Investment summary
Review: in 2021, the differentiation intensified and the policy continued
Market performance: Policy disturbance and dull weight; Frequent themes, multi-point flowering
Industry policy: centralized mining and expansion, accelerated negotiation and large-scale innovation; The balance of medical insurance was stable and payment reform accelerated
Outlook: in 2022, innovative manufacturing and industrial upgrading
Under the basic construction of review, approval and centralized purchase negotiation policies, the reform of payment system is accelerated, and the policy closed loop is expected to be formed. Industrial upgrading is deepened, industrial chain thinking is strengthened, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain and manufacturing upgrading are optimistic, and technological iteration and expansion of consumption are concerned.
[innovation frontier]: innovation is still the most important direction. In 2022, more attention will be paid to innovation and industrial chain layout. 1) Upstream industrial chain services: optimistic about the upstream demand explosion brought by new technologies and new therapies, including scientific research reagents Nanjing Vazyme Biotech Co.Ltd(688105) , Jenkem Technology Co.Ltd(688356) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Shanghai Titan Scientific Co.Ltd(688133) ; Cro enterprises Joinn Laboratories (China) Co.Ltd(603127) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) , Shanghai Medicilon Inc(688202) ; Model animals: Nanmo biology, jijiyaokang, baiaosaitu, etc. 2) Terminal products and technological innovation: we are optimistic about the leader of innovative drugs and biotech, Jiangsu Hengrui Medicine Co.Ltd(600276) , Xinda biology, Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Haisco Pharmaceutical Group Co.Ltd(002653) ; Innovative instruments include xianruida medical, Micro-Tech (Nanjing) Co.Ltd(688029) , Aohua endoscopy, Xianjian technology, minimally invasive Siasun Robot&Automation Co.Ltd(300024) , etc.
[made in China]: as a traditional manufacturing power, with the deepening of medical reform, China has continuously strengthened the logic of high-end pharmaceutical manufacturing, and is optimistic about global advantages and industrial upgrading. 1) Cdmo / CMO: a double strong track combining innovative service and manufacturing advantages, which is still in the upswing of the economy. In 2022, we will focus on performance acceleration and event catalysis. We are optimistic about leading Yaoming biology, Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , and rapidly expanding Porton Pharma Solutions Ltd(300363) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Apeloa Pharmaceutical Co.Ltd(000739) . 2) Characteristic API: the inflection point is established and the global competitive advantage is clear. In 2022, we are optimistic about Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , etc. 3) Equipment and consumables: the acceleration of domestic substitution driven by innovation provides a good opportunity for the epidemic. We are optimistic about the leader Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , and pay attention to consumables service providers Zhejiang Gongdong Medical Technology Co.Ltd(605369) , Shenzhen Changhong Technology Co.Ltd(300151) , Guangzhou Jet Bio-Filtration Co.Ltd(688026) ; Optimistic about production equipment enterprises Tofflon Science And Technology Group Co.Ltd(300171) , Truking Technology Limited(300358) , Sensong international, Maider Medical Industry Equipment Co.Ltd(688310) .
[consumption upgrading]: the expansion of medical services is optimistic about Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , haijiya medical and Jinxin reproduction; The technological innovation and demand growth of domestic vaccines are optimistic about Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) ; And chain pharmacies, brand traditional Chinese medicine, etc.
Key companies: Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Yaoming biology, Wuxi Apptec Co.Ltd(603259) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Aier Eye Hospital Group Co.Ltd(300015) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Pharmaron Beijing Co.Ltd(300759) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Xinda biology, Topchoice Medical Co.Inc(600763) , Nanjing Vazyme Biotech Co.Ltd(688105) , Shanghai Junshi Biosciences Co.Ltd(688180) , haijiya medical, Haisco Pharmaceutical Group Co.Ltd(002653) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Zhejiang Gongdong Medical Technology Co.Ltd(605369) .
Risk tips: policy change risk, epidemic disturbance risk, drug R & D risk, increased competition caused by accelerated entry of overseas drugs, and untimely update of research report use information.
