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.
Soochow Securities Co.Ltd(601555) : which medicine can go out of the independent market? Focus on covid-19 therapeutic drugs and vaccines
The emergence of a new variant of covid-19 in South Africa has increased its infectivity and challenged the global epidemic prevention and control. Vaccine + small molecule oral drugs will become the global core prevention and control means. On November 25, 2021, South Africa announced the discovery of a new variant of covid-19, which was named Omicron on November 26. Early epidemiological statistics showed that Omicron may be more infectious than Delta, which has appeared in Europe and Asia, challenging global epidemic prevention and control. Omicron has many s protein mutations. The protective efficacy of existing vaccines and neutralizing antibodies may be reduced, but it still has the potential to reduce the mortality and severe disease rate. It is urgent to develop a new generation of covid-19 vaccine. MRNA vaccine has the advantage of R & D efficiency and will become a favorable weapon against covid-19 mutant. In addition, the targets targeted by small molecule antiviral drugs include RNA dependent RNA polymerase (RdRp), such as molnupiravir of MSD, main protease (3clpro) inhibitor, such as paxlovid of Pfizer, and AR inhibitor, such as developed prochloramide. These small molecule drugs are not sensitive to the mutation of virus S protein, and in countries where the vaccination rate is lower than expected, Will become the main means of prevention and control.
Specific allocation ideas: 1) innovative drugs and industrial chain fields: Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) ; 2) Biotech innovative drugs: kangfang biology, Xinda biology, Yasheng medicine, etc; 3) API field: Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) etc; 4) Vaccine field: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) etc; 5) Growth hormone field: Changchun High And New Technology Industries (Group) Inc(000661) , Anhui Anke Biotechnology (Group)Co.Ltd(300009) etc; 6) Medical service field: Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) etc; 7) Blood products: Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) etc; 8) Pharmacy field: Yixintang Pharmaceutical Group Co.Ltd(002727) , Lbx Pharmacy Chain Joint Stock Company(603883) etc; 9) Medical and aesthetic fields: Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Huadong Medicine Co.Ltd(000963) , Shanghai Haohai Biological Technology Co.Ltd(688366) etc; 10) Medical devices: Ophthalmic consumables: Eyebright Medical Technology(Beijing) Co.Ltd(688050) , Autek China Inc(300595) ; Medical equipment: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ; Cardiovascular therapeutic consumables: minimally invasive medical treatment, Peijia medical treatment; Digestive therapeutic consumables: Micro-Tech (Nanjing) Co.Ltd(688029) ; Household appliances: Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) etc. []
open source Securities: covid-19 mutant strain has been highly valued all over the world. It is suggested to pay attention to vaccines, epidemic prevention materials, testing and other related sectors
November 11, 2021 covid-19 virus B.1 The 1.529 mutant (Omicron) was found in southern Africa, then quickly spread in Gauteng Province, South Africa, and successively appeared in many regions on three continents. At present, it has been upgraded to VOC level by who. The changes of pathogenicity, infectivity and immune escape of Omicron virus still need to be evaluated by subsequent in vitro experimental data, and the impact on the existing epidemic prevention measures has become the focus of attention. It is suggested to pay attention to: (1) vaccine sector: Based on the changes of infectivity and immune escape, the new strain Omicron may promote the global renewal of the new strain vaccine and the promotion of needle reinforcement. Nucleic acid vaccine has the advantage of research and development speed and has the ability of rapid response to the research and development of mutant vaccine. (2) Epidemic prevention materials: the duration of the global covid-19 pandemic may be prolonged, and the demand for epidemic prevention materials is expected to return to a high level. (3) Covid-19 detection: the duration of the global covid-19 pandemic may be prolonged, and the demand for covid-19 detection outside China is expected to remain high for a long time.
From the recommended targets: Intco Medical Technology Co.Ltd(300677) , Shenzhen Changhong Technology Co.Ltd(300151) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Pharmablock Sciences (Nanjing) Inc(300725) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Apeloa Pharmaceutical Co.Ltd(000739) , Xi'An International Medical Investment Company Limited(000516) , Emperor's palace, Inkon Life Technology Co.Ltd(300143) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , Jinxin reproduction, Xiangyumedicalco.Ltd(688626) , Yifeng Pharmacy Chain Co.Ltd(603939) , Lbx Pharmacy Chain Joint Stock Company(603883) , Henan Lingrui Pharmaceutical Co.Ltd(600285) (the above ranking is not in order).
