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.
Zheshang Securities Co.Ltd(601878) : break the “core asset” and “sector concept”! Industrial chain thinking on investment opportunities in upstream and manufacturing links
We suggest that investors should break the “core assets” and “sector concept” so that they can look at the investment opportunities in the upstream and manufacturing links with the industrial chain thinking, and the innovative pharmaceutical machinery will continue to survive the fittest during the transition period. We believe that in 2022, medicine should adhere to the investment strategy of “grasping manufacturing and welcoming innovation”.
Specifically, it is suggested to pay attention to: 1) manufacturing sector: API, cdmo and other subdivided fields, and recommend Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Apeloa Pharmaceutical Co.Ltd(000739) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Porton Pharma Solutions Ltd(300363) , Hainan Poly Pharm.Co.Ltd(300630) , etc.
2) upstream: the upstream: pharmaceutical equipment, reagents, consumables, and other fields of pharmaceutical equipment, reagents, and consumables, and the upstream: the upstream: the fields of pharmaceutical equipment, reagents, consumables, and so on, and the fields of pharmaceutical equipment, reagents, and so on, and the fields of pharmaceutical equipment, reagents, and consumables, and the upstream: the upstream: the upstream: the fields of pharmaceutical equipment, reagents, consumables, and so on, and the fields of pharmaceutical equipment, and so on, and the fields of pharmaceutical equipment, reagents, and consumables, and so on, and the fields of pharmaceutical equipment, such as the fields of pharmaceutical equipment, and so on, and the recommendations are recommended for senszonzonzonzonpine international, and the Tofflon Science And Technology Group Co.Ltd(300171) Tofflon Science And Technology Group Co.Ltd(300171) Tofflon Science And Technology Group Co.Ltd(300171) Shanghai Titan Scientific Co.Ltd(688133) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Qingdao Novelbeam Technology Co.Ltd(688677) etc.
3) innovation: for international equipment and pharmaceutical companies, it is recommended to pay attention to Micro-Tech (Nanjing) Co.Ltd(688029) , minimally invasive medicine, Beijing Balance Medical Technology Co.Ltd(688198) , Baiji Shenzhou, Xinda biology, Shanghai Junshi Biosciences Co.Ltd(688180) , kangfang biology, etc.
4) others: Other: consumer attributes, medical services, innovative supporting industry companies, medical services, and innovative supporting industry companies, recommending companies with consumer attributes, medical services, and innovative supporting industries, recommending companies with Hangzhou Tigermed Consulting Co.Ltd(300347) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ etc.
Caitong Securities Co.Ltd(601108) : dig deep into value, traditional Chinese medicine and consumption growth! Exposure of logical changes in API industry
On the road of value return, dig stocks from bottom to top, and API continues to rise. Dig deep into value, traditional Chinese medicine and consumption growth. The deep value sectors include API (including intermediates in this paper), blood products, generic drugs, pharmacies and circulation, among which the API sector is still the high boom sector this year.
There are four logical changes in the API industry: 1. API and cdmo belong to advanced manufacturing industry, and the valuation is close to cdmo. The former emphasizes scale effect and cost control, while the latter emphasizes service capability and R & D efficiency. However, when the raw material procurement cost is an important consideration after the new drug is listed, the API enterprises have the ability to compete with cdmo enterprises.
2. Covid-19 oral drug raw material industry chain drives the industry prosperity upward.
3. The supply side reform of API will be similar to that of chemical industry, and the industry concentration is expected to be greatly improved. The notice on the implementation plan for promoting the high-quality development of API Industry issued in November 2011 is a long-term and deep-seated logic. The upgrading of the export structure of the API industry is slow, and the international competitive advantage of high value-added products is not strong. The API should be developed under the background of the national dual carbon policy, strictly implement the access standards of environmental protection, safety and energy conservation, benchmark the international leading level, and carry out cleaner production audit, evaluation and certification.
