Zhongzheng Intelligent Finance News BeiGene (688235) disclosed its 2024 semi annual report on August 30th. In the first half of 2024, the company achieved a total operating revenue of 11.996 billion yuan, a year-on-year increase of 65.44%; The net profit attributable to the parent company was a loss of 2.877 billion yuan, compared to a loss of 5.219 billion yuan in the same period last year; Deducting non net profit loss of 3.125 billion yuan, with a loss of 5.502 billion yuan in the same period last year; The net cash flow generated from operating activities was -3.102 billion yuan, compared to -5.104 billion yuan in the same period last year; During the reporting period, BeiGene's basic earnings per share were -2.12 yuan, and the weighted average return on equity was -11.65%.
Based on the closing price on August 29th, BeiGene's current price to earnings ratio (TTM) is approximately -46.94 times, price to book ratio (LF) is approximately 8.46 times, and price to sales ratio (TTM) is approximately 9.26 times.
The historical distribution chart of the company's price to earnings ratio (TTM), price to book ratio (LF), and price to sales ratio (TTM) in recent years is shown below:
According to the semi annual report, the company achieved a total operating revenue of 6.637 billion yuan in the second quarter, a year-on-year increase of 58.60% and a month on month increase of 23.84%; Net profit attributable to the parent company was RMB 969 million, a year-on-year increase of 65.04% and a month on month increase of 49.20%; Deducting non recurring net profit was -1.078 billion yuan, a year-on-year increase of 62.67% and a month on month increase of 47.32%.
Our semi annual report shows that we are a global cancer treatment innovation company focused on discovering and developing innovative therapies, aiming to improve drug accessibility and affordability for cancer patients worldwide.
In the first half of 2024, the company's gross profit margin was 84.42%, an increase of 0.83 percentage points year-on-year; The net profit margin was -23.99%, an increase of 47.98 percentage points compared to the same period last year. From the perspective of single quarter indicators, the company's gross profit margin for the second quarter of 2024 was 85.11%, an increase of 0.23 percentage points year-on-year and 1.54 percentage points month on month; The net profit margin was -14.60%, an increase of 51.65 percentage points compared to the same period last year and an increase of 21.00 percentage points compared to the previous quarter.
The data shows that the weighted average return on equity of the company in the first half of 2024 was -11.65%, an increase of 6.38 percentage points compared to the same period last year; The return on investment of the company in the first half of 2024 was -8.43%, an increase of 6.72 percentage points compared to the same period last year.
In the first half of 2024, the net cash flow from operating activities of the company was -3.102 billion yuan, an increase of 2.001 billion yuan year-on-year, mainly due to the increase in cash received from selling goods; Net cash flow from financing activities was 1.169 billion yuan, an increase of 322 million yuan year-on-year; The net cash flow from investment activities was -834 million yuan, compared to 2.645 billion yuan in the same period last year.
Further statistics show that the company's free cash flow in the first half of 2024 was -510.5 million yuan, compared to -4491 million yuan in the same period last year.
In the first half of 2024, the company's operating income to cash ratio was 100.34%.
In terms of operational capability, in the first half of 2024, the company's total asset turnover rate was 0.29 times, compared to 0.17 times in the same period last year (the industry average in the first half of 2023 was 0.21 times, and the company ranked 75/114 in the same industry); The fixed asset turnover rate was 2.91 times, compared to 2.04 times in the same period last year (the industry average in the first half of 2023 was 1.21 times, and the company ranked 21/114 in the same industry); The company's accounts receivable turnover rate and inventory turnover rate are 3.79 times and 0.61 times, respectively.
In the first half of 2024, the company's period expenses amounted to 12.973 billion yuan, an increase of 1.559 billion yuan compared to the same period last year; However, the expense ratio during the period was 108.14%, a decrease of 49.27 percentage points compared to the same period last year. Among them, sales expenses increased by 22.4% year-on-year, management expenses increased by 22.7% year-on-year, research and development expenses increased by 12.68% year-on-year, and financial expenses decreased by 82.58% year-on-year.
