One week’s view: Beijing has included 16 assisted reproductive projects in class a medical insurance to help improve IVF penetration
On February 21, the Beijing Medical Insurance Bureau, the health commission and the human resources and Social Security Bureau issued the notice on regulating and adjusting the price of some medical services, which uniformly priced 53 assisted reproductive technology projects such as in vitro fertilization and embryo culture, and included 16 of them into class a medical insurance (outpatient only), which will be implemented from March 26, 2022. We believe that the first is conducive to the improvement of IVF service penetration, and the fertility policy will be more active under the national policy environment of encouraging three births. However, considering the high proportion of first-line and non local patients and the pilot promotion of direct settlement of outpatient expenses in different places in China, it is expected that IVF service penetration will not increase rapidly in a short time, but will gradually rise; Secondly, in terms of supply, the industry threshold is still very high, high-quality IVF licenses are scarce, medical insurance qualification puts forward higher requirements for IVF institutions, and the competitive advantage of leading institutions will be more prominent; Finally, in terms of profitability, the overall difference between this pricing and the previous pricing is small, and has little impact on VIP and other high-end special needs services. Therefore, the profitability of IVF institutions is expected to be maintained.
One week’s view: Traditional Chinese medicine formula granules: policy support, volume and price rise together, and the industry is expected to usher in rapid capacity expansion
On November 1, 2021, the pilot of traditional Chinese medicine formula granules was completed, the expansion of sales scope brought about the increase of volume, the increase of equivalent cost and the increase of price caused by the rise of raw material price. The traditional Chinese medicine formula granules industry is expected to usher in the rise of volume and price. The implementation of the new national standard has created basic conditions for centralized mining. However, due to the low coverage of varieties at present, it is expected that the possibility of national centralized mining in the short term is small. In the long run, we believe that the national centralized mining of traditional Chinese medicine formula particles is an inevitable trend, but the price decline is expected to be small. In terms of competition pattern, in the short term, the leader has greater development potential by virtue of the first mover advantage of products; In the long run, enterprises with more advanced production technology and obvious cost advantages have greater development potential.
One week view: the pharmaceutical upstream industry chain has high R & D investment + independent control, and the industry boom remains high
At the beginning of the year, the Ministry of industry and information technology and other nine departments jointly issued the “14th five year plan” for the development of pharmaceutical industry, The plan clearly states that “the R & D investment of the whole industry will increase by more than 10% annually; by 2025, the proportion of new sales of innovative products in the increment of operating revenue of the whole industry will further increase” and “The industrial chain and supply chain are stable and controllable. The advantages of large-scale and systematic pharmaceutical manufacturing have been further consolidated. Breakthroughs have been made in a number of key common technologies for industrialization, positive results have been achieved in making up for weaknesses in key areas, and a number of key enterprises with leading and driving ability of industrial ecology in subdivided areas have been cultivated”. Life science reagent is the basic material of life science research and development. As a consumable tool, it is widely used in life science research activities. We are optimistic that under the background of increasing investment in the biomedical industry, the reagent industry as a “water seller” of basic scientific research is expected to maintain rapid growth. At the same time, it is expected to fully benefit the upstream scientific instruments, pharmaceutical equipment and separation and purification fillers.
Recommended and beneficial objects
Recommended targets: Jinxin reproduction, Henan Lingrui Pharmaceutical Co.Ltd(600285) , Tasly Pharmaceutical Group Co.Ltd(600535) , Pharmablock Sciences (Nanjing) Inc(300725) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Apeloa Pharmaceutical Co.Ltd(000739) , Sino Biological Inc(301047) (the above ranking is not in order).
Beneficiary targets: health care, Chinese herbal medicine, 3 Fiyta Precision Technology Co.Ltd(000026) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Yunnan Baiyao Group Co.Ltd(000538) , Yixintang Pharmaceutical Group Co.Ltd(002727) , Dashenlin Pharmaceutical Group Co.Ltd(603233) , Yunnan Jianzhijia Health-Chain Co.Ltd(605266) , Changhong technology, Tofflon Science And Technology Group Co.Ltd(300171) , Truking Technology Limited(300358) , Shinva Medical Instrument Co.Ltd(600587) , Suzhou Nanomicro Technology Co.Ltd(688690) .
Risk tip: the black swan incident and the deterioration of the epidemic situation in the industry affect production and operation.