4. Cyclical reversal, and the profits of API enterprises returned to growth. In 2021, affected by the epidemic situation abroad, the demand for non covid-19 pharmaceutical products was insufficient; At the same time, the price of upstream chemical raw materials rose sharply, and the profit of long-term association orders fell sharply due to factors such as transportation and exchange rate. Since November 2021, the order price of API long-term association has increased one after another. In 2022, the demand for foreign non covid-19 pharmaceutical products recovered, and other factors are also changing in the opposite direction.
Sinolink Securities Co.Ltd(600109) : pay attention to the main line of epidemic prevention and control! Optimistic about pharmaceutical innovation, high-end pharmaceutical manufacturing and pharmaceutical consumption
Continue to pay attention to the main line of epidemic prevention and control, including killing detection, covid-19 vaccine, covid-19 specific drug and its upstream industrial chain. Optimistic about pharmaceutical innovation, pharmaceutical high-end manufacturing, upstream supply chain, pharmaceutical consumption and other directions.
The logic of innovative medicine going to sea has been constantly verified. We are optimistic about China Meheco Group Co.Ltd(600056) innovation and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, and pay attention to the catalytic effect of the performance of the first quarter of the annual report on the CXO sector. This week, legendary biological car-t therapy was approved by FDA. Tianyan pharmaceutical announced that it had reached a cooperation with Sanofi with a potential value of US $2.5 billion, which verified the R & D strength of Chinese innovative pharmaceutical enterprises and the logic of internationalization of Chinese innovative drugs. It continued to be optimistic about innovative drug enterprises, especially those with differentiated R & D strength, rich pipelines and international vision Innovative drug enterprises with rapid commercialization and large-scale capacity. Continue to be optimistic about the CXO sector. It is expected that with the continuous disclosure of the annual report in March, the market sentiment of the CXO sector will continue to pick up.
Continue to be optimistic about the upstream API sector of the industrial chain and the upstream pharmaceutical supply chain: ① the API sector continues to promote the capacity construction of intermediates and APIs, preparations and cdmo projects. Under the background of the continuous support of the 14th five year plan for the development of pharmaceutical industry for API, the performance of relevant enterprises is expected to improve steadily, and the profitability is expected to improve continuously in 2022. ② Focus on the investment opportunities in the supply chain during the 14th Five Year Plan period (industrial upgrading + domestic substitution), including subdivided fields such as equipment and equipment, scientific instruments, upstream reagent consumables for scientific research, upstream consumables for pharmaceutical industry and raw and auxiliary material packaging materials.
Zhongtai Securities Co.Ltd(600918) : covid-19 epidemic continues and repeats, and antigen self inspection is expected to usher in investment opportunities
The rules for the use of antigen self-test in the United States, the European Union, Australia and other places clearly point out that nucleic acid detection methods can be supplemented but cannot be replaced. The registration and approval of covid-19 antigen self inspection products in China may be stricter, and the product landing still needs to wait for the introduction of formal policies. The clinical requirements of covid-19 antigen self-test kit in the EU and the United States refer to the interim guidance documents of who, including core indicators such as sensitivity, specificity, positive coincidence rate and negative coincidence rate, but there are no strict regulations on the number of clinical participants; The key points of technical review for the registration of antigen detection reagents proposed by the State Food and drug administration require that the number of enrolled cases may reach 500 according to the preliminary research, which is significantly higher than the reagent development standards of FDA and EU.
Referring to the registration and approval of China’s in vitro diagnostic kit, we believe that if China’s covid-19 antigen self-test kit enters the Innovation Medical Management Co.Ltd(002173) device special review procedure or medical device priority approval process, the approval time is expected to take 3-12 months; If the class III Registration Certificate is applied for according to the conventional in vitro diagnostic reagent, the whole approval process may take 1-3 years.
At present, China’s relevant quality evaluation requirements and registration evaluation methods have not been released, and the final approval speed still needs further reference to national policies. In terms of China’s market space, with reference to overseas distribution policies, it is predicted that China’s monthly market scale may reach 17.7-26.6 billion yuan.
