CrO (pharmaceutical R & D outsourcing) rose 9.16% this week, and 13 shares have more than 50% room for rise.
The cro concept index rose 5.7%
On February 15, the cro concept index rose by 5.7%, ranking first in the increase list of the concept index. Among the concept stocks, Chengda pharmaceutical two board, Joinn Laboratories (China) Co.Ltd(603127) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) and Porton Pharma Solutions Ltd(300363) , Pharmablock Sciences (Nanjing) Inc(300725) , Pharmaron Beijing Co.Ltd(300759) rose by more than 10%. Previously, the index has been callback for several consecutive days and closed positive this week, with a cumulative increase of 9.16%.
For the continuous decline of the previous cro concept index, analysts said that on the one hand, the cumulative increase in the past was too large, and institutions were concentrated; On the other hand, fund sales are cold, and it is difficult for new funds to undertake outflow of funds. In addition, the fundamentals and growth expectations of individual stocks in the industry are no higher than in the past, and the valuation appears to be on the high side.
According to the statistics of securities times · databao, the overall valuation of cro concept on February 15 was 60.84 times. The latest rolling P / E ratio of 9 stocks such as Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Centre Testing International Group Co.Ltd(300012) , Hangzhou Tigermed Consulting Co.Ltd(300347) is lower than this value. Among them, Sino Biological Inc(301047) has the lowest valuation, which is 23.39 times; Wuxi Apptec Co.Ltd(603259) and Pharmaron Beijing Co.Ltd(300759) are slightly higher, about 66 times.
Cro is commonly known as pharmaceutical R & D outsourcing. The higher-level concept is CXO (Pharmaceutical outsourcing), including cro, CMO / cdmo and CSO concepts, which respectively serve the three links of pharmaceutical R & D, production and sales. Soochow Securities Co.Ltd(601555) believes that the average p / E ratio of China’s mainstream CXO companies in 2022 is 41 times, and the valuation has been greatly digested compared with foreign CXO companies. Looking back on the R & D investment of global and Chinese pharmaceutical enterprises, the number of new drug pipelines, the financing amount and financing number of medical and health industry in 2021, the demand for A-share CXO remains unchanged and still has sufficient momentum. The performance forecast of China’s CXO company in 2021 also shows that the visibility of CXO performance has not changed and has the value of equipment.
CXO sector has been greatly disturbed recently, and institutions are optimistic about the future market
On February 8, the Bureau of industry and security (BIS) of the U.S. Department of Commerce issued an updated “unverified list (UVL)”, and the company’s Yaoming biology and Yaoming Biology (Shanghai) were listed. The United States imposed new restrictions on listed entities’ access to products from U.S. exporters and asked U.S. companies wishing to do business with these Chinese companies to conduct additional investigations. Futu Securities said that at present, the market believes that Yaoming biology is only included in the “unverified list”, not the “entity list”, and there is no need to overreact. However, it reminds that the localization and substitution of key products in the biomedical industry should be accelerated to avoid being stuck. At the same time, it also attracts the market’s attention to the pharmaceutical upstream equipment industry.
On February 11, the State Food and Drug Administration approved the import registration of Pfizer’s covid-19 virus treatment drug nimatovir tablets / ritonavir tablets combination packaging (i.e. paxlovid) with emergency conditions. On the same day, Porton Pharma Solutions Ltd(300363) announced that it had signed a new US $681 million order with Pfizer, which was a cdmo order related to covid-19 therapeutic drugs. covid-19 treatment drugs and cdmo supply chain continue to usher in heavy benefits.
Zheshang Securities Co.Ltd(601878) said that the stock price of CXO sector fluctuated greatly from 2021 to 2022, which was mainly affected by the following aspects: Policy: medical insurance negotiation, CDE regulatory policy, trade conflict (the list of us entities is worried, and Yaoming biology is included in the UVL list); Investment and financing: the monthly fluctuation is large, and Hong Kong stocks break. It is worried that the deterioration of investment and financing will lead to the decline of new orders signed by CXO. Under the above disturbance, the bottom of CXO valuation gradually appears. At present, the CXO sector is generally at the bottom of historical valuation. It is optimistic about the CXO market under the prospect of continuous external catalysis, continuous improvement of internal operation quality and recognition of overseas major customers.
13 shares of have been rated by many institutions, and 6 shares of have been added to the north
According to the statistics of data treasure, there are 25 non ST stocks in the cro concept. In the context of the overall downturn of the industry, only Zhejiang Yatai Pharmaceutical Co.Ltd(002370) shares have recorded an increase since the new year of 2022, while the other stocks have generally declined, with an average decline of 16.65%. In terms of institutional attention, 13 shares have recently been rated by more than 5 institutions. Kay Lai Ying, Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) , Hangzhou Tigermed Consulting Co.Ltd(300347) ranked among the top four, with more than 20 rating agencies.
In terms of performance, based on the median value of express data / pre increase range, the annual net profit of 14 shares increased by more than 40%, and four shares, including Wuhan Hiteck Biological Pharma Co.Ltd(300683) , Pharmablock Sciences (Nanjing) Inc(300725) , Boji Medical Technology Co.Ltd(300404) , Shanghai Medicilon Inc(688202) , are expected to double.
Driven by the continuous decline of the previous index, the latest price of concept stocks generally has a large difference compared with the target price unanimously predicted by institutions, which has considerable room for rise. 13 stocks have more than 50% room for rise, Shanghai Medicilon Inc(688202) , Jiangsu Sinopep-Allsino Biopharmaceutical Co.Ltd(688076) has more than 100%, and Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) and Pharmaron Beijing Co.Ltd(300759) have 92.48%, 85.71% and 74.51% room for rise respectively.
In terms of capital, some concept stocks have been favored by capital in recent 10 days. As of the 14th, leveraged funds had increased positions of Wuxi Apptec Co.Ltd(603259) , Henan Taloph Pharmaceutical Stock Co.Ltd(600222) , Centre Testing International Group Co.Ltd(300012) 3 shares; Northward capital added 6 shares, Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Shanghai Medicilon Inc(688202) , Pharmablock Sciences (Nanjing) Inc(300725) led the increase, while Pharmaron Beijing Co.Ltd(300759) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) and other 3 shares gained more than 4%.
