Nosh: CICC's six major institutions blessings. These three major reasons have caused the stock price to break?

This article is based on public information, which is used only as information exchange and does not constitute any investment advice.

Production/company research room big health group

Text/Swordsman

The newly listed GEM (Beijing) Pharmaceutical Technology Co., Ltd. (301333.SZ, referred to as Nogg), which is just listed, now let the institutions and retail investors who like to speculate on the torment. This clinical trial outsourcing service company, during the first day of listing, has briefly fell below the issue price of 78.88 yuan/share. After that, the stock price shocked between 77.77-99 yuan on the first day.

On August 16, Noneg's stock price closed at 80.14 yuan/share, setting a new low since its listing, only 1.26 yuan from breaking. Although it rebounded with the market the next day, it was far from the previous high. At the time of the IPO, Nogg raised funds more than 93.93%of the original plan, which shows that the agency at that time was enthusiastic about it. Compared with the two aspects, the company is obviously not to be seen by the secondary market after listing.

01. Reinforcement couples are entrepreneurial in a hot track, and apply for an IPO folding halberd for the first time in 2016

In recent years, the pharmaceutical research and development contract outsourcing service (CRO) has become a popular track, which is hailed by the institution as long -slopes.

According to Frost & Sullivan's forecast, from 2019 to 2023, domestic drug research and development outsourcing potential will increase from 34.7%to 46.7%, and the corresponding clinical CRO market size will also increase from US $ 3.2 billion to $ 13.3 billion.

However, this dense technology and knowledge are dense. When it involves overseas business, it also needs to have a certain influence globally. Therefore, most of the domestic people who do this are returnees. Essence

Public information shows that Wu Jie, a actual controller of Nogg, is currently a US national. He has been studying in the United States for many years. He was a senior researcher at Merck Pharmaceutical and started a business in Beijing in 2006. The prospectus shows that Nunger's actual controller Nai Wujie and his wife Zheng Hongbei, who controlled the company through Aishi Holdings and Shihezi Kaihong. Therefore, like many returnee startups, Nogg is also a husband and wife shop.

On the hot track, it was established earlier. It is reasonable to say that Nosge's listing is not difficult. But in fact, Nogg's first declared IPO in 2016, but took the initiative to withdraw when he was in July 2017.

According to the company, due to the impact of industry supervision, most of the applicants involved in the registration of registration applications were withdrawn from drug registration applications. Adjustment. In this context, the company's 2016 performance was affected to some extent, so it decided to withdraw the IPO declaration.

Four years later, Nog's sprinting IPO again. Before the IPO, the company received financing from 6 well -known venture capital institutions including IDG Capital, Shenzhen Venture Capital, Junlian Capital, and Gaoming Capital. After listing, the above -mentioned institutions held a total of 13.78%of Nogg, of which IDG held up to 7.25%.

This time, the company replaced the sponsors and found the famous CICC (601995.SH). Some people in the industry said that if it wasn't for CICC, Nogg broke through the IPO this time, and it would not be able to succeed.

02. Nearly a thousand people abandoned 470,000 shares of CICC Bags.

CICC is a big domestic capital circle. In the past, red -chip stocks that mainly underwent listed overseas. In the past two years, they have begun to undertake domestic projects. Public information shows that the IPO issuance price of listed companies underwritten by CICC is often high, and it is easy to break after the listing of new shares. Nurge is no exception.

In a popular track, and many institutions blessings, when the IPO inquiry in this round, Nog was sought after by institutional investors. According to the issuance plan, the company is preparing to issue 15 million shares, raising 610 million yuan. After the inquiry, the IPO issuance price was set at 78.88 yuan/share, which could raise 1.183 billion yuan, exceeding 93.93%of the original plan.

After the IPO pricing was announced, based on the data of the 2021 annual report, the P / E ratio of the Nosh's IPO issuance price was roughly 50.13 times, which seemed to not seem to be about 57 times the average price -earnings ratio of about 57 times. However, the old shareholder still suggested to purchase cautiously because the company's operation is not very stable. The performance in 2020 has fallen sharply. In 2021, net profit increased by only 18.37%year -on -year. Therefore, he believes that the issue price of 78.88 yuan is a bit expensive. Rising, leaving the profit margin to the secondary market retail investors.

When they were officially subscribed, some investors were worried that the price of Nog's issuance was too high, and it broke after listing. Therefore, there was no payment after winning. Public information shows that at that time, 469,500 shares were abandoned, and the purchase funds reached 37.04 million yuan, and nearly 1,000 Chinese signs were abandoned. These shares are finally sold by CICC.

On August 2nd, Nogg launched the listing, and the investors in the Chinese signed in early trading were almost scared.