In terms of investment suggestions, at present, covid-19 antigen self-test kits of hundreds of in vitro diagnostic manufacturers in China have been registered and approved overseas, and the market competition in Europe, Malaysia and other regions is becoming increasingly fierce. We believe that if the registration approval of covid-19 antigen self-test products in China is released, the head brands with complete and abundant clinical data and relatively large overseas sales may gain advantages. We suggest paying attention to the investment targets of Andon Health Co.Ltd(002432) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Guangzhou Wondfo Biotech Co.Ltd(300482) , Beijing Hotgen Biotech Co.Ltd(688068) , an Xu biology and so on.
Gf Securities Co.Ltd(000776) : the pharmaceutical industry has entered a period of deep transformation! Short term harvest and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain related enterprises are most likely to benefit
At present, the pharmaceutical industry has entered a period of deep transformation. Innovative drugs and high barrier products with technical difficulties will become the general trend. Enterprises with complete innovation system, short-term harvest and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain are most likely to benefit. (1) Covid-19 core portfolio: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Xiansheng pharmaceutical, Guangzhou Wondfo Biotech Co.Ltd(300482) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) ; Target of concern: Shanghai Junshi Biosciences Co.Ltd(688180) , Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) : (2) innovative drug combination: Jiangsu Hengrui Medicine Co.Ltd(600276) , Kingsley, China biopharmaceutical and stone Pharmaceutical Group; Targets of concern: Hansen pharmaceutical, Cinda biology, kangfang biology-b, kangnoah, oukangweishi, Baiji Shenzhou and Tianjing biology; (3) CrMo: Wuxi Apptec Co.Ltd(603259) , Yaoming biology, Pharmaron Beijing Co.Ltd(300759) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Hangzhou Tigermed Consulting Co.Ltd(300347) ; (4) The upstream targets of life pharmaceutical: Suzhou Nanomicro Technology Co.Ltd(688690) , Tofflon Science And Technology Group Co.Ltd(300171) , Truking Technology Limited(300358) ; (5) Medical consumption combination: Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Changchun High And New Technology Industries (Group) Inc(000661) , Imeik Technology Development Co.Ltd(300896) , Shanghai Haohai Biological Technology Co.Ltd(688366) , Huadong Medicine Co.Ltd(000963) , OTC of traditional Chinese medicine; Target of concern: Jinxin reproduction; (6) Combination of special drugs: Humanwell Healthcare (Group) Co.Ltd(600079) , Yantai Dongcheng Biochemicals Co.Ltd(002675) , China National Medicines Corporation Ltd(600511) ; (7) Vaccine combination: Shenzhen Kangtai Biological Products Co.Ltd(300601) , Cansino Biologics Inc(688185) bio-b; Object of concern: Walvax Biotechnology Co.Ltd(300142) .
Huaan Securities Co.Ltd(600909) : medicine has strong investment value! Five paths to find the target from bottom to top
Standing at the market point of fundamentals and capital structure, this year’s centralized purchase policy continued to promote the uncertainty caused by the implementation (centralized purchase of consumables, national purchase, alliance purchase, etc.). In addition, the short-term pharmaceutical industry sector has not seen clear favorable policies / changes, and the valuations of many pharmaceutical companies have reached a very reasonable range, The uncertainty of policy changes makes many investors unable to start. At present, it is a reasonable range downstream of the valuation center of the history of medicine, and medicine has a strong investment value.
We suggest the direction configuration of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream (autonomous and controllable) + looking for the target from bottom to top in other directions; In addition, covid-19 small molecular medicine has contributed enough flexible performance to cdmo company. It is suggested to pay attention to the subject matters such as Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) and so on. We suggest the following investment ideas:
(1) a sector of Chinese medicine: a sector of Chinese medicine: a sector of traditional Chinese medicine: a brand name, a precious OTC + an innovative Chinese medicine + a chain of traditional Chinese medicine. We recommend: forthe luxury of a famous brand, an innovative Chinese medicine + an innovative Chinese medicine + a chain of Chinese medicine. We recommend: foran expensive brand, a traditional Chinese medicine + an innovative Chinese medicine + a chain of Chinese medicine + a chain of Chinese medicine, a chain of Chinese medicine. We recommend: forthe luxury of the brand, a pricfor the precious brand, an expensive OTC + for the brand, a traditional Chinese Medicine Innovation + an innovation + Chinese medicine + a chain of Chinese medicine + a chain chain of Chinese medicine chain. We recommend our recommendations: the and other subjects are also recommended for attention: Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , Teyi Pharmaceutical Group Co.Ltd(002728) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) and other subjects.
