Industry perspective
Guangdong Union of blood products and growth hormone began to simulate the quotation. On March 4, Guangdong Provincial Drug suggestion Center issued the notice on carrying out the simulated quotation of centralized procurement (the first batch) of diclofenac and other drugs of Guangdong alliance. The participating enterprises include all enterprises involved in the products that meet the application conditions, focusing on letting the enterprises understand the quotation operation and process. We believe that as the follow-up alliance centralized purchase gradually enters the quotation link, the policy uncertainty is expected to be eliminated, driving the gradual repair of the valuation of the sector.
We will continue to do a good job in normalized epidemic prevention and control and covid-19 vaccination. This week, the fifth session of the 13th National People's Congress opened at the Great Hall of the people in Beijing. The government work report shows that China will implement normalized prevention and control measures in 2021, and the coverage rate of vaccination throughout the whole process will exceed 85%. It is proposed to continue to do a good job in normalized epidemic prevention and control, strengthen the research and prevention of virus variation, and speed up the research and development of vaccines and specific drugs, Continuous vaccination, etc. At present, the sequential vaccination of covid-19 vaccine in China has been approved and deployed. We can choose the recombinant protein vaccine of zhifeilong KOMA or Cansino Biologics Inc(688185) of adenovirus vector vaccine for sequential immunization; The combination of homologous vaccination of covid-19 vaccine and the use of Pfizer covid-19 oral small molecule drugs is expected to further control the epidemic in China, and the conventional vaccine is expected to usher in a large amount.
Deputies to the National People's Congress proposed to make rational use of the surplus of China's blood stations to separate plasma and reduce dependence on imported blood products. According to the Securities Daily, during the two sessions, an Kang, deputy to the National People's Congress and chairman of Hualan Biological Engineering Inc(002007) proposed to make rational use of the surplus of Chinese blood stations to separate plasma and reduce dependence on imported blood products. At present, all raw plasma in China comes from plasma collection stations, and the supply is seriously insufficient. In 2020, China will collect about 4800 tons of whole blood and 2200 tons of separable plasma through unpaid blood donation every year. According to the Hualan Biological Engineering Inc(002007) annual report, China's total plasma collection in the same period of 2020 was about 8300 tons, mainly affected by the epidemic. In 2019, the industry collected 9201 tons of oars, while China's actual plasma demand exceeded 14000 tons. At present, there is still a large gap in the supply of paddle collection. If the relevant policies change in the future, the excess separated plasma after clinical use can be used in the production of blood products by China blood center, which is expected to improve the supply capacity of the current blood products industry, alleviate the shortage of clinical supply and reduce the dependence on imported blood products.
Investment advice
It is suggested to pay attention to the blood products sector with large growth space and strong defensive and certainty during the 14th Five Year Plan period; Focus on the growth hormone sector with high valuation and cost performance and the gradual elimination of policy uncertainty, and the large-scale rhythm of vaccine companies with conventional heavy-duty class II vaccine products in the post epidemic era.
Key companies: Changchun High And New Technology Industries (Group) Inc(000661) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc.
Risk tips
Covid-19 virus mutation makes epidemic prevention and control more difficult; Demand recovery is less than expected; The scope and intensity of centralized purchase exceeded expectations.