On the same day, Nogg's opening price was 78.89 yuan, which was only 0.01 yuan higher than the issuance price. Subsequently rose slightly by 2.09%, and then suddenly turned around, breaking in the market, a minimum of 1.51%to 77.70 yuan. At that time, some shareholders panicked after the break, and the surprise of winning the signed became a frustration of losing money.

However, Nogg only stopped under the issuance price. After 4 minutes of "horror", the shareholders opened a wave of sharp rise to a maximum of 99 yuan. This price has also become the highest price of the secondary market so far. Judging from the transaction data after the market, two institutions bought 53.34 million yuan on the day, which may be the power behind the wave of rapid rise. 03. The gross profit margin is lower than the peers and declined for 3 consecutive years. The per capita revenue is 320,000.

At noon on August 2nd, investors analyzed on the snowball that although the issue price was kept on the first day of the listing, "but Nogg is indeed not an excellent new shares."

The prospectus shows that from 2019 to 2021, Nogg achieved operating income of 425 million yuan, 484 million yuan, and 608 million yuan, respectively, with a compound growth rate of income in the past three years of less than 20%; net profit was 86.327 million yuan, 85.2924 million, respectively. Yuan and 99.24 million yuan, the gross profit margin in the past 3 years was 43.50%, 39.25%, and 38.32%, respectively, which can be described as one year as one year.

"But we know that the growth of domestic CROs in the past three years can be described as rowing. As the leader of the clinical CRO industry, Tiger Medicine, on the basis of a large amount of 2019-2021 The annual revenue is nearly 5.214 billion yuan, and the gross profit level remains at a high level of about 45%. The level of gross profit margin also maintained at a high level of 43%, and the average annual growth rate of net profit attributable to the mother reached 142.85%. In contrast, Nogg did not keep up with the average growth rate of the industry, which means that it did not keep up with the rhythm. I do n’t know if the specific operation is out (), and I do n’t know, the prospectus has not been explicitly stated. In short, the financial data presented is like this, it ’s not good.”

In addition, in the past five years, Noneg's per capita income was far lower than those of their peers.

The financial report data shows that in 2017, Nonege revenue per capita income of 275,500 yuan, which is significantly lower than Botten (300363.SZ), Yaoming Kangde (603259.SH) and Tiger Medicine (300347.SZ). Later, although Nogg's per capita revenue also increased year by year, the growth rate was small. In the past three years, it was hovering around 320,000 yuan. Although this data is not the bottom in the entire industry, it is different from the leading enterprises in the CRO industry. Essence

04. Core technicians have changed blood during 5 years.

Nonag's financial indicators performed average, naturally affecting the confidence of investors in the secondary market. Two weeks after listing, the company's stock price approached the IPO issuance price again. It closed on August 16th and the issue price was only 1.26 yuan. The risk of breaking existence at any time.

Some people in the industry have analyzed that after the listing of Nogg's listing, the stock price is facing breakage. It should be unstable with the company's core staff. Financial indicators such as revenue growth, gross profit margin, and per capita income should be reached in the industry. related. This person frankly said that there were many questions about the market before Nogg's listing, including large customer revenue data fighting, major medical accidents in clinical trial business, and serious equity disputes with Suzhou Haike, which was acquired. Big -NCC -name sponsor, this time IPO may not pass the level smoothly.

However, some insiders told the company's research room that the above troubles are all appearances. The biggest problem of Nogg is that it cannot be retained, especially the core R & D personnel. He said that at the moment of market globalization, large -scale, high -quality pharmaceutical R & D professionals have become CRO's core competitiveness. To put it bluntly, CRO is a person who eats by people. R & D employees will determine the final success or failure of the enterprise.

Unfortunately, in this regard, Noggi performed poorly.

The company's research office noticed that since Nustog's IPO was declared for the first time in June 2016, and the prospectus was disclosed twice in January 2021, the company's core technical team changed blood in 5 years.

(Core technical personnel in the 2016 version of the application draft)

In 2016, there were 8 core technical personnel in Noshn. By 2021, 5 of 8 people left, and 1 person was transferred from the standard. In 2018, a large number of core personnel resigned, including Huang Xiaomao, then the company's clinical research director, Shen Zhenshu, then the clinical research director, and Richard SHANE TADD, the assistant deputy general manager of the company, Xu Xiaogang, then the quality and training director, and the timely clinical clinical clinical Research Deputy Director Lu Honglong.

In

According to statistics from a securities media, in the past 5 years, no matter in the pace of personnel expansion, or to improve their own efficiency, Nosh's performance is average. .Sz) such a company that was not as good as itself.

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