Generally speaking, the company is still in a difficult period, and the number of funds has dropped by as much as 90%. At present, it only holds more than 100 funds, which reflects the attitude of institutions to vote with their feet.
Centralized procurement led to a sharp decline in the advantages of sales channels before Hengrui. However, Hengrui's R&D strength and competitiveness are still strong in the domestic pharmaceutical field. In the future, as innovative drugs are listed and included in medical insurance, sales and income will increase, and the dilemma will be reversed with a high probability.
The current valuation is 40 times. In the current situation of poor fundamentals, it is not easy to maintain a valuation of 40 times, and it is also a reasonable valuation. If you go down to 30 times the valuation, you will have a greater chance.