Today (February 15), the Shanghai and Shenzhen stock markets showed a shock rebound pattern as a whole. The three major A-share indexes rose and fell at the opening, and then the theme stocks made efforts to promote the gem index and Shenzhen composite index to fluctuate higher, maintaining a strong pattern throughout the day, while the Shanghai index performed relatively weakly, basically showing a shock pattern and limited rebound.
In this regard, Guosheng securities previously said that after the emotional catharsis, the market may gradually usher in a restorative rebound. It is suggested to pay attention to position control before the formation of trading opportunities on the right. It is not suitable to chase up and kill down under the pattern of weak shocks. At the same time, it is also necessary to prevent the uncertainty of the progress of interest rate hike in the United States.
Meanwhile, Caixin Securities believes that it is expected that the A-share market will still achieve positive returns in 2022, but the performance of the index may not be as good as that in 2021. It is optimistic about the following four sectors in turn: first, the sector with booming production and marketing; 2、 Track stocks such as new energy; 3、 Downstream consumption sector; 4、 Epidemic damaged sector.
sector:
I. cro
Zhongtai Securities Co.Ltd(600918) mentioned that with the confirmation of the end of economic policy and the arrival of a new round of stable growth cycle, we believe that the focus of market repair may continue to focus on sectors with marginal improvement and valuation repair logic. At the time point when valuation switching is gradually approaching, advance layout needs to pay particular attention to marginal improvement and sustainability of growth. From the perspective of valuation, the pharmaceutical industry is currently at a historical low valuation. The market has been worried that the suppression of the price segment by centralized purchase and medical insurance negotiation will change the growth attribute of the pharmaceutical industry. We believe that the logic of long-term and stable growth of the pharmaceutical industry remains unchanged when the demand is determined.
Zheshang Securities Co.Ltd(601878) said that the bottom of CXO valuation gradually appeared. At present, CXO sector is generally at the bottom of historical valuation. Under the prospect of continuous external catalysis, continuous improvement of internal operation quality and recognition of overseas key customers, it is optimistic about CXO market. We are optimistic about the possibility that Pfizer cdmo supply chain continues to exceed expectations. The resumption of 2021q4 Asymchem Laboratories (Tianjin) Co.Ltd(002821) and Porton Pharma Solutions Ltd(300363) successively announced that the large-scale cdmo orders with large overseas pharmaceutical enterprises (we expect Pfizer covid-19 treatment drugs to be related) reached about US $900 million and US $214 million respectively. This Porton Pharma Solutions Ltd(300363) further increased US $681 million, which also shows that the local cdmo production capacity, quality system and delivery efficiency are highly recognized in the supply chain system of large overseas pharmaceutical enterprises. We are optimistic about the possibility of undertaking more cdmo orders for other overseas innovative drug projects after the local cdmo supply capacity is recognized by overseas major customers, and the possibility that the performance of the local cdmo supply chain continues to exceed expectations under the continuous and ineffective control of the epidemic. Considering that the current valuation of CXO enterprises has fallen back to the low level in 2019 and the uncertainty of performance, it is recommended to focus on Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) and Porton Pharma Solutions Ltd(300363) .
The agency further analyzed and recommended that it is expected to continue to benefit from Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) of Pfizer covid-19 therapeutic drug cdmo industrial chain. Clinical cro leader Hangzhou Tigermed Consulting Co.Ltd(300347) actively repurchase at the bottom of valuation. The valuation is cost-effective. CXO leaders Joinn Laboratories (China) Co.Ltd(603127) , Shanghai Medicilon Inc(688202) , Pharmablock Sciences (Nanjing) Inc(300725) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , etc. Focus on: independent and controllable covid-19 treatment drug innovative drug enterprises Shanghai Junshi Biosciences Co.Ltd(688180) , Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Fujian Cosunter Pharmaceutical Co.Ltd(300436) , Geli pharmaceutical, etc., and pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) in the treatment direction of traditional Chinese medicine covid-19.
II. New energy vehicles
Anxin Securities pointed out that it is expected that the traditional vehicle and new energy vehicle industries will improve in an all-round way in 2022. In terms of new energy vehicles, due to the price increase of some models caused by the decline of subsidies and the rise of raw material prices, orders are expected to be slightly affected in the short term. With the recovery of price acceptance of new energy vehicles after the festival, combined with the continued strong terminal demand and abundant unsold orders, the annual sales volume is expected to maintain a high growth. In terms of traditional cars, with the continuous improvement of chip shortage, the orders stored in the early stage are expected to speed up delivery; With the launch of new products by auto enterprises, the demand will be released, and the traditional passenger cars are expected to be significantly improved in 2022.
Everbright Securities Company Limited(601788) said that it is optimistic about the prospect of continuous release of electric vehicle 2C demand. It is expected that car enterprises are still expected to hedge policy fluctuations and rising cost pressure by retaining orders, time limited price protection, and comprehensive adjustment of price and equity, so as to drive the steady release of new orders; Among them, high-end pure electric vehicles, plug-in hybrid or market segments with strong certainty of sales growth, it is expected that production capacity, supply chain and logistics are still the leading factors affecting the climbing.
The agency further mentioned that the sales volume of Shanxi Guoxin Energy Corporation Limited(600617) passenger cars in 2022e is expected to be 5-5.5 million, and it is optimistic about car enterprises with strong model product cycle (chip supply mitigation, strong sales volume and profit elasticity), continuous increase of new energy penetration / clear promotion path of intelligent electrification. In the passenger car sector, traditional car companies recommend Great Wall Motor Company Limited(601633) and Geely Automobile, and it is recommended to pay attention to Byd Company Limited(002594) . New forces recommend Tesla, and it is recommended to pay attention to the ideal for a long time.
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