What about Hengrui Pharma's stock?

Since landing on the A-share market in 2000, the share price has risen by 150 times, with the largest increase reaching 400 times. It is estimated that the turnover will increase from 485 million in 2000 to 30 billion in 20021year, showing a rapid growth trend. As a leader in the pharmaceutical industry? Big brother? The situation in Hengrui Pharma in recent years is quite strong. Since 20 15, the stock price has risen 6.5 times, with the largest increase reaching 10 times. So is the increase in net profit? Amazing? . The growth rates are 43.28%, 65,438+09.22%, 24.25%, 26.39%, 365,438+0.05% and 65,438+08.78% respectively. The performance in the first quarter of this year continued to be brilliant, with operating income increasing by 25.37% and net profit increasing by 65,438+03.77%.

Hengrui pharmaceutical stock price? Come down? The fundamental reason is that the valuation is at a high level and the growth rate is slowing down. In recent years, the growth rate of Hengrui Pharma is strong, not only the year-on-year growth rate of net profit. From 20 15 to 2020, the year-on-year growth rate of operating income was 25.0 1%, 19.08%, 24.72%, 25.89%, 33.7% and 19.09% respectively. The year-on-year growth rates of non-net profit deduction were 45.05%, 65,438+09.3%, 65,438+09.76%, 22.6%, 30.94% and 65,438+09.73% respectively. It can be seen that the overall growth of Hengrui Pharma is healthy, with strong growth in operating income, net profit and non-net profit deduction. The growth rate of performance has slowed down and the valuation is too high. Is it Hengrui Pharmaceutical? Share price? The root cause of the downward adjustment.

If Hengrui Pharma has no future, the trajectory of innovative drugs will be worrying. Among the nearly 400 listed pharmaceutical companies, Hengrui Pharma spends the most on R&D every year, with the investment from 2005 to 2020 being 892 million,11840,000,17.59 million, 2.67 billion, 3.896 billion and 4.989 billion respectively. In the first quarter of this year, the investment was131600 million yuan, far exceeding the 8 1 10 billion yuan in the first quarter of 2020.

Although the first quarter results of Hengrui Pharmaceutical were slightly lower than expected, and even the annual report results may be lower than expected, but in the context of overvaluation, the share price of Hengrui Pharmaceutical? Reduce your holdings? And it has a great influence. However, it is not objective to say that Hengrui Pharma will not grow in the future. At present, the number of institutional studies is small, but the prediction of 202 1-2023 is around 20%. In other words, the stock price in the short term? Come down? More due to the influence of high valuation and market sentiment, the decline in performance is one of the reasons, not the only reason. Although the technology appears after the stock price, the law can also be used as a reference. Hengrui Pharma's weekly MACD index and monthly MACD index have high reference value. For example, when the monthly MACD index entered the red column range, Hengrui Pharma's share price also entered the main rising wave.