Market review and Industry Valuation
The week before the festival, pharmaceutical biology fell by 5.93%, 1.27 percentage points lower than the Shanghai and Shenzhen 300 index, and ranked 25th among the 31 Shenwan sub banks. The pharmaceutical sub sector fell across the board, with offline pharmacies falling the most, down 8.93%. As of January 28, 2022, the PE (TTM) of shenwanyi pharmaceutical industry was 29.80 times, and the latest premium rate relative to Shanghai and Shenzhen 300 was 128%. The valuation of traditional Chinese medicine hospitals in the sub sector is the highest, which is 71.97 times, and the valuation of medical consumables is the lowest, which is 11.91 times.
Industry highlights
The 14th five year plan for the development of pharmaceutical industry was issued
CDE publishes car-t therapy guidelines
Progress of New Coronavirus pneumonia
As of February 6, 2022, there were 106419 confirmed cases in China (excluding Hong Kong, Macao and Taiwan), 1495 confirmed cases, 4636 dead cases, 100288 cured and discharged cases, and 12748 confirmed cases imported from abroad. In terms of covid-19 vaccination, as of February 5, 2022, China had received 3.005 billion doses of covid-19 virus vaccine.
As of February 6, 2022, 395 million cases had been confirmed in the world. The country with the largest number of cases was the United States, with a total of 78.02 million, followed by India and Brazil, with 42.19 million and 26.54 million confirmed respectively. In terms of covid-19 vaccination, as of February 4, 2022, covid-19 vaccine had been vaccinated 10.178 billion doses worldwide, and the vaccination proportion (number of complete vaccinations / total population) was 52.12%.
Core view
The week before the festival, the pharmaceutical sector continued to adjust, and all sub sectors fell. The overall valuation of the industry is at the lowest level in history, and the industrial development trend is good. It is suggested to grasp the callback opportunity. In the long run, the normalization of volume procurement continues to accelerate industry differentiation, forcing enterprises to transform to innovation; The medical insurance catalogue was dynamically adjusted to continuously accelerate the volume of innovative drugs. Driven by policies, talents and capital, China's innovative drugs have entered the harvest period of achievements and opened the road of internationalization. It is suggested to pay attention to innovation and related segments of the industrial chain: (1) at present, the R & D homogenization of innovative drugs in China is relatively serious, the targets and indications are relatively concentrated, and the industry has gradually changed from me too / me worth to me better, more innovative The advantages of domestic innovation leading enterprises with strong R & D strength, rich pipelines, reasonable gradient and outstanding product differentiation advantages will be further highlighted. It is suggested to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) ; (2) China's vaccine industry continues to be in a high boom state, the iterative upgrading of technology is accelerated, and heavy products are listed one after another. Domestic innovative vaccines have become the support point to promote the sustainable growth of the industry market. The industry concentration continues to increase. We suggest paying attention to the leading high-quality vaccine enterprises Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) with listing (including agency), heavy research or exclusive products, production and R & D strength; (3) With the progress of science and technology, new medical discoveries, new technologies and new fields are emerging, and biological emerging markets such as cell and gene therapy are developing rapidly. It is suggested to pay attention to the development trends of various industries, high-quality enterprises and upstream industrial chains, such as life science services; (4) It is expected that with the continuous promotion of China's high-speed R & D and innovation of cx6033} industry, it is expected to further improve the level of China's leading industries, such as {3009} and {36o} technology. In addition, the performance forecast is intensively released, and it is recommended to pay attention to high-quality listed companies with sustained high-speed growth or marginal improvement of performance.
Before the festival, the Ministry of industry and information technology and other nine departments jointly issued the "14th five year plan" for the development of pharmaceutical industry. The plan puts forward the goal of maintaining the average annual growth rate of the industry's operating revenue and total profit at more than 8%, and increasing the proportion of added value in all industries to about 5%. At the same time, it puts forward a comprehensive plan for innovation, industrialization, manufacturing and internationalization. During the 14th Five Year Plan period, China Meheco Group Co.Ltd(600056) industry will accelerate high-quality development, continuously increase R & D investment, continue to develop innovation to high-quality and internationalization, continue to strengthen the level of industrialization and manufacturing, and the leading enterprises with strong R & D, production and manufacturing capacity will benefit. It is suggested to pay attention.
Risk tips
Industry policy risk, drug safety risk, R & D risk and market competition risk.