(2) medical infrastructure sector: medical infrastructure sector: we recommend to focus on the medical infrastructure sector: we recommend to focus on the medical infrastructure sector: medical infrastructure sector: medical infrastructure sector: we recommend to focus on the Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Shenzhen Yhlo Biotech Co.Ltd(688575) , Autobio Diagnostics Co.Ltd(603658) , Shenzhen Lifotronic Technology Co.Ltd(688389) , Maccura Biotechnology Co.Ltd(300463) , Tellgen Corporation(300642) , Guangzhou Wondfo Biotech Co.Ltd(300482) Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) et al. IVD enterprises play an important role in epidemic prevention and control (antibodies, antigens and nucleic acid detection reagents), which provides sufficient funds for the development of the company in the future.
(3) scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: scientific research reagents and upstream: scientific research reagents and upstream: we propose to focus on the Nanjing Vazyme Biotech Co.Ltd(688105) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Zhejiangtailin Bioengineering Co.Ltd(300813) , Nanmo biology, etc.
(4) other bottom-up sectors and companies need to be analyzed according to the subject matter and valuation of industries and companies, and it is proposed to pay attention to Yantai Zhenghai Bio-Tech Co.Ltd(300653) , Medprin Regenerative Medical Technologies Co.Ltd(301033) and other subjects of regenerative medicine; The valuation of the medical service sector is low. We recommend haijiya and gushengtang with high cost performance and expansibility. We suggest paying attention to Aier Eye Hospital Group Co.Ltd(300015) , Chaoju Ophthalmology, Jinxin reproduction, etc; Biological products and vaccines need continuous attention. We recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Changchun Bcht Biotechnology Co(688276) , and Walvax Biotechnology Co.Ltd(300142) , Cansino Biologics Inc(688185) , Chengdu Olymvax Biopharmaceuticals Inc(688319) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; For household medical devices, it is recommended to pay attention to Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Cofoe Medical Technology Co.Ltd(301087) .
(5) for the innovative drug sector, it is suggested to pay attention to the innovative drug targets with international ability. We suggest to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Hehuang medicine, kangfang biology, China biopharmaceutical, etc.
Guosen Securities Co.Ltd(002736) : focus on pharmaceutical upstream, traditional Chinese medicine, innovative drugs and other sectors
After the rebound of the pharmaceutical sector in February, the valuation and institutional position ratio are still at a historical low. We suggest to seize the opportunity of oversold rebound / valuation repair of some sectors and actively carry out layout; Focus on pharmaceutical upstream, traditional Chinese medicine, innovative drugs and other sectors.
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open source Securities: focus on the pharmaceutical industry segments and targets with undervalued value and expected performance improvement
Under the disturbance of factors such as the expansion of centralized mining, the impact of the epidemic and emergencies brought about by changes in international relations, the pharmaceutical sector has adjusted significantly since the beginning of the year. In the near future, with the expected stability, as well as the policy direction of the state encouraging innovation, improving the concentration of industrial chain and social medical management, the current valuation of the whole pharmaceutical sector is less than 30 times, which is significantly lower than the average level of 38 times since 2011. Therefore, we continue to suggest that we pay attention to the reasonable valuation and the rapid growth of performance in 2022q1 Industries and targets with inflection points or stable fundamentals in 2022.
In terms of investment suggestions, the recommended targets are: 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 in no order). Beneficiary targets: health care, Chinese herbal medicine, 3 Fiyta Precision Technology Co.Ltd(000026) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ Yixintang Pharmaceutical Group Co.Ltd(002727) , Dashenlin Pharmaceutical Group Co.Ltd(603233) , Yunnan Jianzhijia Health-Chain Co.Ltd(605266) , Shanghai Junshi Biosciences Co.Ltd(688180) , Xiansheng pharmaceutical, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Brightgene Bio-Medical Technology Co.Ltd(688166) , Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) , Nanjing Hicin Pharmaceutical Co.Ltd(300584) .
