Performance outlook of 2021 annual report: the upstream performance of vaccines, CXO and pharmaceuticals has increased strongly. Due to the performance flexibility brought by covid-19 vaccine and the rapid volume of other large single products, the performance growth of vaccine sector is generally more than 100%; CXO industry continues high boom; Under the trend of supply chain localization, the upstream pharmaceutical equipment industry also ushered in rapid growth.
Performance growth rate > 100%: Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Chengdu Kanghua Biological Products Co.Ltd(300841) , Cansino Biologics Inc(688185) (turnaround), Yaoming biology, Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) , Sansheng pharmaceutical, Truking Technology Limited(300358) , Suzhou Nanomicro Technology Co.Ltd(688690) , Guangdong Hybribio Biotech Co.Ltd(300639) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , modern dentistry;
Performance growth rate of 50% ~ 100%: Shenzhen Kangtai Biological Products Co.Ltd(300601) , Wuxi Apptec Co.Ltd(603259) , Xianjian technology, Tofflon Science And Technology Group Co.Ltd(300171) ;
Performance growth rate of 30% ~ 50%: Changchun High And New Technology Industries (Group) Inc(000661) , Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Pharmaron Beijing Co.Ltd(300759) , Humanwell Healthcare (Group) Co.Ltd(600079) , Guangzhou Kingmed Diagnostics Group Co.Ltd(603882) , Dian Diagnostics Group Co.Ltd(300244) , Autobio Diagnostics Co.Ltd(603658) , Tellgen Corporation(300642) ;
Performance growth rate of 10% ~ 30%: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , China biopharmaceutical (except vaccine), Joincare Pharmaceutical Group Industry Co.Ltd(600380) , Yuanda pharmaceutical, Apeloa Pharmaceutical Co.Ltd(000739) , Beijing Tiantan Biological Products Corporation Limited(600161) , Hualan Biological Engineering Inc(002007) , Maccura Biotechnology Co.Ltd(300463) , Weigao, Jinxin reproduction, global medical, Chinese traditional medicine, China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) ;
Performance growth rate < 10%: Jiangsu Hengrui Medicine Co.Ltd(600276) , Betta Pharmaceuticals Co.Ltd(300558) , Walvax Biotechnology Co.Ltd(300142) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Bgi Genomics Co.Ltd(300676) , Berry Genomics Co.Ltd(000710) .
Risk tip: the risk of repeated epidemic, and the risk of price reduction exceeding expectations in centralized procurement and medical insurance negotiation
Investment suggestion: the correction of the sector is sufficient. It is suggested to actively layout. Under the influence of policies outside China, the pharmaceutical sector experienced further correction at the beginning of the year, and the overall valuation level has been at a low level. We maintain the investment view in the annual strategy and suggest a forward-looking layout for undervalued high-quality stocks in the short term, and actively increase the layout of high-quality stocks with global innovation potential and domestic substitution advantages as market sentiment stabilizes
