Second, we screen ~ ~ by the company's shareholder return rate, the proportion of cash to total assets and the net interest rate.
According to the criterion that these three indicators meet at the same time, we get the following 13? Company:
According to the time of listing, five companies were screened out, and finally six companies were left in the primary election: Hengrui Pharma, Shanda Walter, Hua En Pharmaceutical, Xinlitai, Cisco, China Resources Shuanghe, and two other Kang Ling Pharmaceutical and Kanghong Pharmaceutical listed on 20 15, but the data are consistent, so please keep them first! So one * * * is an alternative for eight companies ~ ~
Looking at the market value and sales scale of these eight companies as a whole, except Shanda Walter, Cisco and Kang Ling Pharmaceutical, Kanghong Pharmaceutical has a small number of circulating A shares, but the market value is very high and the sales are ok, so I specially checked the company's share capital and found that a large part of the company's shares have been listed and circulated on 20 18, so I also included Kanghong Pharmaceutical in the continuous observation range ~ ~
Let's analyze the five digital forces of four companies:
First, the cash capacity plate.
From the overall data, the chemical preparation industry is obviously much richer than the packaging media industry. Hengrui Pharma's data is very bright, and all indicators are up to standard, which is obviously a cash cow. However, it was found that the proportion of cash decreased from 34% in 20 17 to 23% in 20 16, which was very large, so I read the financial report and found that it was caused by purchasing wealth management products. The monetary fund was 4.267 billion yuan, and other current assets were 4.644 billion yuan. Total assets/kloc-0.8 billion, with appropriate cash accounting for 49.5%. The cash reserve is large enough. The only fly in the ointment is the average collection days. The industry average is 85. 1 day, and the average in Hengrui Pharma is 1 18 days, but as an individual,
The same data, we look at Xinlitai and find the same problem. In 20 17, the proportion of cash directly decreased from 26.2% to 12. 1%, and then it was found in its annual report and balance sheet that the purchase of wealth management products led to the increase of other current assets, with its monetary funds of 829 million+other current funds of 965,438+.
The average cash payment days of Xinlitai are 138 days, which is also far greater than the industry average of 85 days. But we can also see that its value has been going down in the past five years, and the trend is developing in a good direction. Most of the overall data including the cash module are up to standard, so it is still a good company ~
China Resources Shuanghe's cash account is relatively low, with an average cash receipt of 65,438+005 days, which is also higher than the industry average. More than 65,438+000/65,438+00 indicators are not up to standard, so the score is the lowest.
The proportion of cash in Hua En pharmaceutical industry is relatively high, and the average cash withdrawal speed is relatively fast. It has reached 75 days, which is less than the industry average, but this indicator has many substandard values, and the OCF value is small, which is still slightly inferior ~ ~
Summarize the judgment in the cash flow part?
Hengrui Pharmaceutical > Xinlitai > Hua En Pharmaceutical > China Resources Shuanghe?
Second, the operating capacity plate
Judging from the turnover rate of total assets, three of the four companies are money-burning enterprises. Only Hua En Pharmaceutical's five-year data is greater than 1, and its total assets turnover rate is high, which shows that the enterprise has strong management ability. The average inventory turnover days in the chemical industry are 132 days. According to this standard, the four companies basically meet the requirements, and Hua En Pharmaceutical has the smallest inventory turnover days and complete business cycle, so Hua En Pharmaceutical won this round.
It was observed that the inventory turnover days of Xinlitai 20 17 (125 days) increased significantly compared with that of 20 16 (183 days), resulting in a significant increase in the number of days of the complete business cycle. Look at its annual report and find out why. It turned out that it was caused by the increase in production of subsidiaries in this period and the stocking at the end of the year ~
Management ability conclusion: Hua En Pharmaceutical > China Resources Shuanghe > Hengrui Pharmaceutical > Xinlitai.
Third, the profit sector.
Judging from the seven data of profitability, Hua En Pharmaceutical, China Resources Shuanghe, Hengrui Pharma and Xinlitai are not on the same level. The average rate of return of shareholders of Hengrui Pharma and Xinlitai is above 22%, which is in line with Buffett's stock selection criteria. The average rate of return of Hua En Pharmaceutical and China Resources Shuanghe is above 12%. The gross profit margin of Hengrui Pharma and Xinlitai is above 75% on average, and the gross profit is comparable to selling white powder, while that of Hua En Pharmaceutical and China Resources Shuanghe is above 43% on average. The average net interest rate of Hengrui Pharma and Xinlitai is above 22%, while that of Hua En Pharmaceutical and China Resources Shuanghe is 9% ~
Compared with Hengrui Pharma, Xinlitai's business safety margin is higher than that of Hengrui Pharma. Although the gross profit is not as high as that of Hengrui Pharma, the net interest rate is higher than that of Hengrui Pharma, which shows that the expense ratio of enterprises is well controlled and the earnings per share 1.35 is also higher than that of Hengrui Pharma ~
Profitability section conclusion: Xinlitai > Hengrui Pharmaceutical > China Resources Shuanghe >? Hua En drugstore
Fourth, the financial structure plate.
