She is a new generation of pharmaceutical fund manager with top biomedical discipline background. She has experienced all the way from medical researcher and fund manager assistant to investment post. Her solid growth path has accumulated unique and rich practical experience in individual stock mining. She is Ma MuQing, medical research director and fund manager of CCB fund research department. Ma MuQing said in an interview with China Securities Journal a few days ago: "After nearly a year's valuation digestion, the pharmaceutical sector is now in a very cost-effective position with limited downward risk. Next year, the market will pay special attention to the opportunity of deterministic performance growth, and there are many high-quality targets to choose from. On the whole, the right layout opportunity of the pharmaceutical industry has come." It is reported that the CCB medical and health industry equity fund, which is to be served by Ma MuQing as the fund manager, is being issued.
dig deep into individual stock opportunities
Ma MuQing graduated from school of life sciences of Peking University as a bachelor and Guanghua School of management of Peking University as a graduate. After graduation in 2016, he joined CCB fund and has been engaged in the research of the pharmaceutical industry, covering all sub industries of medicine. He is now the pharmaceutical research director and fund manager of the research department of CCB fund, and coordinates the research of the pharmaceutical industry of the research department. In his six-year research career, he was rated as an excellent researcher every quarter. She showed a strong ability to tap individual stocks and doubled her stocks every year in the key stock recommendation portfolio to the research department.
In the rapid changes of the market, Ma MuQing is good at deeply mining individual stocks from bottom to top based on judging the prosperity of the industry from top to bottom, capturing the changes of the industry and the company, seizing the core contradiction of the stock price from a dynamic perspective and looking for opportunities with poor expectations. "At the industry level, I pay attention to four aspects: industry space, prosperity, business model and competition pattern; at the individual stock level, I pay attention to the executive power, competitive advantage and performance structure of the management, and judge the growth rate, quality, certainty and duration of the company through this framework." Ma MuQing said, "in investment, it is very important to grasp the core contradictions affecting the stock price and use a dynamic perspective to analyze and judge. This requires long-term in-depth tracking of the industry and related companies, keen to capture changes, and seize the 'Davis double click' opportunity with profit and upward valuation when changes occur."
Take a promising vaccine leader in early 2020 as an example. At that time, the market generally believed that the company's R & D ability was not strong, and there were problems in the re registration of core products, which could not support the rapid growth of performance. However, according to Ma MuQing and his team, at that time, the company's R & D line was rich in reserves and was only in the clinical process, which was not recognized by the market. In 2020, independent products will be approved, and R & D products will be gradually promoted. At the same time, the company has strong sales ability. A single product can supplement the performance of core products, which will have a positive impact on the valuation and pricing of the company. "After communication with experts and in-depth understanding, we bought heavily at the end of 2019 and early 2020, and the subsequent share price of the subject also rose sharply. This opportunity comes from our long-term in-depth research on the company and our accurate judgment based on market changes." She said.
optimistic about the three directions of the pharmaceutical sector
Looking forward to 2022, Ma MuQing believes that after one year's adjustment, the valuation of the pharmaceutical sector has been fully adjusted, the comparative advantage is obvious, and the policy expectation or marginal improvement. After the covid-19 epidemic, the industry will gradually recover and the subdivided track will bloom, which will usher in the right layout opportunity.
According to her analysis, in terms of valuation, the pharmaceutical sector has good long-term fundamentals. From January to November 2021, the pharmaceutical index callback was about 10%, and the valuation was adjusted to below the 30% quantile of the past five years. The valuation level is reasonable, but the performance is still high growth. In the future, we can grasp the investment opportunities brought by performance growth. In terms of comparative advantage, due to the downward pressure on the overall macro economy in 2022, compared with other industries, the growth rate of the pharmaceutical sector is relatively stable, which has the opportunity to explore more targets with high performance growth, and the attention is expected to continue to improve. In terms of policy, the impact of centralized procurement has been fully reflected in the stock price and is better than expected. Segments such as innovative drugs are relatively encouraged, and the sustainability of the industry is expected to continue. At the same time, after the epidemic situation is gradually alleviated, the medical order is gradually restored, and it is expected that the marginal performance of many companies will improve, resulting in a double rise in performance and valuation. In addition, the pharmaceutical industry has experienced significant changes in structural upgrading, and the listing speed of superimposed high-quality companies has accelerated. Compared with 10 years ago, the number of A-share and H-share listed companies has increased significantly, a hundred schools of thought contend in the subdivision track, and there are rich targets for investment.
"It is noteworthy that in the past few years, the most important thing for the pharmaceutical industry is track investment. The direction is more important than individual stocks when choosing high-profile track from top to bottom. However, everyone has a higher and higher consensus on the current high-profile track in the pharmaceutical industry, and the expected difference is smaller and smaller. Individual stocks will be differentiated in the track in the next few years, and the deep excavation of individual stocks from bottom to top is easier to bring super profits Amount of income. The pharmaceutical industry will shift from track investment to individual stock mining. " She said.
In the specific segmentation direction, Ma MuQing said that he was mainly optimistic about the three segments of scientific and technological innovation, high-end manufacturing and consumption upgrading. Among them, the direction of scientific and technological innovation is optimistic about the upstream of innovative drugs, Innovation Medical Management Co.Ltd(002173) devices, innovative drug industry chain and life sciences that have more global competitive advantages and are expected to seize the global market share; In the direction of high-end manufacturing, we are optimistic about the upgrading of cdmo field from the supply of intermediates to the field of APIs and preparations, as well as high-end APIs and preparations; The consumption upgrading direction is optimistic about the needs of women and children and brand Chinese patent medicines with the ability to raise prices.
(China Securities Journal)
