Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Minsheng Securities: the current time point strategy is optimistic about the pharmaceutical industry! Bottom configuration opportunity
At the current time point, we are strategically optimistic about the pharmaceutical industry. Under the catalysis of favorable turns such as the index adjustment in place, the crowded digestion of positions, the return of valuation to high cost performance, the landing of emotional concerns and the performance wave of performance stocks, the bottom allocation opportunity of the pharmaceutical industry has come. As for the investment direction, we think 1) welcome the new: first, pay attention to the new leader of the new track: “life science industry chain”, “cell gene therapy”, etc; 2) High prosperity: secondly, focus on the track with high scenery: “cdmo”, “pharmaceutical care CXO”, “high-end medical equipment”; 3) Cost performance: undervalued layout + fundamentals are expected to reverse the sector – “traditional Chinese medicine”, “API” and “blood products”.
Huaan Securities Co.Ltd(600909) : search for the target from bottom to top in the direction of traditional Chinese medicine + medical equipment + scientific research reagent
The direction allocation of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream + looking for the target from bottom to top in other directions; Covid-19 small molecular medicine has contributed enough flexible performance to cdmo company. It is suggested to pay attention to Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) and other targets. Our proposed investment ideas are as follows: (1) a Chinese medicine sector: a traditional Chinese medicine sector: a brand name, an OTC + TCM innovation + Chinese medicine + chain of Chinese medicine. We recommend the following: for the ‘ Guiyang Xintian Pharmaceutical Co.Ltd(002873) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , Teyi Pharmaceutical Group Co.Ltd(002728) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) and other subjects.
(2) medical infrastructure sector: medical infrastructure sector: we recommend to focus on the medical infrastructure sector: we recommend to focus on the medical infrastructure sector: medical infrastructure sector: medical infrastructure sector: we recommend to focus on the Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Shenzhen Yhlo Biotech Co.Ltd(688575) , Autobio Diagnostics Co.Ltd(603658) , Shenzhen Lifotronic Technology Co.Ltd(688389) , Maccura Biotechnology Co.Ltd(300463) , Tellgen Corporation(300642) , Guangzhou Wondfo Biotech Co.Ltd(300482) , etc, IVD enterprises play an important role in epidemic prevention and control (antibodies, antigens and nucleic acid detection reagents), which provides sufficient funds for the development of the company in the future.
(3) scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: scientific research reagents and upstream: scientific research reagents and upstream: we propose to focus on the Nanjing Vazyme Biotech Co.Ltd(688105) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Zhejiangtailin Bioengineering Co.Ltd(300813) , Nanmo biology, etc.
(4) other bottom-up sectors and companies need to be analyzed according to the subject matter and valuation of the industry and the company, and it is proposed to pay attention to Yantai Zhenghai Bio-Tech Co.Ltd(300653) (the approval of active biological bone) and Medprin Regenerative Medical Technologies Co.Ltd(301033) (the advantage of 3D printing manufacturing process in non animal consumables) in the regenerative medicine sector; The valuation of the medical service sector is low. We recommend haijiya and gushengtang with high cost performance and expansibility. We suggest paying attention to Aier Eye Hospital Group Co.Ltd(300015) , Chaoju Ophthalmology, Jinxin reproduction, etc; Biological products and vaccines need continuous attention. We recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Changchun Bcht Biotechnology Co(688276) , and Walvax Biotechnology Co.Ltd(300142) , Cansino Biologics Inc(688185) , Chengdu Olymvax Biopharmaceuticals Inc(688319) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; For household medical devices, it is recommended to pay attention to Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Cofoe Medical Technology Co.Ltd(301087) .
(5) in addition, for the innovative drug sector, it is suggested to pay attention to the innovative drug targets with international ability. We suggest to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Hehuang medicine, kangfang biology, China biopharmaceutical, etc.
