On October 28, Yaoshi Technology opened a word down, as of press time, the stock was reported at 150.56 yuan, down 20.00%, with a total market value of 30.07 billion yuan.
On the news side, yesterday evening, Yaoshi Technology disclosed the third quarter of 2021 performance report, the announcement shows that the company achieved revenue of 281.6 million yuan in the third quarter, an increase of 5.86% year-on-year; achieved a net profit of 61.14 million yuan, an increase of 11.16% year-on-year.
It is worth noting that compared with the performance of the second quarter, the net profit of Yaoshi Technology in the third quarter plummeted by 80.37% month-on-month.
This may be one of the main reasons for the decline in stock prices today.
In this regard, the staff of the Securities Department of Yaoshi Technology responded that the net profit in the second quarter included non-recurring gains and losses, "which is a remeasure of the initial investment cost of previous investments, and the non-net profit of 70 million or 80 million yuan in the second quarter is deducted, and the overall operation is normal."
According to its semi-annual report, the non-net profit deducted by Yaoshi Technology in the first quarter was 64.6598 million yuan, 80.4598 million yuan in the second quarter, and 55.7047 million yuan in the third quarter. Excluding the impact of non-operating gains and losses, the deduction of non-net profit in the third quarter was still the lowest, down 30.77% from the second quarter and only 5.72% year-on-year.
Just today, Guosheng Securities released the latest research report that the production capacity of the molecular block transformation CDMO stage is limited and the follow-up is expected to accelerate after the release of production capacity, maintaining the "buy" rating of Yaoshi Technology.
In terms of the future market, the agency believes that the company's operating trend is good, the API business will gradually get on the right track, the production capacity will be gradually released, and the company's incentive fees will be reduced quarter by quarter. From a long-term perspective, the core competitiveness of Yaoshi Technology lies in realizing the realization of different directions (molecular blocks, CDMO, difficult generic drugs, innovative drugs) based on the understanding of R&D trends and chemical technologies. In the next 3-5 years, it is expected that the company's compound performance growth rate is expected to remain above 35% or even higher. Among them, it is expected that the stock molecular block small batch business will maintain rapid growth (about 30%). Projects that enter commercialization bring additional incrementality.
Based on the current business trend, Guosheng Securities lowered its profit forecast, and it is expected that the net profit attributable to the mother of Yaoshi Technology in 2021-2023 will be 500 million, 407 million and 568 million yuan respectively, with an increase of 171.7%, -18.7% and 39.7% respectively. Maintain a "Buy" rating.
In addition, there is one more point worth noting.
Following the ceibal medical and health hybrid purchase of Pharmaceutical Stone Technology managed by the goddess of medicine in the second quarter of this year, Gülen chose to continue to increase its position in the third quarter.
According to public information, Gülen increased its holdings by 3.247 million shares in the third quarter, an increase of 189.95%, becoming the fifth largest circulating shareholder of Yaoshi Technology.
In the third quarter, the basic pension insurance fund also chose to increase its holdings, an increase of 33.07%.
It is reported that the basic pension is the underlying cornerstone of China's old-age security system, the investment foothold is in the preservation and appreciation of assets, the ability to bear losses is low, so its investment scope is mostly in bank deposits, central bank bills, treasury bonds and other low-risk varieties, but also includes credit rating above the investment level of financial bonds, corporate bonds, corporate bonds and stocks, stock index futures.