From the perspective of beneficiary objects: Andon Health Co.Ltd(002432) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Cansino Biologics Inc(688185) biology, Walvax Biotechnology Co.Ltd(300142) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Changchun Bcht Biotechnology Co(688276) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Guangzhou Kingmed Diagnostics Group Co.Ltd(603882) , Daan Gene Co.Ltd(002030) , Dian Diagnostics Group Co.Ltd(300244) , Ningbo Sanxing Medical Electric Co.Ltd(601567) , Dashenlin Pharmaceutical Group Co.Ltd(603233) , Yixintang Pharmaceutical Group Co.Ltd(002727) , Yunnan Jianzhijia Health-Chain Co.Ltd(605266) , Joinn Laboratories (China) Co.Ltd(603127) , Shanghai Medicilon Inc(688202) , Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Porton Pharma Solutions Ltd(300363) , {603456. []
AVIC Securities: the defense attribute of the pharmaceutical industry is favored by institutions showing a continuous recovery
On November 27, the World Health Organization issued a statement that covid-19 virus B.1 found in South Africa 1.529 the new strain was included into the noteworthy variant strain (VOC), which was named after the Greek letter Omicron (Omicron). The pharmaceutical market will accelerate differentiation. On the one hand, domestic substitution will speed up; On the other hand, the leading effect will intensify. The valuation differentiation of the pharmaceutical industry has intensified, and it is at a relatively low stage in the medium and long term. The undervalued second-line blue chips determined by the performance may usher in a good buying opportunity. Growth and valuation will dynamically match to a reasonable range over a period of time. At the time when valuation switching is gradually approaching, the advance layout needs to pay particular attention to the sustainability of growth. Affected by the downward economic expectation, the defense attribute of the pharmaceutical industry has been favored by institutions, showing a continuous recovery trend.
Previously, the news that the R & D of China's covid-19 specific drugs has been successfully promoted has significantly boosted the biological products and other sectors. The emergence of the new VOC mutant strain may lead to greater uncertainty in the short term of the overseas epidemic. In the short term, maintain the view of paying attention to the investment opportunities of covid-19 vaccine and covid-19 specific drugs. In the long run, the long-term promotion logic of the procurement of drugs and consumables remains unchanged. Enterprises with relatively high safety margin, strong innovation ability, rich product pipelines and good competition pattern are expected to continue to benefit in the long cycle. It is suggested to continue to focus on the industrial chain of innovative drugs, high-end medical devices, medical services and medical consumption, At the same time, we should tap the second tier blue chips with relatively low valuation: 1) innovative drugs and innovative drug industry chain, including comprehensive and specialized innovative drug enterprises and CXO industry. It is recommended to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) , Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) , Sichuan Kelun Pharmaceutical Co.Ltd(002422) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) and Apeloa Pharmaceutical Co.Ltd(000739) ; 2) It is recommended to pay attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) as the leader of high-end medical devices with outstanding import substitution ability; 3) It is suggested to pay attention to Aier Eye Hospital Group Co.Ltd(300015) and Inkon Life Technology Co.Ltd(300143) for the medical service industry immunized by drug and equipment price reduction; 4) For consumer pharmaceutical enterprises not subject to medical insurance, including growth consumption, vaccine and health care, it is recommended to pay attention to Chongqing Zhifei Biological Products Co.Ltd(300122) , Hualan Biological Engineering Inc(002007) and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) . []
Xiangcai Securities: the industry ushers in a policy dividend period and pays attention to brand traditional Chinese medicine enterprises
For the traditional Chinese medicine industry, from the policy perspective, the traditional Chinese medicine industry is expected to usher in greater policy support space than in the past. In terms of performance, since 2021, the revenue and net profit of the traditional Chinese medicine industry have continued to improve, and the marginal improvement trend is expected to continue. From the perspective of valuation, the traditional Chinese medicine industry has obvious absolute valuation advantages over other sub industries. Therefore, "frequent favorable policies + industrial chain extension highlighting consumption attributes + absolute valuation advantages" constitute investment opportunities in the traditional Chinese medicine industry.
In terms of investment strategy, we maintain the "overweight" rating of the industry. We believe that enterprises with their own planting and breeding bases have cost advantages, and enterprises with unique formulas and rare raw material use licenses have product advantages. It is recommended to pay attention to brand traditional Chinese medicine enterprises with resource cost advantages and exclusive variety advantages. In addition, it is suggested to pay attention to enterprises that have successfully extended the industrial chain such as daily chemicals and great health. []
Donghai Securities: the pharmaceutical sector is highly defensive firmly optimistic about the target with high-quality track and strong moat
In the short term, the market is expected to gradually return to rationality. On the premise that the prosperity of the industry has not changed, we are firmly optimistic about the target with high-quality track and strong moat; In the case of intensified market shock, we suggest to adopt a prudent investment strategy. At present, the overall valuation of the pharmaceutical sector is about 34.6 times, which is in a relatively reasonable range. The pharmaceutical sector is highly defensive, and the pharmaceutical sector still has the advantage of high cost performance.
At present, due to the volatility of the sector, it is recommended to allocate sectors and industry stocks with performance support. It is recommended to pay attention to the following aspects: first, CXO sector leading stocks that continue to benefit from the high boom development of the innovative drug industry; Second, it has strong R & D strength, innovative varieties are gradually entering the cash period, and it has an international leader in innovative drugs; Third, brand Chinese medicine stocks that continue to benefit from consumption upgrading; Fourth, high-quality growth stocks in chain medical services and medical device segments; Fifth, leading enterprises of blood products with strong certainty of performance improvement. []
Zhongtai Securities Co.Ltd(600918) : covid-19 therapeutic drugs have made rapid progress is expected to lead the market
After the early adjustment, the high valuation risk of the pharmaceutical sector has been released to a certain extent, and the basic competitiveness of the pharmaceutical industry remains attractive. We suggest that in combination with the current market hot spots, self-study and actively layout industries and individual stocks that are expected to grow rapidly next year, and grasp the layout window period.
