The short-term risks of the industry are good and basically remain stable
The short-term liquidity risk of the industry is in the range of "below-average risk", and the overall risk of the industry remains stable, with a slight increase in the past three years.
Policy-driven changes in the industrial pattern, and the six major sub-sectors remained stable overall
The overall trend of the six secondary industries under the pharmaceutical and biological industry remains stable, medical devices perform well, and the pharmaceutical business needs to be optimized.
Enterprise risk is polarized, and many companies continue to improve
In 2022, companies in the industry such as Dongfang Biotech and Jiu'an Medical may have low short-term liquidity risk and default and perform well, while companies such as *ST Toyo and ST Jiyao will perform poorly. From the perspective of development trends, the liquidity risk (SI) of companies such as MGI and Huiyu Pharmaceutical has been greatly reduced from 2018 to 2022, which is recommended for attention.
Report Description:
This article is a blockbuster!The sub-industry research officially released by the 2023 listed enterprise risk list of Shanganxin, please refer to the document for the full list.
According to 3A data, the short-term liquidity risk (SI index) of the pharmaceutical and biological industry in 2022 is 208, ranking 6th among 31 industries (from low to high), and the risk level is "below average risk".The short-term default risk (PD index) is 108%, ranking 9th out of 31 industries (low to high risk). Overall, the short-term liquidity risk of the industry is small, and the default may be low.
*: Shang Anxin, 3A Credit Research Institute.
3A data shows that in the five years from 2018 to 2022, the short-term liquidity risk (SI index) and short-term default probability (PD index) of the pharmaceutical and biotechnology industry are lower than the average risk level of all listed companies. From 2018 to 2022, the compound annual growth rate (CAGR) of the SI index of the pharmaceutical and biotechnology industry was -061%, ranking 6th out of 31 industries (risk decline from fast to slow). The short-term liquidity risk (SI index) and short-term default risk (PD index) of the pharmaceutical and biotechnology industry have rebounded slightly since 2020, although the risk is still lower than the level of 2019, and the overall remains stableConsistently lower than the average risk level of listed companies in the industry.
*: Shang Anxin, 3A Credit Research Institute.
Pharmaceutical biology is divided into 6 secondary industries, namely chemical pharmaceuticals, biological products, medical services, medical devices, pharmaceutical business and traditional Chinese medicine.
From the perspective of the pharmaceutical and biological industry,The short-term liquidity risk (SI) of pharmaceutical businesses has remained high in recent years. In addition, except:The short-term liquidity risk (SI index) of the medical device industry plummeted by 9 in 202051%，The remaining five secondary industries remained generally stable from 2018 to 2022. 3A Credit Institute believes thatMedical devices have benefited significantly from epidemic prevention and controlSince 2020, policies in the field of medicine have been issued frequently, and the general secretary pointed out that "it is necessary to speed up the completion of the shortcomings of China's high-end medical equipment, accelerate the research of key core technologies, break through the bottleneck of technical equipment, and realize the independent and controllable high-end medical equipment". Under the guidance of the "14th Five-Year Plan" for the development of medical equipment industry and other policies, the medical device industry will rapidly promote systematic industrial upgrading in 2018 and 2022, and domestic substitution will enter a critical period.
*: Shang Anxin, 3A Credit Research Institute.
In contrast, the short-term liquidity risk of pharmaceutical businesses is worrisome. 2018 In 2022, the SI index of the pharmaceutical business industry increased slightly, although it can remain generally stable, but it cannot reduce the short-term liquidity risk like other sub-sectors. 3A Credit Institute believes thatWith the promotion of medical reform policies such as medical insurance cost control and medical centralized procurement, drugs** have declined. Because the main profit of enterprises in the field of pharmaceutical circulation is the difference between the purchase and sale of pharmaceutical products, the profit of distribution business has declined, the market pattern of the pharmaceutical circulation industry has changed, the market share of leading enterprises has been expanding, the competition between enterprises has intensified, and the pressure on survival has increased. In addition, with the deepening of medical reform, the business model of pharmaceutical business is further moving towards specialization and digitalization, forcing enterprises to invest more R&D costs, dragging down short-term liquidity performance.
3A data shows that among the 470 listed companies in the pharmaceutical and biological industry, 10 (see the table below) have entered the top 30 of the "2022 Listed Enterprises Short-term Liquidity Risk List" (Red List) (for the complete list, see the "2023 List of Listed Enterprises - Shenwan Industry Classification"). Among the 10 companies, except for Walter Dyne (000915SZ) belongs to the secondary industry classification of chemical pharmaceuticals under pharmaceutical biology, and the remaining 9 companies belong to the secondary industry classification of medical devices. Among them, Oriental Biology (688298SH) and Jiu'an Medical (002432SZ) is not only the company with the lowest short-term liquidity risk (SI index) in the industry in 2022, but also the lowest risk among all listed companies.
*: Shang Anxin, 3A Credit Research Institute.
In addition, among the 10 blacklisted companies with the highest short-term liquidity risk in the pharmaceutical and biotechnology industry (see the table below), 5 companies have entered the top 50 of the "2022 Short-term Liquidity Risk List of Listed Companies" (red list).The 2023 listed enterprise risk list of Shanganxin is officially released). Among them, *ST Toyo (002086SZ) has an SI index of 383 in 2022, ranking 7th highest among 5,022 listed companies in short-term liquidity risk. 3A Credit Research Institute believes that in the context of the epidemic, the company will take advantage of the "in vitro diagnosis" to achieve a total revenue growth of 6179%, but since 2011, the company's receivable from the controlling shareholder's non-operating funds has exceeded 1 billion yuan for two consecutive years, and the company has provided a huge amount of guarantee for the controlling shareholder and other related parties, resulting in a large number of bad debts accrued by the company, and the short-term liquidity risk has increased rapidly.
*: Shang Anxin, 3A Credit Research Institute.
From the perspective of change trends, among the 470 listed pharmaceutical and biological companies, 191 companies have decreased their short-term liquidity risk compared with 2021, and 237 companies have decreased compared with 2018 (among them, the 10 companies with the fastest risk decline are shown in the table below). Among them, MGI (688114SH) has seen the fastest decline in short-term liquidity risk, with an average annual decline of 2093%。In the context of the state repeatedly promulgating relevant policies to encourage the development of the sequencing industry, and ** procurement also supports domestic production, MGI (688114SH) As a high-barrier hard technology enterprise that truly realizes the localization of sequencers in China, it is worth paying attention to.
*: Shang Anxin, 3A Credit Research Institute.
Previous Review
Heavy!The 2023 listed enterprise risk list of Shanganxin is officially released).
About us
Founded on July 25, 2018, 3A Credit Research Institute is affiliated to Shanganxin Group, and its core team includes experts in various professional fields such as credit scoring and big data. Relying on its core competitiveness in the analysis and evaluation of enterprise information data, 3A Credit Research Institute focuses on the research and development of a commercial credit scoring system suitable for the Chinese market according to the characteristics of the Chinese market.