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Source: China Fund News
After soaring 268% in 16 trading days, CanSino Biologics (06185.HK) was recently greatly reduced by JPMorgan Chase .
The latest equity disclosure information of the Hong Kong Stock Exchange shows that on November 22, CanSino Biologics was reduced by JPMorgan Chase Co to 1.0709 million shares at an average price of HK$1122,191 per share, involving a capital of approximately HK$120.2 million. After the reduction of holdings, JPMorgan Chase Co.'s latest number of good positions was 9.6203 million shares, and the ratio of good positions fell from 8.05% to 7.25%.
opened on November 28th. CanSino Biologics Hong Kong stock opened low and fell, but rose sharply in the afternoon, and then fluctuated and fell back. As of the closing, it fell 0.71%.
Inhaled COVID-19 vaccine triggered the market
Hong Kong stocks soared 268% in 16 trading days
Recently, the stock price trend of CanSino 's H shares A shares are basically synchronized. It bottomed out at the same time on October 12, and then it started to slowly bottom out . It started to accelerate its rise on October 26, and rose sharply on November 2. On that day, Hong Kong stocks rose by 63%, and A-shares also rose by 20%. In these 16 trading days, the largest increase in in Hong Kong stocks was 268%.
As early as September 5, CanSino Biologics announced that the recombinant novel coronavirus vaccine for inhalation (type 5 adenovirus vector) developed by the National Health Commission, and the State Food and Drug Administration organized a demonstration and agreed to be included in emergency use as a strengthening injection.
Recombinant novel coronavirus vaccine for inhalation (type 5 adenovirus vector) was approved by the National Drug Administration in March 2021. The indication is to prevent diseases caused by novel coronavirus infection (COVID-19).
After the sharp rise on November 2, CanSino issued an announcement on A-shares that as of November 2, the company's closing price was 253.5 yuan per share. According to the company's latest rolling price-to-earnings ratio released by CSI Index Co., Ltd. is 591.31 times. The company's pharmaceutical manufacturing industry in the past month was 24.19 times. The company's price-to-earnings ratio is significantly higher than the industry price-to-earnings ratio level. At the same time, since October 26, 2022, the company has twice touched the announcement rule for abnormal fluctuations of stock price with a closing price deviation value of in 3 trading days. The continuous rise of stock prices has accumulated a lot of profit adjustment risks. It also reminds that based on the current immunization strategy and the high domestic enhanced vaccination rate, the company expects that the recombinant novel coronavirus vaccine (type 5 adenovirus vector) for inhalation will not bring about a significant increase in the company's performance.
After inquiry, 9 vaccines in China have been approved by the National Medical Products Administration for conditional marketing or emergency use. 3 have been included in the emergency use list of World Health Organization , and many others are in the clinical trial stage. Even if the product is included in emergency use, its future market sales will still face a fierce competition, and will also be affected by various factors such as the development and changes of the epidemic at home and abroad, the domestic new crown vaccine vaccination rate.
On November 11, CanSino announced that the company developed the recombinant novel coronavirus vaccine for inhalation (type 5 adenovirus vector) has recently obtained an emergency use license from the Ministry of Health and Social Security of Morocco. It believes that this will help enhance the company's overseas brand awareness, further expand overseas markets, and play a positive role in promoting registration in other countries and regions. It is expected that the approval of the emergency use license will have limited impact on the performance in 2022 and will have a certain positive impact on future performance.
performance under pressure. Net profit in a single quarter continued to decline in accelerating during the year
Inhalation recombinant novel coronavirus vaccine (type 5 adenovirus vector) is based on CanSino's virus vector technology, and is further developed in combination with its developed respiratory mucosal immunization technology. The vaccine is atomized into tiny particles by atomizing inhalation, and enters the respiratory tract and lungs through oral inhalation, which can stimulate the mucosal immune response, inhibit virus replication faster, and reduce virus transmission.
was first launched by Shanghai on October 15 to register for strengthening immunization of CanSino Biologics’ recombinant COVID-19 vaccine, and started strengthening immunization from the 26th. Since then, thirteen cities in Jiangsu Province and Tianjin have also carried out the deployment of inhalation of new crown vaccines.At present, the vaccine has reached 31.5 million production capacity per day, and can achieve a transportation capacity of 1 million till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till till t
However, as clearly mentioned in CanSino's announcement, the launch of the vaccine has limited impact on the company's 2022 performance.
Overall, after five consecutive losses, although the performance improved and achieved profitability in 2021, CanSino's performance in 2022 showed a continuous decline in net profit in a single quarter, especially in the third quarter, with a significant loss of 487 million yuan.
The company said that from January to September 2022, the company set a total of 526.1759 million yuan in asset impairment provisions for inventory. Due to the sharp decline in demand for new crown vaccines compared with the same period last year, product price adjustments and provisions for inventory with signs of impairment, the company's operating income and net profit from January to September 2022 both showed a significant decline compared with the same period last year. The total asset impairment provision for settling is expected to reduce the company's total consolidated statement profit of 532.4454 million yuan, a reduction of net profit of 457.9246 million yuan, and a reduction of net profit attributable to shareholders of listed companies by 440.0321 million yuan.
Regarding this situation, CanSino has previously stated that although the company turns losses into profits in 2021, the company needs to maintain a large amount of investment in the future for supporting production lines and pipeline products under development. If the progress of R&D projects or the sales after the product is on the market are lower than expected, the company may still experience a sharp decline in performance or lose money.
Moreover, competition in the vaccine industry is fierce. After CanSino products are launched, they will compete with large multinational companies and domestic vaccine companies. Large multinational corporations and domestic vaccine companies have richer experience in product commercialization, stronger capital strength and human resources. If product competition intensifies in the future and the company cannot continuously optimize its product structure, strengthen sales network construction, and maintain its technological R&D advantages, the company will face greater market competition pressure, which will affect the company's operating performance.
Editor: Zhu Yumeng
Proofreading: Su Huanwen
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