Key investment points:
The pharmaceutical index rebounded this week, outperforming the market
Shenwan pharmaceutical biological index rose 1.71%, and the overall performance was stronger than the market. Among them, medical services increased significantly, up 4.11%; The traditional Chinese medicine sub industry increased by 2.02%, the chemical pharmaceutical sub industry increased by 1.1%, the biological products sub industry increased by 0.99%, and the medical device sub industry increased by 0.68%. Topics such as sequential vaccination, covid-19 drugs and covid-19 detection have attracted high attention.
This week, the CXO industry continued its good performance last week, and the local epidemic repeatedly drove the covid-19 test
This week, the CXO industry continued its good performance last week, Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Joinn Laboratories (China) Co.Ltd(603127) increased by more than 10%, and covid-19 related drug company Nanjing Hicin Pharmaceutical Co.Ltd(300584) increased by 72%; Due to repeated local outbreaks in China, covid-19 testing company rebounded, and anxiu biology and Guangzhou Wondfo Biotech Co.Ltd(300482) increased by more than 10%.
Next week’s Outlook: focus on the sea of cell therapy, with revenue growth exceeding expectations
On February 28, legendary biology will welcome FDA’s feedback on its car-t product sidakiolensea. It is expected to become the first cell therapy product to go to sea in China and is expected to become the focus of this month. It is suggested to pay attention to the car-t R & D progress and update of Kingsley biotechnology, Keji pharmaceutical and other enterprises.
In March, the 2021 annual report and the 2022 first quarter report of pharmaceutical companies were released one after another. It is suggested to pay attention to relevant companies whose revenue growth exceeded expectations.
Monthly gold shares in February
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ): a multi category, multi market and multi-level comprehensive instrument leader, after covid-19, it will enjoy the acceleration of global layout and the business cycle of China’s new infrastructure, and its performance can grow continuously and stably. The company has adjusted to the bottom range of multi-year valuation, corresponding to the closing price on February 25. The valuations from 2022 to 2023 are 38x and 30x respectively, maintaining the “buy” rating.
Humanwell Healthcare (Group) Co.Ltd(600079) ( Humanwell Healthcare (Group) Co.Ltd(600079) ): in the era of centralized mining, refined hemp drugs have the attribute of high barrier and good industrial competition pattern; The demand for narcotic drugs is driven by the growth of operation volume, comfortable diagnosis and treatment and other factors; The refocusing process continued, the debt ratio improved and the financial expenses decreased. Corresponding to the closing price on February 25, the valuations from 2022 to 2023 are 19x and 16x respectively, maintaining the “buy” rating.
Risk tips
Covid-19 epidemic recurrence risk; Trade friction exceeded expectations; Policy risk
