Key points:
Last week, medical service II rose 12.59%, ranking first in the segment
Last trading week, pharmaceutical biology closed at 9876.33 points, up 4.85%, ranking the third in Shenwan industry, with the highest increase. CSI 300 rose 1.06%, and pharmaceutical outperformed CSI 300 index by 3.76%; Medical service II closed at 9599.70 points, up 12.59%; Traditional Chinese Medicine II closed at 7413.95, up 1.99%; Chemical pharmaceutical closed at 10938.80, up 2.52%; Biological products II closed at 10661.65 points, up 1.98%; Pharmaceutical Business II closed at 5844.94 points, up 0.78%; Medical device II closed at 8914.39 points, up 5.67%; In terms of the characteristics of the rise and fall of the subdivided sectors, medical services stabilized and rebounded, with the highest increase.
Medical service PE (TTM) increased by 7.53x month on month, and Pb (LF) increased by 0.95x month on month
At present, the PE of medical service sector is 57.61x, the maximum value of PE in recent year is 182.68x, and the minimum value is 50.08x; At present, Pb is 7.38x, the maximum value of Pb in recent year is 14.25x, and the minimum value is 6.43x. The medical service sector was at the bottom of x.957, with the PE service sector rising over the previous year. The premium rate of the medical service sector relative to the CSI 300 valuation was 274.79%. Although the valuation of the medical service sector is still high statically, considering the high performance growth of specialized hospitals and companies related to the CXO industry, the PE valuation of most CXO companies in 2022 has decreased to about 40 times and peg is about 1 time, which is now cost-effective.
Important information
(1) the seventh batch of national procurement with quantity began, and 58 varieties were listed
On February 18, the filling and reporting of the seventh batch of centralized purchase related drug information officially began. The current round of national collection involves 58 varieties and 208 quality regulations, including treatment of cardiovascular, diabetes, cancer, antibiotics, neuropsychiatric and so on. The seventh batch of centralized mining still maintained the momentum of the previous centralized mining varieties from oral chemical drugs to injection. A total of 26 injection varieties of 58 varieties were selected, accounting for 45%. Among multinational pharmaceutical enterprises, Pfizer, Roche, Novartis, MSD, AstraZeneca and other products are listed; Among local enterprises, Qilu pharmaceutical, Sichuan Kelun Pharmaceutical Co.Ltd(002422) , Yangzijiang pharmaceutical, Zhengda Tianqing, stone Pharmaceutical Group and other products have been evaluated.
(2) the National Health Commission and other four departments issued documents to promote the mutual recognition of test results
On February 18, the State Health Commission, the state medical insurance administration, the State Administration of traditional Chinese medicine and the Health Bureau of the logistics support department of the Central Military Commission jointly issued the administrative measures for mutual recognition of inspection and inspection results of medical institutions, which will go into effect on March 1, 2022. The administrative measures divides the responsibilities of relevant departments and clearly puts forward that medical institutions should carry out mutual recognition of inspection and test results. The examination result refers to the image or data information obtained by examining the human body by means of ultrasound, X-ray, nuclear magnetic resonance imaging, electrophysiology and nuclear medicine; The term "test results" refers to the data information obtained from the biological, microbiological, immunological, chemical, hematological immunology, hematology, biophysics, cytology and other tests of materials from the human body.
This week's view
On February 11, the State Food and Drug Administration conducted emergency review and approval in accordance with the relevant provisions of the drug administration law and the special drug approval procedures, and approved the import registration of the combined packaging (paxlovid) of nevitavir tablets / ritonavir tablets, a covid-19 virus treatment drug of Pfizer with conditions. The drug is an oral small molecule COVID-19 virus therapeutic agent for the treatment of mild to moderate New Coronavirus pneumonia in adults with severe risk factors. The State Food and drug administration requires the listing permit holder to continue to carry out relevant research work, complete the conditional requirements within a time limit, and submit the follow-up research results in time. We believe that the approval of Pfizer's small molecule covid-19 drugs in China will promote the growth of orders of relevant cdmo companies upstream of the industrial chain. We suggest paying attention to relevant companies.
In terms of sector layout, we maintain the "overweight" rating of the medical service industry, and suggest investors pay attention to the layout opportunities brought by the adjustment of sectors with Chinese advantages, and adhere to the stock selection ideas of "policy immunity" and "innovation". Suggestions: (1) innovative drug seller "CXO" industrial chain company. (2) Private specialized medical service related companies. (3) Third party medical laboratory.
Risk tips
(1) uncertainty of policy changes; (2) The R & D investment of innovative drugs is less than expected; (3) Risk that the performance of the industry and listed companies is lower than expected.
