Noneger's talent reserves have been questioned: In the past 5 years, the core technical team has changed blood, and the compound growth rate of employees is 17%.

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

On September 13th, affected by the new bill of biomedicine development of the US government, the domestic A -share CRO sector fell severely. Yaoming Kangde (603259.SH) and Kaileying (002821.SZ) fell, Kang Longcheng (300759.SZ) ) The decline is close to 14%. Other stocks of the same sector have also suffered from pond fish. In the overseas CDMO and Biomedical business, Tiger Pharmaceutical (300347.SZ) fell more than 7%. .Sz) Fall 2.27%.

Among them, Nogg is a new stock that has been listed recently. The stock price has fallen below the issue price of 78.88 yuan/share. Since its listing, the trend is unsatisfactory. Insiders believe that behind the trend of this new stock price, in addition to the current pharmaceutical track is not at the air outlet, it also has a lot to do with the company's fundamentals.

On September 16, Noneger's stock price broke again. Due to a number of new shares underwritten by CICC, some stock prices have been sold for 50 % off, which makes some shareholders worry that Nogg, which has a high IPO price, will repeat the mistakes of those broken stocks.

01. Overseas business accounts for less than 3%, and the revenue amount is only 8.756 million

In the past two years, the reason why CRO concepts were in A -share winds, and a big highlight was the leading company, which has a large proportion of overseas market business. This business uses relatively low domestic human resources to earn abundant profits overseas.

The half -year report in 2022 shows that Yaoming Kangde's overseas business accounted for 82.12%, Kang Longhua became 82.87%of overseas business, Kaile British 86..18%; There are also 47.14%. During the same period, Nogg's overseas business accounted for only 2.69%, and the revenue amount was only 8.756 million.

The company's research room noticed that although Nonag's overseas revenue was small, the gross profit margin was as high as 56.45%, which was much higher than 38.22%of domestic business. This also proves from the side that investors are concerned about CRO's overseas business.

In fact, recently, some institutions went to Noneg to investigate, and they paid special attention to the internationalization process of the company and asked the company's main projects with large overseas pharmaceutical companies. Which parts of the clinical trials that they undertake have more businesses?

In this regard, Noneger said that in the future, it will increase the clinical trials of overseas pharmaceutical companies in China, and more participating in the international multi -center clinical trial (MRCT), developing offshore digital business, and as Chinese companies go out to go out. Strategy and company global expansion, layout overseas clinical trials.

The company's research room carefully read the conference records of the institutional visit. The relevant content was displayed in some business directions and did not cooperate with large overseas enterprises. Combined with the semi -annual revenue data, this shows that Nogg is currently not in overseas markets.

Some CRO leading companies involve pre -clinical research and development of biomedical business. Recently, the stock price has been impacted by the US relevant bills. Avoid the impact. Therefore, the proportion of overseas business is still the focus of attention during institutional investigations. From the point of view of overseas business, Nosig's current gap is indeed a bit large compared to leading companies.

02. The growth rate of revenue is 10.82%, the largest difference from the peers is 60%

As far as the scale of revenue and profits is concerned, Nogg and A -share CRO leading company is not comparable for the time being, because the difference is too much. For the three companies with similar business, Nogg is far from enough to be better than above.

The semi -annual report shows that in the first half of 2022, Nonome's total revenue was 326 million, and net profit was 57.83 million; the total revenue of Boji Pharmaceutical was 175.1 million, and the net profit was 3.79 million; Essence The gap in this scale is not formed in the past two years, but the result of accumulation. Specifically, it is related to the launch of the listing and the poor financing channels, which affects the speed of business expansion.

In addition to the business scale and revenue, Nogs ranked at the end in the three similar companies.

The semi -annual report shows that in the first half of the year, Nogg's revenue increased by 10.82%compared with the same period last year, Boji Pharmaceutical increased by 44.96%year -on -year, and Tiger Medicine increased by 74.78%year -on -year. Obviously, in terms of revenue growth, Nogg and two similar companies are simply not a magnitude.

Among the three companies, Tiger's pharmaceutical revenue was the largest, and the year -on -year growth rate was the highest. In the first quarter, the growth rate was as high as 101.55%year -on -year, and the impact of the epidemic in the second quarter fell, but the overall growth rate in the first half of the year still reached 74.78%. This shows that after the expansion of the industry's leading business, the growth rate may not necessarily decline.

Boji Pharmaceutical's revenue growth rate has been accelerating in the past four quarters, from 9.74%in the middle of last year to 44.96%in the first half of this year. On the contrary, Nonag's revenue growth has been declining. 28.56%of the year fell to 10.82%in the first half of this year. This is probably not just affected by the new crown epidemic.

The company's research room looked at the Noshn semi -annual report and did not see the relevant explanation. The company just briefly explained the year -on -year growth of revenue in the first half of this year, because the business scale during the reporting period was gradually growing. In addition, of the three companies, Nogg's gross profit margin in the first half of the year was the lowest. The financial report shows that the gross profit margin of Nogg in the first half of the year was 38.71%and the net interest rate was 19.01%; the gross profit margin of Boji Medicine was 39.75%, and the net interest rate fell greatly, only 8.97%; It is 36.66%.

03. The number of employees has increased by 17%in the past 5 years, and the countdown of the 9 peers is the first

Of course, the most critical of a company is its core competitiveness, and the financial report data is just a number of core competitiveness. So, in the industry competition, what is the core competitiveness of Nogg? Recently, 20 funds went to Nogg to investigate, and they first asked this question.

In this regard, there are two parts of the relevant response of Nonog.

The first part of the main point is: Nogg's core competitive advantage is centered on "science", which is reflected in the innovative technological leadership advantages and reputation of the project execution level. Innovative drug clinical trial business.

The second part is: CRO provides professional technical services for customers. The main competitive advantage of clinical CRO companies is largely reflected as talent reserves, so the company attaches great importance to the stability and incentives of personnel. plan

So, what exactly is the talent reserve of Nogg?

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. Regardless of how the company explains, this at least shows that the company's talent team is unstable.

In addition, according to statistics from a securities media, as of the end of 2021, the number of employees of Nogg was 1873, a compound increase of 17%in the past 5 years. Regardless of the pace of personnel expansion, or in improving their own efficiency, Nosge's performance is average. The company, more than the business structure, has a similar business structure. Such human reserves may be difficult to support Nogg to become bigger and stronger, and it is more difficult to satisfy the internationalization process that he wants to speed up.

Earlier, the management of the company did not blame the company's business as the lack of financing channels and tight funds. Nowadays, under the blessing of CICC, the net fundraising of the Nogg IPO fundraising is 1.087 billion yuan, which is nearly 500 million yuan. Therefore, funds are no longer the company's development bottleneck. After the listing, whether Nosh's talent reserves can grow rapidly, all parties in the market are waiting to see.

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