Zhou’s thoughts and investment suggestions: the subdivisions of medicine have been continuously and violently adjusted, and the long-term investment value of medicine has been highlighted
On February 6, 2022, the market was reviewed. Last week, the pharmaceutical segment fell in an all-round way, and the pharmaceutical biological index fell by about 6.83%, 2.32 percentage points lower than the Shanghai and Shenzhen 300 index and 2.26 percentage points lower than the Shanghai Composite Index. Among the class III sub industries of medicine, all 13 sub industries fell last week, and the decline range from low to high was blood products (- 3.77%), medical R & D outsourcing (- 5.06%), vaccines (- 5.07%), pharmaceutical circulation (- 5.41%), medical equipment (- 5.76%), APIs (- 5.80%), hospitals (- 6.37%), other biological products (- 6.89%), traditional Chinese Medicine III (- 7.08%) In vitro diagnosis (- 7.88%), medical consumables (- 8.04%), offline pharmacies (- 8.36%), chemicals (- 8.92%). The total market value of Shanghai and Shenzhen SW pharmaceutical biology is 5.94 trillion yuan, PE (TTM, excluding negative value) is 28.45x, chemical medicine 29x, traditional Chinese medicine 29x, biological products 26x, pharmaceutical business 15x, medical devices 24x and medical services 55x. The overall valuation is in a very reasonable range. In 2022, under the background that there is no new main line in the whole pharmaceutical market, our strategy mainly considers from several aspects: (1) performance, undervalued value, investment is not afraid of good performance;
(2) opportunities for racetracks encouraged by policies, traditional Chinese medicine and medical equipment (Procurement); (3) The opportunity of individual stocks is only to choose from the bottom up. Guiyang Xintian Pharmaceutical Co.Ltd(002873) the logic of the rise in the limit on January 28 is to underestimate the value, high growth and the target of innovative drugs of traditional Chinese medicine. We are still optimistic about the opportunities of traditional Chinese medicine track, especially innovative drugs of traditional Chinese medicine.
In addition, for the investment of traditional Chinese medicine track, our team once again emphasizes the “3 + 3” investment clue and puts forward suggestions to pay attention to the “3 main lines + 3 themes”.
Three main lines: Traditional Chinese medicine brands with time-honored brands, characteristic varieties with the ability to raise prices, and undervalued targets with incentives and guarantees.
Time honored brands: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Beijing Tongrentang Co.Ltd(600085) , Yunnan Baiyao Group Co.Ltd(000538) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) etc;
Price increase: Jianmin Pharmaceutical Group Co.Ltd(600976) (covered, buy rating), Dong-E-E-Jiao Co.Ltd(000423) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Jiuzhitang Co.Ltd(000989) etc;
There are incentives: China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) (covered, buy rating), Henan Lingrui Pharmaceutical Co.Ltd(600285) , Kpc Pharmaceuticals Inc(600422) , Jiangzhong Pharmaceutical Co.Ltd(600750) , etc.
Three themes: innovation, region and industrial chain.
Innovative traditional Chinese medicine: Guiyang Xintian Pharmaceutical Co.Ltd(002873) (covered, buy rating), Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) etc.
Regional traditional Chinese medicine brands: Guizhou Sanli Pharmaceutical Co.Ltd(603439) (covered, purchase rating), Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Teyi Pharmaceutical Group Co.Ltd(002728) , Hefei Lifeon Pharmaceutical Co.Ltd(003020) , etc.
Traditional Chinese medicine industry chain: Traditional Chinese medicine service (gushengtang (covered, buy rating)); Upstream planting and breeding industry chain + material inspection of traditional Chinese medicine ( Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , Shanxi Zhendong Pharmaceutical Co.Ltd(300158) , Guizhou Bailing Group Pharmaceutical Co.Ltd(002424) , Focused Photonics (Hangzhou) Inc(300203) , Beijing Labtech Instruments Co.Ltd(688056) , Shanghai Runda Medical Technology Co.Ltd(603108) , Tofflon Science And Technology Group Co.Ltd(300171) , Maider Medical Industry Equipment Co.Ltd(688310) , Truking Technology Limited(300358) ); Midstream dealers (Chinese traditional medicine, Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) ); Downstream pharmacies ( Dashenlin Pharmaceutical Group Co.Ltd(603233) , Yixintang Pharmaceutical Group Co.Ltd(002727) , Yifeng Pharmacy Chain Co.Ltd(603939) , Lbx Pharmacy Chain Joint Stock Company(603883) , Yunnan Jianzhijia Health-Chain Co.Ltd(605266) , Shuyu Civilian Pharmacy Corp.Ltd(301017) ); Layout of the whole industrial chain of traditional Chinese medicine (Chinese traditional medicine, Jointown Pharmaceutical Group Co.Ltd(600998) etc.).
