up, except for the impact of the financial crisis in 2008 and the decline in stock prices, the rest of the time, its stock price trend basically maintained an upward trend, and the stock price rose from 4.85 yuan in 2007 to 19.32 yuan in 2010, an increase of 298.35%
PE fluctuated with the share price, and due to the impact of the restructuring in 2010, net profit increased, causing its PE to fall from a peak of 226X to 38X.
Seeing this, let's carefully summarize that the fundamentals of this case have a distinct personality, whether it is "old medicine" or "new medicine"
Every time its ROE soars to a peak, there is an "asset injection expectation" behind it, which has obvious M&A-driven characteristics
1) In 1998, the old antibiotic business was divested and the distribution business assets were injected, which formed a high point that year;
2) In 2000, the second wave of new business peaked in 2000 due to the increase in scale and leverage;
3) In 2010, due to the injection of pharmaceutical business, its gross profit margin increased, and then the net profit margin increased, forming the third peak.
This is different from other pharmaceutical distribution peers.
Although there is also a Sinopharm Group behind Sinopharm shares, only four companies have been injected into Guokong Beijing, Beijing Kangchen, Beijing Huahong, and Tianxing Puxin since its listing in 2017
However, since most of the assets injected by it are pharmaceutical distribution companies, the gross profit margin is not much different from the original assets, so it has not brought a significant increase in net profit margin
Among the assets injected by Shanghai Pharmaceutical, some of the gross profit margin of the pharmaceutical business has increased significantly, resulting in a significant increase in net profit margin and ROE, and from the perspective of small and medium-sized shareholders, such an operation also means an increase in shareholder returns.
So, the next question is: will the M&A-driven development strategy of pharmaceutical distribution continue?
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market