The pharmaceutical sector rebounded this week
This week, the pharmaceutical and biological index rose by about 4.85%, outperforming the Shanghai and Shenzhen 300 index by 3.76 percentage points, outperforming the Shanghai Composite Index by 4.04 percentage points, and ranking the third in the rise and fall of the industry. Excluding the average value of pharmaceutical industry since Friday, it is below 1.2 times of the "TTM" in 2015. Among the pharmaceutical level III sub industries, among the 13 sub industry sectors this week, 12 sub industry sectors rose and 1 sub industry sector fell. Medical R & D outsourcing was the sub industry with the largest increase, up 16.36%. Blood products was the only sub industry that fell, down - 0.26%. The sub industry with the highest valuation this week is the hospital, and the PE (TTM) is 77 times.
The pharmaceutical market has gradually stabilized, and the disclosure of the first quarter of the annual report will bring new directions
The overall pharmaceutical market was stable this week. Next, the configuration of the pharmaceutical industry, taking into account the background of the pharmaceutical industry, on the one hand, the uncertainty caused by the continuous promotion of the centralized procurement policy this year (centralized procurement of consumables, national procurement, alliance procurement, etc.). In addition, the short-term pharmaceutical industry sector has not seen clear favorable policies / changes, and there is no upward momentum in the short term. It is advisable to look at the quantity of scenery. The valuation of many pharmaceutical companies has reached a very reasonable range. The uncertainty of changes brought by policies makes many investors unable to start. We suggest the direction configuration of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream + other directions to find the target from bottom to top.
(1) traditional Chinese medicine: famous brand OTC + innovative traditional Chinese medicine + traditional Chinese medicine chain. We recommend: Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Guizhou Sanli Pharmaceutical Co.Ltd(603439) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , gushengtang and other targets, and also recommend paying attention to: Beijing Tongrentang Co.Ltd(600085) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , Teyi Pharmaceutical Group Co.Ltd(002728) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) .
(2) medical equipment sector: we recommend paying attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Sonoscape Medical Corp(300633) , Edan Instruments Inc(300206) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Xiangyumedicalco.Ltd(688626) , Nanjing Vishee Medical Technology Co.Ltd(688580) , Jiangxi Sanxin Medtec Co.Ltd(300453) . In addition, IVD sector will also benefit from medical infrastructure. We recommend paying attention to Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Autobio Diagnostics Co.Ltd(603658) , Shenzhen Lifotronic Technology Co.Ltd(688389) , Maccura Biotechnology Co.Ltd(300463) , Tellgen Corporation(300642) , Guangzhou Wondfo Biotech Co.Ltd(300482) .
(3) scientific research reagents and upstream: we propose to pay attention to Nanjing Vazyme Biotech Co.Ltd(688105) , Suzhou Nanomicro Technology Co.Ltd(688690) , Acrobiosystems Co.Ltd(301080) , Shanghai Titan Scientific Co.Ltd(688133) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Guangzhou Jet Bio-Filtration Co.Ltd(688026) , Tofflon Science And Technology Group Co.Ltd(300171) , Focused Photonics (Hangzhou) Inc(300203) , Truking Technology Limited(300358) , Zhejiangtailin Bioengineering Co.Ltd(300813) .
(4) other bottom-up sectors and companies need to be analyzed according to the subject matter and valuation of the industry and the company. It is proposed to pay attention to Yantai Zhenghai Bio-Tech Co.Ltd(300653) (active biological bone is approved, and the PE of wind is 38x in 2022), Medprin Regenerative Medical Technologies Co.Ltd(301033) (the advantage of 3D printing manufacturing process in non animal consumables) and other subjects of regenerative medicine; The valuation of the medical service sector is low. We recommend haijiya and gushengtang with high cost performance and expansibility. We suggest paying attention to Aier Eye Hospital Group Co.Ltd(300015) , Chaoju Ophthalmology, Jinxin reproduction, etc; Biological products and vaccines need continuous attention. We recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Changchun Bcht Biotechnology Co(688276) and Walvax Biotechnology Co.Ltd(300142) , Cansino Biologics Inc(688185) , Chengdu Olymvax Biopharmaceuticals Inc(688319) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) etc; For household medical devices, it is recommended to pay attention to Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) (wind agrees that PE in 2022 is 18x), Cofoe Medical Technology Co.Ltd(301087) (PE · TTM is 28x).
