The pharmaceutical index rebounded this week, outperforming the market
Shenwan pharmaceutical biological index rose 4.85%, and the overall performance was stronger than the market. Among them, medical services rebounded strongly, up 12.59%; The medical device sub industry increased by 5.67%, the chemical pharmaceutical sub industry increased by 2.52%, the traditional Chinese medicine sub industry increased by 1.99%, and the biological products sub industry increased by 1.98%. CXO sub industry and covid-19 drugs, sequential vaccination and other topics have high attention.
The oversold CXO rebounded this week, and the nmpa approved covid-19 drug to drive the attention of R & D enterprises
Leading enterprises Wuxi Apptec Co.Ltd(603259) deduct non net profit by more than 70% in 2021; The share prices of several CXO companies rebounded this week, and the Porton Pharma Solutions Ltd(300363) week, which announced that it had obtained large orders from Pfizer, rose by 36%. After nmpa approved Pfizer’s small molecule covid-19 therapeutic drug on February 12, covid-19 drug R & D enterprises received attention and Shanghai Junshi Biosciences Co.Ltd(688180) increased significantly.
Outlook for next week: focus on the sea going of cell therapy and high growth CXO valuation repair
This week, the car-t product ibi326 jointly developed by Cinda biology and reindeer medical won the qualification of FDA orphan drug. On February 28, legendary biology will welcome FDA’s feedback on its car-t product sidakiolensea. It is expected to become the first cell therapy product to go to sea in China and is expected to become the focus of this month. It is suggested to pay attention to the car-t R & D progress and update of Kingsley biotechnology, Keji pharmaceutical and other enterprises. CXO industry enjoys the engineer bonus of China. The profit growth rate of enterprises represented by Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) is between 40% – 75% in 2021. Corresponding to the unanimous expectation of wind in 2022, the company’s valuation is mostly about 40x. It is suggested to continue to pay attention to the valuation repair of CXO.
Monthly gold shares in February
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760): a multi category, multi market and multi-level comprehensive instrument leader, after covid-19, will enjoy the acceleration of global layout and the business cycle of China’s new infrastructure, and the performance can grow continuously and stably. The company has adjusted to the bottom range of multi-year valuation, corresponding to the closing price on February 18. The valuations from 2022 to 2023 are 37x and 29x respectively, maintaining the “buy” rating.
Humanwell Healthcare (Group) Co.Ltd(600079) (600079): in the era of centralized mining, refined hemp drugs have the attribute of high barrier and good industrial competition pattern; The demand for narcotic drugs is driven by the growth of operation volume, comfortable diagnosis and treatment and other factors; The refocusing process continued, the debt ratio improved and the financial expenses decreased. Corresponding to the closing price on February 18, the valuations from 2022 to 2023 are 19x and 16x respectively, maintaining the “buy” rating.
Risk tips
R & D is not as expected; Trade friction exceeded expectations; Policy risk