From the overall data, the indicators of the four companies are up to standard, and there is basically no debt. Shareholders are optimistic about the company's development and have abundant long-term funds, which can fully meet the needs of enterprise growth ~
According to the conclusion of the best financial structure, Hengrui Pharmaceutical > Xinlitai > China Resources Shuanghe >? Hua En drugstore
Verb (abbreviation for verb) solvency board
Judging from the overall data, the indicators of the top three companies are up to standard, and they have strong ability to repay foreign debts and repay foreign debts quickly, and they are not afraid of market risks. In particular, the data of Hengrui Pharma and Xinlitai are several times higher than the judgment standard, indicating that they are indeed companies with good money, but several data of Hua En Pharmaceutical are not up to standard, indicating that the company's solvency needs to be improved ~
The conclusion of the final solvency part: Hengrui Pharma > Xinlitai > China Resources Shuanghe >? Hua En drugstore
At first glance, the stock price is also very hot, and you need to join the alternative pool to continue to observe. . . .
Let's take a brief look at these three companies and see if we can see their products in real life.
1, jiangsu hengrui Pharmaceutical:
Founded in 1970, it was listed on the Shanghai Stock Exchange in 2000. By the end of 20 16, the global * * * employees exceeded 12000, and the market value exceeded 1000 billion yuan. It is a well-known supplier of anti-tumor drugs, surgical drugs and contrast agents in China.
The main products include dexmedetomidine hydrochloride, fondaparinux sodium, cis-atracurium, tumor drugs, preparation export products, gabapentin, iodixanol and anesthetic products.
2. Shenzhen Xinlitai:
Shenzhen Xinlitai Pharmaceutical Co., Ltd. was established in June 1998 1 1. Is a high-tech joint venture integrating R&D, production and sales. The company's main business is the research and development, production and sales of cardiovascular drugs, cephalosporin antibiotics, bone resorption inhibitors and other drugs. Focusing on the development of national first-class and second-class new drugs, focusing on the fields of cardiovascular, anti-infection, anti-allergy and anti-tumor treatment, we will develop pharmaceutical products with independent intellectual property rights. Clopidogrel bisulfate tablets (Taijia) and loratadine tablets (Xinmingting) were recognized as national key new products.
The company's products include preparations and raw materials. At present, the main preparations are clopidogrel bisulfate tablets (Taijia), benazepril hydrochloride tablets (Xindayi), cefepime hydrochloride for injection (Xinliwei), cefuroxime sodium for injection (Xinlixin), cefoxitin sodium for injection (Xinxiting) and pamidronate disodium for injection. The bulk drug products mainly include cefepime hydrochloride, cefuroxime sodium and cefoxitin sodium. Star products include: cardiovascular drugs, alisartan, left atrial appendage occluder, repagliptin benzoate, medical device platform, generic drugs and cardiovascular devices.
3. Chengdu Kanghong Pharmaceutical:
The company was established on June 8, 1998/KLOC-0, and went public on June 26, 201May. The company adheres to the enterprise tenet of "Prospering Kangping, and benefiting all living beings" and is committed to "researching, manufacturing, selling and disseminating professional and innovative pharmaceutical products".
Main business: continue to focus on the pharmaceutical industry, and devote to the research, development, production and sales of Chinese patent medicines, chemical medicines and biological products.
Product name: Compaxip eye injection (in the field of ophthalmology),
? Songling Xuemaikang Capsule (in the field of central nervous system),
? Venlafaxine hydrochloride capsules (for the treatment of depression, a first-line patented drug), sustained-release tablets? 、
? Aripiprazole tablets and orally disintegrating tablets (patents for the treatment of schizophrenia),
? Dexzopiclone tablets (for insomnia),
? Shugan Jieyu Capsule (for treating moderate and mild depression),
? Danshu capsule (used for treating hepatobiliary diseases),
? Mosapride citrate tablets and dispersible tablets (the third-generation patented drug for treating functional dyspepsia),
Yiqing capsule? Dry cough and shuangqing capsule? , Keluoxin Capsule? Xuanmai Ganju Capsule
The company has significant market advantages in Chinese patent medicine and chemical medicine!
Generally speaking, the medical field is still a strange field for myself, and those technical terms are also very confusing, but I still have a preliminary impression on these three companies by simply checking the information. If I determine the investment direction, I definitely need to explore in all directions ~ ~ ~