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gf sec: The upstream prices of penicillin and cephalosporin are fluctuating at high levels, while the active pharmaceutical ingredient is stabilizing at a low point.
According to data from the National Bureau of Statistics, the year-on-year PPI value for the manufacturing of active pharmaceutical ingredients in September 2024 is 97.10, an increase of 2.0 compared to the previous month, and up 1.63 from the average of 95.47 in the first half of 2024. Since the year-on-year PPI for active pharmaceutical ingredient manufacturing fell below 100 in the entire year of 2023, the recent PPI values have been on the rise, indicating that the overall price of active pharmaceutical ingredients is in a slight recovery phase after reaching a low.
Pacific Securities: Q3 revenue and profit growth of the active pharmaceutical ingredient sector have accelerated significantly, bullish on the high growth trend in Q4 performance.
In Q1 2024, the sector's gross margin is 36.38%, with a net margin of 12.78%. Q2 gross margin is 37.21%, with a net margin of 15.52%. Q3 gross margin is 38.27%, +1.88pct year-on-year, +1.06pct quarter-on-quarter, and net margin is 14.07%, +3.98pct year-on-year, -1.45pct quarter-on-quarter. Both gross margin and net margin have reached a new high compared to the same period in the past three years.
Aoxiang Pharmaceutical Report for the Third Quarter of 2024
Zhejiang Ausun Pharmaceutical (603229): Q3 performance slightly below market expectations, bullish on the approval of formulations contributing to incremental growth.
On October 29, 2024, the company released the third quarter report of 2024, achieving a revenue of 0.69 billion yuan in 2024Q1-3 (YoY +2.75%), with a net income attributable to the parent company of 0.229 billion yuan.
GF Securities: The price of active pharmaceutical ingredients stabilizes at the bottom, with a slight increase in double bond prices.
In 2024, with relatively low inventory levels, some downstream formulation companies began to replenish their stockpiles. In addition, the continuous release of new active pharmaceutical ingredients after the expiration of patents, the sector is in a bottoming out stable recovery state.
Zhejiang Ausun Pharmaceutical (603229): Main business stability, R&D strengthens competitiveness, bullish on future formulation space.
Company 2024 interim report: In the first half of 2024, the company achieved revenue of 0.492 billion yuan, an increase of 5.05% year-on-year; net income attributable to shareholders was 0.18 billion yuan, an increase of 12.26% year-on-year; non-GAAP net income attributable to shareholders was 1.7 billion yuan.
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