(5) in addition, for the innovative drug sector, it is suggested to pay attention to the innovative drug targets with international ability. We suggest to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Hehuang medicine, kangfang biology, China biopharmaceutical, etc.
Event comments: Chongqing Zhifei Biological Products Co.Ltd(300122) recombinant protein covid-19 vaccine was approved for sequential vaccination and booster injection
Financial Associated Press, February 18 - China plans to launch the covid-19 vaccine "mixed injection" program, and Zhifei and Cansino Biologics Inc(688185) were selected. At present, the test data released by several companies show that adenovirus vector vaccine and recombinant protein vaccine, as the reinforcing needle of sequential vaccination, have certain advantages against the original virus strain and mutant strain. Among the confirmed cases in China, Delta and Omicron variants have become the mainstream. In conclusion, Cansino Biologics Inc(688185) adenovirus vector vaccine and Zhifei recombinant protein vaccine have been approved as sequential booster shots, which is expected to further consolidate China's epidemic prevention and control. In 2021, it is estimated that Chongqing Zhifei Biological Products Co.Ltd(300122) recombinant protein vaccine products will contribute more than 10 billion yuan of revenue to the company. If the follow-up products are approved for booster injection with their excellent effectiveness in sequential vaccination test (especially for Delta and Omicron variants), the revenue of covid-19 vaccine pipeline of the company will be supported to some extent in 2022. Superimposed with the incremental income generated by vaccine export overseas, covid-19 vaccine is expected to continue to contribute a large amount of cash flow to the company in 2022.
New reports issued this week: Company depth Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771)
This week, Xinfa's in-depth Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436): "the volume and price of one core rise together, the two wings expand the margin, and the treasure of traditional Chinese medicine stands on a new level", and the company's in-depth Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) (600771): "old brands fall to their roots and look forward to the nirvana and rebirth of traditional Chinese medicine products".
Performance of individual stocks this week: growth of most individual stocks
Of the 432 A-share pharmaceutical and biological stocks this week, 344 rose, accounting for 79.6%. Among them, the top ten pharmaceutical stocks rising this week are: Chengda Pharmaceutical (+ 85.92%), Hybio Pharmaceutical Co.Ltd(300199) (+ 40.77%), Porton Pharma Solutions Ltd(300363) (+ 36.15%), Huakang medical (+ 33.39%), Beijing Hotgen Biotech Co.Ltd(688068) (+ 28.58%), Shanxi C&Y Pharmaceutical Group Co.Ltd(300254) (+ 23.93%), Contec Medical Systems Co.Ltd(300869) (+ 23.61%), Beijing Wandong Medical Technology Co.Ltd(600055) (+ 22.72%), Jinghua Pharmaceutical Group Co.Ltd(002349) (+ 22.68%), Shanghai Junshi Biosciences Co.Ltd(688180) - U (+ 21.63%); The top ten pharmaceutical stocks that fell this week were: Zhejiang Hisoar Pharmaceutical Co.Ltd(002099) (- 12.57%), Nanjing Hicin Pharmaceutical Co.Ltd(300584) (- 10.87%), Guobang Pharma Ltd(605507) (- 9.36%), Lanhai Medical Investment Co.Ltd(600896) (- 8.90%), Jianmin Pharmaceutical Group Co.Ltd(600976) (- 5.48%), Shanghai Sanyou Medical Co.Ltd(688085) (- 4.77%), Hefei Lifeon Pharmaceutical Co.Ltd(003020) (- 4.74%), St Kangmei (- 4.73%), Nanjing Vishee Medical Technology Co.Ltd(688580) (- 4.46%), Tinavi Medical Technologies Co.Ltd(688277) - U (- 4.46%). Of the 82 Hong Kong Pharmaceutical and biological stocks this week, 53 rose, accounting for 64.6%.
Global covid-19 epidemic situation and vaccination
The number of newly confirmed cases in the world has continued to decline, and the epidemic has spread in many places in Inner Mongolia, Jiangsu, Liaoning and Guangdong. The number of vaccinations has continued to grow, with the global average whole course vaccination rate of about 54%, and the whole course vaccination rate in China is about 85%. Omicron continues to rapidly replace Delta around the world.