Covid-19 therapeutic drugs have made rapid progress and are expected to lead the market. Domestic covid-19 therapeutic drugs have also made rapid progress. China has laid out three technical routes: 1) inhibition of virus replication: azvudine, a real biological antiviral drug, is in phase III of the world, and vv116 of Shanghai Junshi Biosciences Co.Ltd(688180) has submitted a clinical application to nmpa; 2) Blocking virus entry into cells: the phase III trial data of double antibody cocktail therapy brii-196 & brii-198 of tengshengbo drug are positive, and the EUA has been submitted to FDA; Js016 of Shanghai Junshi Biosciences Co.Ltd(688180) and ly-cov555 double antibody cocktail therapy of Lilly have obtained EUA from 15 countries, and their safety and effectiveness have been recognized in the world; The small molecule oral drug prochloramide, which develops the pharmaceutical industry, is in the global phase III stage, and the phase II experiment in China has been completed for the first time; 3) Regulating human immune system: bdb-001 is developed by Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) to treat pneumonia caused by covid-19 virus infection. It is currently in phase II / III worldwide.
We believe that the global epidemic situation is repeated, the prevention and control methods are constantly enriched, and the domestic covid-19 treatment drugs are making rapid progress, which is expected to contribute to the global covid-19 prevention and create considerable economic value. It is suggested to pay attention to the relevant development enterprises of advanced therapies and drugs, including developing pharmaceutical-b, tengshengbo-b, Shanghai Junshi Biosciences Co.Ltd(688180) and so on; At the same time, pay attention to the cdmo industrial chain of drugs related to large global pharmaceutical enterprises, and pay attention to cdmo leading enterprises Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) . []
Shanxi Securities Co.Ltd(002500) : China Meheco Group Co.Ltd(600056) innovation has entered the golden development period it is suggested to actively pay attention to the development trends and relevant high-quality enterprises
The overall development trend of the industry is still good. It is suggested to pay long-term attention to: (1) innovative drugs: intensive policies are issued, the normalization of volume procurement continues to accelerate industry differentiation, forcing enterprises to transform to innovation; The medical insurance catalogue has been established for dynamic adjustment, and policies have vigorously promoted innovation and R & D. China Meheco Group Co.Ltd(600056) innovation has entered the golden development period and opened the road of internationalization. It is suggested to pay attention to domestic innovation leading enterprises Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) with strong R & D strength, rich pipelines, reasonable gradient and prominent product advantages. In addition, the research and development of innovative drugs in the world and China is hot, and new discoveries, new technologies and new fields are emerging and developing rapidly. China is about to enter the commercialization stage in the subdivided fields such as double antibody and car-t. it is suggested to actively pay attention to the development trends and relevant high-quality enterprises.
(2) Medical outsourcing services (cdmo / CMO / CRO): driven by innovative drug R & D and other factors, China's CXO industry is growing rapidly. With the promotion of industrial policies and the improvement of drug quality standards, the industry concentration is expected to increase. It is recommended to pay attention to industry leaders and market segments, such as Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) .
(3) Self consumption: with the continuous improvement of China's economic level, the pharmaceutical industry has ushered in the demand for consumption upgrading. The prosperity of the subdivided fields with self consumption attribute and avoiding the medical insurance fee control policy continues. It is suggested to pay attention to relevant high-quality enterprises Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) . []
Huajin Securities: optimistic about pharmaceutical enterprises and leaders with innovative ability
Recently, the guiding principles for clinical research and development of antitumor drugs were officially released, promising pharmaceutical enterprises and leading CXO enterprises with innovative ability. From the perspective of investment strategy, we are optimistic about the growth and innovation of subdivision leaders for a long time. When the demand is still growing, we focus on the growth and innovation, including the upstream links of the industrial chain that can maintain the cost advantage under the condition of continuous growth of terminal demand, as well as the innovative iterative pharmaceutical products guided by clinical value.
Starting from the midline thinking, find the layout point, including: 1. CXO plate with high scenery and high valuation, and find balance in the shock. For example, Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , and Porton Pharma Solutions Ltd(300363) of biotechnology cdmo. 2. Medical beauty, rehabilitation and other consumption tracks, such as Huadong Medicine Co.Ltd(000963) , Xiangyumedicalco.Ltd(688626) . 3. Specialized special new track: innovation iteration and innovation support system, such as antibody raw materials, tool protein, nano microspheres, magnetic microspheres and other research and development upstream scientific research service industry attention Suzhou Nanomicro Technology Co.Ltd(688690) , Acrobiosystems Co.Ltd(301080) , etc. []
