Investment tips for this issue:
AHP score-2.34 points of Sinopec Pharmaceutical, 37% of the total score. After taking into account the liquidity premium, we estimate that the AHP score of Sinopec is 2.34, which is in the 37% of the total score of the AHP model of the scientific innovation system, and in the middle level of Science and Technology Innovation Board's IPO since the beginning of 2020. Assuming that the application rate is the highest in the whole market and the finalization rate is 80%, in the case of neutral expectations, the placing ratios of categories A, B and C under the Hexing Pharmaceutical Network are 0.0367%, 0.0365% and 0.0194%, respectively.
Kexing Pharmaceutical: a market leader in recombinant protein drugs. Sinopec focuses on drug research and development in the fields of antivirus, blood, tumor and immunity, and degenerative diseases, and has built a relatively complete drug research and innovation system with a rich product line. it covers many types of recombinant protein drugs, microecological preparations and other products, and the market share of core products ranks in the forefront of similar products, and the market share is constantly expanding. In the domestic market for recombinant human erythropoietin, the domestic market share of the company's product "Yipuding" in 2019 was 12.51%, ranking third; in the domestic market for short-acting recombinant human interferon injection, the market share of the company's products "Serojin" and "Baxi" in 2019 were 26.29% and 3.19%, respectively, ranking second and eighth, respectively. At present, the company has carried out in-depth cooperation with large national and regional pharmaceutical circulation enterprises, such as Sinopharm Group, Shanghai Pharmaceutical, China Resources Pharmaceutical and Haiwang Group, and the number of terminals covered has increased from more than 7000 to more than 15000. It also actively distributes health service centers, clinics and other grass-roots medical service institutions to achieve channel sinking. In addition, the company is also actively developing overseas markets and has achieved market access and sales in more than 20 countries, including Brazil, the Philippines, Indonesia and so on. During the reporting period, the growth rate of revenue and net profit of Sinopec was significantly leading, while the growth rate of gross profit margin and R & D expenditure was slightly lower than that of its peers.
Risk hint: Kexing Pharmaceutical should guard against the risks such as fierce competition and elimination in the market of major products, fierce competition and low commercial value after the commercialization of research projects, and decline in business performance caused by the increase of costs during the period.