In terms of significant changes in assets, as of the end of the first half of 2024, the company's monetary funds decreased by 17.75% compared to the end of the previous year, accounting for 6.48 percentage points of the company's total assets; Accounts receivable increased by 49.32% compared to the end of the previous year, accounting for 3.06 percentage points of the company's total assets; Trading financial assets decreased by 13.95% compared to the end of last year, accounting for 2.51 percentage points of the company's total assets; The construction in progress increased by 17.70% compared to the end of last year, accounting for 2.29 percentage points of the company's total assets.
In terms of significant changes in liabilities, as of the end of the first half of 2024, the company's short-term borrowings increased by 25.36% compared to the end of the previous year, accounting for 2.91 percentage points of the company's total assets; Accounts payable decreased by 9.30% compared to the end of last year, accounting for 0.82 percentage points of the company's total assets; The payable employee salaries decreased by 23.36% compared to the end of the previous year, and the proportion of total assets in the company decreased by 0.82 percentage points; Other current liabilities increased by 25.11% compared to the end of the previous year, accounting for 0.59 percentage points of the company's total assets.
From the perspective of inventory changes, as of the end of the first half of 2024, the book value of the company's inventory was 3.189 billion yuan, accounting for 13.14% of net assets, an increase of 238 million yuan from the end of the previous year. Among them, the provision for inventory impairment is 34.521 million yuan, with a provision ratio of 1.07%.
In terms of debt paying ability, the company's asset liability ratio at the end of the first half of 2024 was 40.87%, an increase of 1.92 percentage points compared to the end of the previous year; The interest bearing asset liability ratio is 19.90%, an increase of 3.05 percentage points from the end of the previous year.
In the first half of 2024, the company's current ratio was 1.99 and quick ratio was 1.76.
According to the semi annual report, among the top ten circulating shareholders of the company at the end of the first half of 2024, the new shareholder is ICBC Credit Suisse Frontier Medical Equity Securities Investment Fund, which replaced the participation of employees from CICC Guangfa Bank CICC BeiGene No.1 in the Science and Technology Innovation Board strategic allocation collective asset management plan at the end of the first quarter. In terms of specific shareholding ratios, Hong Kong Central Depository and Clearing Corporation Limited has increased its holdings, while Amgen Inc., Anjin Company, HHLR Fund, L.P. and its affiliated entities, Baker Brothers Life Sciences, L.P. and its affiliated entities, Capital Research and Management Company and its affiliated entities, Central Enterprise Rural Industry Investment Fund Co., Ltd., Guangzhou High tech Zone Technology Holdings Group Co., Ltd., Bank of Communications Limited Wanjia Industry Preferred Hybrid Securities Investment Fund (LOF), and Penghua Pharmaceutical Technology Equity Securities Investment Fund have decreased their holdings.
In terms of chip concentration, as of the end of the first half of 2024, the total number of shareholders of the company was 37600, a decrease of 663 from the end of the first quarter, a decrease of 1.73%; The average stock market value per household decreased from 4.6731 million yuan at the end of the first quarter to 4.2195 million yuan, a decrease of 9.71%.
Indicator annotation:
Price to earnings ratio
=Total market value/net profit. When a company is losing money, the P/E ratio is negative, and using P/E ratio for valuation is not practically meaningful. Often, the price to book ratio or price to sales ratio is used as a reference.
Price to book ratio
=Total market value/net assets. The price to book ratio valuation method is often used for companies with significant profit fluctuations but relatively stable net assets.
Market sales ratio
=Total market value/operating revenue. The market to sales ratio valuation method is usually used for growth companies that are operating at a loss or with low profits.
The price to earnings ratio and price to sales ratio in the article are calculated using the TTM method, which is based on data from the last 12 months of the financial report (including forecasts). The price to book ratio is calculated using the LF method, which is based on the latest financial report data.
When the P/E ratio is negative, not displaying the current percentile will cause the line chart to break.