Guosheng Securities: medicine has entered the layout range! We can be moderately optimistic. The medium and short term is still bottom-up
Medicine has entered the layout range, which can be moderately optimistic. In the medium and short term, it is still bottom-up. Up to now, the “double high problem” has been obviously solved, and the conditions for bottom rebound have been met. In the short and medium term, the market has not yet found a clear main line, and the oversold rebound may become the most phased direction. Our idea is to select individual stocks from bottom to top. There are three points to sum up: 1) select individual stocks with “Fundamentals common sense valuation oversold discount”, in other words, they fall to the second-order guide of the irrational valuation range, Here you can take a look at the pharmaceutical science and technology innovation with obvious overall decline, as well as the stocks with high recognition & clean chip structure. 2) Excavate stocks with high growth or may exceed expectations in the first quarter, which can be combined with the previous oversold situation. 3) The sub areas of “domestic demand policy immunity” and “foreign demand is relatively rigid” are selected to take into account the comprehensive and sudden impact of the current geopolitical environment and medical policy environment, especially the emotional impact. Such as self-control, China covid-19 therapeutic drug industry chain, traditional Chinese medicine, adult class II vaccine, rehabilitation, cdmo, etc.
AVIC Securities: reaffirming investment opportunities in covid-19 oral drug industry chain
According to the announcement and annual report previously released by Pfizer, the price of a single course of paxlovid is $529. It is estimated that the revenue of covid-19 oral medicine will reach $22 billion in 2022. Covid-19 oral medicine, as the last puzzle in the covid-19 treatment industry chain, has a broad market prospect. In addition to the innovation expectations given by enterprises directly involved in covid-19 oral drug research and development, China’s CXO industrial chain has a complete integrated chain with obvious cost and efficiency advantages. The order announcements issued by some enterprises also confirm our previous view. In the short term, it is suggested to continue to pay attention to the investment opportunities in the R & D of covid-19 small molecule drugs, and pay attention to the listed companies deeply involved in the supply chain of covid-19 preventive drugs, including Shanghai Junshi Biosciences Co.Ltd(688180) -u, Porton Pharma Solutions Ltd(300363) and Asymchem Laboratories (Tianjin) Co.Ltd(002821) etc.
Everbright Securities Company Limited(601788) : sort out the development context of the whole industrial chain of traditional Chinese medicine and nuggets 4 sub tracks
Sort out the development context of the whole industrial chain of traditional Chinese medicine and nuggets four sub tracks. Upstream: control the source, stick to the bottom line and strengthen the whole process quality control. Midstream: restrict and standardize the registration and use of traditional Chinese medicine injections, promote the centralized collection and development of traditional Chinese medicine, and focus on supporting traditional Chinese medicine formula granules and innovative traditional Chinese medicine. Downstream: strengthen the construction of TCM departments and personnel training, promote the development of TCM medical services, promote cultural communication and TCM going to sea, and boost the overall situation with medical insurance support policies. We are optimistic about the four major segments: brand proprietary Chinese medicine OTC benefits from industry capacity clearing and terminal price increase, highlighting the advantages of leading enterprises and increasing industry concentration. The pilot of traditional Chinese medicine formula granules has been completed, the 10 billion market will meet the 1-2-fold expansion, and the filing system and the new national standard will build high industrial barriers. The inflection point of new traditional Chinese medicine has arrived, and the pace of registration and evaluation has accelerated. It is expected to give priority to medical insurance and realize large-scale production. Covid-19 has made remarkable achievements in epidemic prevention, and the process of going to sea / internationalization of traditional Chinese medicine is expected to change from integration into Xi’An International Medical Investment Company Limited(000516) system to actual harvest period.
