WuXi AppTec's logic, CRO industry chain

time:2023-01-30 03:42:02source:chakarski.com author:Stock market
WuXi AppTec's logic, CRO industry chain

Talking about my understanding of Yao Ming is limited to personal use and does not provide any advice. We only talk about the overall logic, without judging the micro details, for reference only. Now Yao Ming has a dispute over an issue: the US 2.7 put Yao Ming Bio on the sanctions list, which means that the two sides are not allowed to have trade exchanges, and require further review of the company's financial situation. And the United States accounts for more than 75% of Yao Ming's customers. The capital market has caused concern and the stock price has been stagnant. From this point of view, there are two mainstream views in the market. First, Yao Ming has an absolute industrial chain advantage, and the current price is the time to enter the market. Second, Yao Ming cannot escape the fate of being isolated and sanctioned. performed. From this point of view, "Yao Ming's differential performance cannot be recognized" is the focus of the discussion. Aside from the content and specific data of innovative yao, try to explain the underlying logic in the simplest language. The obscure medical research is for professional sellers, and what public investors can understand is a good target that is really worth investing in. For valuation and financial report analysis, you can directly read the research report. Yao Ming's business is a simple sentence, that is: to be a manufacturing platform for yao. That is, I have a good R&D idea, but I can't implement it, so I give them to do it. Someone once compared them to Foxconn, but their bosses prefer to describe themselves as TSMC, a platform like this. The formation of a yao requires countless clinical data and experiments. We have talked about this process before, as long as we know that the cost of manpower, material resources and time is extremely high. To put it simply, Yao Ming is generally recognized now that it is similar to a "world factory", with advantages such as cost and engineer bonus in the country. My understanding is that it is more and more like a VC in the primary market. It can give you investment, help you complete your ideas, and provide a venue for experimentation. That is to say, a full set of services. All you need to provide is research and development capabilities and ideas, and Yao Ming is responsible for the rest. Approval processes, including clinical trials, data collection, and listing applications, can be completed with help, and even companies that invest in related businesses will take them as their own. This is also the reason why Yao Ming’s company has such a high return on investment in 2021, which is mutually beneficial. In this way, many so-called startups are more willing to cooperate with Yao Ming. As long as the process continues, they can take profits from it, and the characteristics of the medical industry are that the later the business proceeds, the higher the profit will be. If the product is successful If it goes public, then a project can earn up to 100 million US dollars in revenue. There is also a charging model. Some relatively small startup customers only charge a small service fee. As long as the yao product is listed in the future, Yao Ming will be given a certain share. As of 21 years, Yao Ming has more than 5,700 customers. Once the yao varieties of these customers make breakthroughs, they will bring huge profits to Yao Ming. The overall model is as above. At present, Yao Ming's overall layout is still successful. I am optimistic about the model of Yao Ming's wide-spreading net. Unlike TSMC, which only focuses on serving major customers, they use their industrial advantages to invest on a large scale. From this logic, the information I focus on focuses on accounts receivable turnover (bargaining power to B), the quantity and quality of service customers, gross profit, and corporate investment performance, mergers and acquisitions. At present, the market is worried about one of the problems, one is the increase of labor costs, the advantage is no longer, and the other is the overall macro impact. The second and third is a common phenomenon at present. The biggest problem in the near future is the zz game, but in other words, as long as the zz game eases, the current stock price pressure will disappear. The United States is afraid of two points, one is supply chain dependence, and the other is capital dependence. At present, other low labor cost areas that can replace Yao Ming have not appeared in the supply chain. It is not like light industry can be easily transferred to Vietnam, and orders will continue. To sum up, my holding logic is Yao Ming's casting net mode, and selling logic is further deterioration of zz or the discovery of supply substitution. Select a promising point from the model, further conduct horizontal industry and vertical financial report analysis, and after obtaining a promising logic, you can continue to stick to it for a long time. See you tomorrow.
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