① What was the performance of Pharmaceutical Federation last year? ② How does the agency view this performance?
Financial Services Association, March 28 (Editor: Hu Jiarong) Benefiting from the positive performance of some individual stocks, most Hong Kong pharmaceutical stocks rebounded today. As of press release, Pharmaceutical Federation (02268.HK), Genting Xinyao-B (01952.HK), and Pharmaceutical Biotech (02269.HK) had risen 9.62%, 8.45%, and 8.43% respectively.
Note: Performance of pharmaceutical stocks
First, let's take a look. The performance of Yao Ming Joint Federation was the best. According to the company's 2023 results announced on the 25th of this month, revenue was RMB 2,124 million, up 114.4% year on year; company owners should account for net profit of RMB 284 million, up 82.1% year on year; adjusted net profit increased strongly by 112% to RMB 412 million; and basic profit per share was 0.28 yuan. Furthermore, the number of integrated projects rose to 143, and 50 new integrated projects were signed in 2023.
Note: Announcement of the Pharmaceutical Federation
Agencies say the increase in follow-up orders will help increase performance
BOC International believes that due to the continued growth of large orders in the later stages and the certainty of high performance growth expectations, the current stock price is significantly undervalued, so it maintains a “buy” rating. This shows that BOC International is optimistic about the company's future performance and believes that the market is not fully reflecting its value.
CICC mentioned in the research report that the rapid increase in the number of projects of the Pharmaceutical and Ming Joint Alliance and the progress of the project pipeline were better than expected, causing revenue and profit in 2023 to exceed expectations. As a result, CICC raised its revenue guidance for 2024 from 2.9 billion yuan to more than 3.1 billion yuan. This shows that CICC has adjusted its future revenue expectations according to the company's current pace of development, and is more optimistic about the company's prospects.
Dongwu Securities also holds a similar view. They note that the number of projects at various stages of the Pharmaceutical and Ming Joint Alliance has continued to grow rapidly, and it is expected that commercialization projects will be launched by 2024. Furthermore, with the discovery of new targets for antibody-drug conjugates (ADCs) and advances in technologies such as dual-antibody ADC, ADC combination therapy, and XDC, the ADC industry is expected to continue to prosper, thus driving high growth in the company's performance.