In terms of investment suggestions, the traditional Chinese medicine industry has ushered in a golden period of development and investment opportunities in the Nuggets industry chain. In the long run, under the development background of population aging, disease spectrum change, national top-level policy support and internationalization, the growth space of traditional Chinese medicine industry is huge. We judge that in 2022, with the support of policies and medical insurance, the traditional Chinese medicine industry is expected to usher in an upward turning point, the inheritance and development of traditional Chinese medicine enterprises, the traditional Chinese medicine formula granule industry embraces market expansion and standard and quality improvement, the innovative traditional Chinese medicine is accelerated to be approved into medical insurance, and the traditional Chinese medicine goes to sea at the right time, waiting for performance fulfillment and value revaluation. , , 2) Traditional Chinese medicine formula granules: Chinese traditional medicine (H) ( Chongqing Taiji Industry (Group) Co.Ltd(600129) parent company), Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) etc; 3) Innovative traditional Chinese medicine: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Tasly Pharmaceutical Group Co.Ltd(600535) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , etc; 4) Chinese medicine going to sea / Internationalization: Beijing Tongrentang Co.Ltd(600085) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Tasly Pharmaceutical Group Co.Ltd(600535) etc; 5) TCM diagnosis and treatment: gushengtang (H), Beijing Tongrentang Co.Ltd(600085) .
Capital Securities: firmly optimistic! CXO enterprises are still in a high-profile and historically low valuation
CXO enterprises are still in a high outlook, with historically low valuations, and are firmly optimistic. We believe that pharmaceutical outsourcing service CXO is a rare high growth segment in the pharmaceutical industry. Thanks to the strong demand for drug R & D and the improvement of R & D and production outsourcing rate outside China, there is still much room for service penetration. According to the announced performance express and performance forecast for 2021, the net profit attributable to the parent company of most CXO companies has increased by more than 40%. From the current order situation, it can still continue to grow rapidly in 2022. At present, the valuation of CXO company is at a historical low. With the gradual elimination of overseas policy disturbances, the performance of CXO company is gradually realized, and the valuation is expected to be repaired. We mainly recommend cro: Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) , Hangzhou Tigermed Consulting Co.Ltd(300347) , cdmo: Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) .
Zheshang Securities Co.Ltd(601878) : cdmo whose performance is expected to enter a new round of acceleration period
Focus on cdmo whose performance is expected to enter a new round of acceleration period: 1) entering the funnel effect cashing period, cdmo leaders Wuxi Apptec Co.Ltd(603259) and Asymchem Laboratories (Tianjin) Co.Ltd(002821) . 2) Cdmo with continuously built capacity and expected to continuously improve profitability: Pharmaron Beijing Co.Ltd(300759) (CMC extends to cdmo), Porton Pharma Solutions Ltd(300363) (CRO extends to CMO), Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) (cdmo proportion continues to increase), Pharmablock Sciences (Nanjing) Inc(300725) (CRO extends to cdmo), etc. Clinical cro: the leader of clinical cro in the transition of international ability Hangzhou Tigermed Consulting Co.Ltd(300347) . Preclinical cro: benefit from Chinese market dividends and increase the proportion of businesses with higher profitability: Wuxi Apptec Co.Ltd(603259) (safety assessment and biological analysis business), Pharmaron Beijing Co.Ltd(300759) (Bioscience business), Joinn Laboratories (China) Co.Ltd(603127) (safety assessment), Shanghai Medicilon Inc(688202) , Fangda holdings, etc.
Sinolink Securities Co.Ltd(600109) : medical sector 2022q1-q2 is expected to usher in an important opportunity window
The market entered the performance window period, and the rebound trend at the bottom of the medical sector was clear. We believe that 2022q1-q2 of the medical sector is expected to usher in an important opportunity window. This judgment is based on the following reasons: 1) the market has entered the performance window period of the annual report and the first quarterly report, the performance of the pharmaceutical sector is good, and the growth value is expected to be recognized by the market; 2) Medical insurance policies such as centralized purchase / fee control are expected to be gradually digested by the market, the excessive pessimism in the early stage is expected to be corrected, the long-term growth value of the medical sector still exists, and the policy’s incentive policies for medical innovation and private medical care are still clear; 3) The situation of normalized epidemic prevention and control is clear and further controlled. Hospital medical recovery and routine demand repair are the main melody of the growth of the pharmaceutical sector; 4) The valuation has dropped significantly, and the current cost performance of the medical sector is outstanding.
Under the current situation, it is suggested to strengthen the allocation and layout of the medical sector, focusing on the cost-effective growth sectors such as hospital medical devices, traditional Chinese medicine, conventional in vitro diagnosis, pharmacy and growth hormone.
