Key points:
Traditional Chinese Medicine II rose 2.02% last week, ranking the second in the sub industry
Last week, pharmaceutical biology closed at 1004476 points, up 1.71%; Traditional Chinese Medicine II closed at 756391 points, up 2.02%; Chemical pharmaceutical closed at 1105883 points, up 1.1%; Biological products closed at 1076762 points, up 0.99%; Pharmaceutical business closed at 580887 points, down 0.62%; Medical devices closed at 897472 points, up 0.68%; Medical services closed at 999436 points, up 4.11%. Medical services rose first, and traditional Chinese medicine ranked second.
From the performance of Companies in the traditional Chinese medicine sector, the companies with the highest performance are: Lanzhou Foci Pharmaceutical Co.Ltd(002644) , Gansu Longshenrongfa Pharmaceutical Industry Co.Ltd(300534) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Zhejiang Xinguang Pharmaceutical Co.Ltd(300519) , Guangdong Taiantang Pharmaceutical Co.Ltd(002433) ; Companies with poor performance include: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Kangmei Pharmaceutical Co.Ltd(600518) , Jilin Aodong Pharmaceutical Group Co.Ltd(000623) , Yunnan Baiyao Group Co.Ltd(000538) , magic B shares.
Traditional Chinese medicine PE (TTM) increased by 1.51x month on month, and Pb (LF) increased by 0.07x month on month
Last week, the PE of traditional Chinese medicine was 34.23x, the maximum value of PE in recent year was 39.7x and the minimum value was 28.78x; At present, Pb is 3.06x, the maximum value of Pb in recent year is 3.56x, and the minimum value is 2.57x. PE of traditional Chinese medicine sector rose by 1.51x month on month and Pb rose by 0.07x month on month. The current valuation is slightly higher than the median level in recent one year. The premium rate of traditional Chinese medicine sector relative to Shanghai and Shenzhen 300 was 159.95%.
The market situation of Chinese herbal medicine is improving, and the price continues to rise slightly
Last week, the total price index of traditional Chinese medicine was 212.33 points, 0.6 percentage points year-on-year, and the market continued to maintain a slight upward trend. Twelve categories of traditional Chinese medicine showed eight rises and four falls, and the price index of plant flower medicine ranked first. It is expected that the stock of Chinese herbal medicines and some popular Chinese herbal medicines will continue to rise steadily in the near future, and the stock index of Chinese herbal medicines is expected to be stable in the later stage of the market.
Pay attention to the market of the two sessions and the annual report
Last week, the State Council issued the notice on the national plan for the development of the cause of aging and the elderly care service system in the 14th five year plan, which proposed to improve the elderly health support system, implement the elderly health promotion project, give full play to the advantages and role of traditional Chinese medicine in the prevention and treatment of senile diseases and chronic diseases, and actively carry out community and home-based traditional Chinese medicine health services. Traditional Chinese medicine will play a more active role in the prevention, treatment and rehabilitation of senile and chronic diseases. In addition, the two sessions will open in Beijing on March 4 and 5. It is suggested to pay attention to the relevant proposals and favorable policies on pharmaceutical innovation and the development of traditional Chinese medicine.
From the demand side of the traditional Chinese medicine industry, the rigid demand characteristics of the pharmaceutical industry and the upgrading of pharmaceutical consumption jointly support the steady growth of the demand of the traditional Chinese medicine industry. From the perspective of policy, a series of favorable policies have been formed to promote the innovation of traditional Chinese medicine, the development of formula particles, the support of medical insurance and payment policies, and the continuous addition of traditional Chinese medicine decoction pieces can not exceed 25%, bringing policy dividends and new demand to the traditional Chinese medicine industry. The unique advantage of “preventing disease” brings development opportunities to the traditional Chinese medicine industry. From the perspective of performance, the traditional Chinese medicine industry has walked out of the low point and showed a marginal improvement trend. From the valuation side, the traditional Chinese medicine industry still has relatively obvious valuation advantages. “Policy + pharmaceutical consumption upgrading + performance improvement + valuation advantage” jointly build investment opportunities for the traditional Chinese medicine industry. Cost promotion constitutes a short-term driving factor. It is suggested to pay attention to the areas of policy encouragement and policy haven.
(1) pay attention to the innovation of modern traditional Chinese medicine, and pay attention to the innovation targets of modern traditional Chinese medicine with strong R & D strength and layout of large categories (large market: cardio cerebrovascular + fast growth: pediatric medicine);
(2) pay attention to the advantages of brand traditional Chinese medicine, formula and raw materials, and jointly build a moat of brand traditional Chinese medicine;
(3) benefit from consumption upgrading, and pay attention to the subject matter of industrial chain extension and strong brand advantage.
It is recommended to disclose the performance of the listed company in the quarterly report and pay attention to the excellent performance of the listed company.
Risk tips
(1) stricter industrial policies; (2) Industry and listed company performance fluctuation risk.
