Key investment points
Market review: this week, the pharmaceutical biological index rose 1.08%, 2.06 percentage points lower than the CSI 300 index, and the industry ranked 12th in terms of rise and fall. Since the beginning of the 21st century, the pharmaceutical industry has fallen by 6.93%, 3.93 percentage points lower than the CSI 300 index, and the rise and fall of the industry ranks 23rd. This week, the valuation level (pe-ttm) of the pharmaceutical industry was 33.81 times, the relative premium rate of all A-Shares was 100%, the relative premium rate of all A-Shares excluding banks was 48%, and the relative premium rate of CSI 300 was 165% (- 3PP). In terms of pharmaceutical sub industry, five sub industry sectors rose and one industry sector fell this week. Pharmaceutical business was the sub industry with the largest increase, up about 4.5%. Biological products rose flat, and chemical raw materials ranked last. The sub industry with the highest increase since the beginning of the year is chemical API, up about 26.3%.
The underestimated value of medical insurance immunization has been gradually repaired. The valuation cost performance of the pharmacy sector is prominent, and the pharmacy sector has ushered in a sharp rise, Yixintang Pharmaceutical Group Co.Ltd(002727) , Yifeng Pharmacy Chain Co.Ltd(603939) , Dashenlin Pharmaceutical Group Co.Ltd(603233) , Lbx Pharmacy Chain Joint Stock Company(603883) all performed well. The main reasons are: 1) at the company level, the business logic has been gradually verified. Yixintang Pharmaceutical Group Co.Ltd(002727) 300 flagship stores of beauty care and make-up have been launched to expand categories and strengthen customer drainage; Lbx Pharmacy Chain Joint Stock Company(603883) acquired Huairen pharmacy, increased more than 650 stores, and accelerated the acquisition; 2) At the policy level, with the gradual implementation of DRG and the gradual implementation of the dual channel policy, the outflow of prescription drugs is expected to further accelerate, and the out of hospital market will obtain additional incremental market; 3) From the perspective of valuation, the average valuation level of the four pharmacies is 34 times, which is at the level of relatively undervalued value in recent years, and the valuation has gradually ushered in repair.
This week’s robust portfolio: Wuxi Apptec Co.Ltd(603259) (603259. SH), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760. SZ), Jiangsu Hengrui Medicine Co.Ltd(600276) (600276. SH), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436. SH), Topchoice Medical Co.Inc(600763) (600763. SH).
Elastic combination this week: Shenzhen Kangtai Biological Products Co.Ltd(300601) (300601), Shanghai Runda Medical Technology Co.Ltd(603108) (603108. SH), Truking Technology Limited(300358) (300358. SZ), Shanghai General Healthy Information And Technology Co.Ltd(605186) (605186. SH), Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) (300357. SZ).
This week’s Hong Kong stock portfolio: Yaoming Biology (2269. HK), Cansino Biologics Inc(688185) biology-b (6185. HK), Shanghai Junshi Biosciences Co.Ltd(688180) (1877. HK), haijiya (6078. HK), minimally invasive Siasun Robot&Automation Co.Ltd(300024) (2252. HK).
This week’s scientific innovation board combination: Maider Medical Industry Equipment Co.Ltd(688310) (688310. SH), Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) – U (688266. SH), Nanjing Vazyme Biotech Co.Ltd(688105) (688105. SH), Changchun Bcht Biotechnology Co(688276) (688276. SH), Chengdu Olymvax Biopharmaceuticals Inc(688319) (68831. SH).
Risk warning: drug price reduction risk; The implementation progress of medical reform policy is lower than the expected risk; Risk of R & D failure.
