Ping An View:
Industry view: the epidemic continues at home and abroad, and the sales of covid-19 detection reagent is expected to increase. In late November, the epidemic situation in southern Africa again, a new variant B.1 1.529 become the mainstream of local communication. On November 26, who held an emergency meeting and named the mutant Omicron, Omicron has attracted worldwide attention because of its large degree of variation, and its S protein is very important (and RBD among them) have a large number of variations. Xu Wenbo, director of the Institute for viral disease prevention and control of the Chinese Center for Disease Control and prevention, said that the primers and probe targets of China's mainstream nucleic acid detection reagents are in the orf1ab gene and N gene, so the sensitivity and specificity have not changed, and can cope with the input of Omicron mutant strain. When the epidemic caused by Omicron strain spreads in many places, covid-19 detection The export of preparations is expected to bring performance flexibility to Chinese enterprises. In late November, the epidemic spread in many places in China, and the detection of covid-19 among key populations has become an important part of epidemic prevention. Some regions even carried out large-scale covid-19 virus detection and screening, which has driven the growth of the demand for detection agents. On the whole, we believe that the epidemic continues at home and abroad, and the sales of covid-19 detection reagent is expected to increase, which may bring performance flexibility to relevant enterprises.
Investment strategy: Main Line 1: create Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, Including innovative drugs (machinery) and CXO. CDE's new deal accelerates the evolution of China's "new ecology" of innovation, and the industry is facing "re differentiation". Pay attention to companies with clinical Oriented Innovation Ability and license out ability. It is suggested to pay attention to: Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Xinda biology, Corning Jerry, Shenzhen Chipscreen Biosciences Co.Ltd(688321) 。 In terms of CXO, we prefer cdmo and macromolecular CXO tracks by maintaining a high outlook. We suggest paying attention to: Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Pharmablock Sciences (Nanjing) Inc(300725) . Main line 2: products go to sea. The overseas market is a huge incremental market, there is a high threshold for the export of preparations, and the going to sea of medical devices has also become a new growth driving force of the industry. It is suggested to pay attention to: Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Hainan Poly Pharm.Co.Ltd(300630) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) , Micro-Tech (Nanjing) Co.Ltd(688029) , Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) . Main line 3: consumer healthcare. With the growth of per capita disposable income, the demand for consumer medical care is increasing. At the same time, consumer medical products are self funded products, with independent pricing power and immunization fee control policy. It is suggested to pay attention to: Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Yantai Zhenghai Bio-Tech Co.Ltd(300653) , Jinxin reproduction. In addition to the above three main lines, there are also some other tracks with high prosperity and high barriers: including characteristic API and nuclear medicine. It is suggested to pay attention to: Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Jiangxi Fushine Pharmaceutical Co.Ltd(300497) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Yantai Dongcheng Biochemicals Co.Ltd(002675) , and Yuanda medicine.
Industry highlights: 1) the combination therapy of temasebo's monoclonal neutralizing antibody ambacizumab / romistimub was approved for the treatment of patients with covid-19; 2) The phase 3 results of GSK adjuvant plant derived covid-19 vaccine showed that its overall efficacy against the mutant strain was 71%; 3) Shengnuo pharmaceutical will soon launch the offering and listing through the hearing of the Hong Kong Stock Exchange; 4) Betta Pharmaceuticals Co.Ltd(300558) bpi-361175 tablets obtained the notice of approval of new drug clinical trial from FDA.
Market review: Market Review: last week, the A-share pharmaceutical sector rose 1.08%, the Shanghai and Shenzhen 300 index rose 3.14% in the same period, and the pharmaceutical industry ranked 11th among 28 industries. Last week, the H-share pharmaceutical sector fell 0.05%, the Hang Seng Composite Index rose 0.77% in the same period, and the pharmaceutical industry ranked ninth among the 11 industries.
Risk tips: 1) policy risk: policies such as medical insurance fee control and drug price reduction have a great negative impact on the industry; 2) R & D risk: pharmaceutical R & D investment is large and difficult, and there is the possibility of R & D failure or slow progress; 3) Company risk: the company's operation does not meet expectations.
