Epidemic update
The global epidemic situation tends to ease, and the epidemic situation in some Asian countries is repeated. The number of new cases in the world continued to decline this week, and the number of deaths continued to decline from mid February. New cases have increased in some Asian countries, but the mortality rate is generally controllable.
China approves covid-19 antigen self-test products. In March 11th, the State Council, in response to the comprehensive prevention and control mechanism of New Coronavirus pneumonia, decided to add antigen tests on the basis of nucleic acid detection. On March 12, the State Food and Drug Administration issued a notice approving the change of covid-19 antigen product self-test application of Nanjing Nanjing Vazyme Biotech Co.Ltd(688105) , Beijing jinwofu, Shenzhen Huada Yinyuan, Guangzhou Guangzhou Wondfo Biotech Co.Ltd(300482) , Beijing huaketai biology, and five covid-19 antigen self-test products were approved for listing.
Zhou viewpoint update
Focus on the two sessions and continue to be optimistic about the innovation and upgrading of epidemic prevention and pharmaceutical industry. Continue 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.
China's innovative drugs continue to be approved for listing, 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 catalysis of the performance of the first quarter of the annual report on the CXO sector. This week, Baiji Shenzhou approved the listing of the new indications of tirizumab, and the CD19 monoclonal antibody ineblizumab injection introduced by hausen was approved. In the future, innovative R & D will still be the core competitiveness of pharmaceutical enterprises. From the perspective of drug discovery and preclinical business, the growth rate of newly signed orders in 2021 is still increasing quarter by quarter. The second wave of R & D innovation of China Meheco Group Co.Ltd(600056) innovation is gradually rising. Local CXO demand is strong and continues to be optimistic about the CXO sector. It is expected that with the disclosure of annual reports 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 pharmaceutical industry development for API, the performance of relevant enterprises is expected to improve steadily, and the profitability is expected to improve continuously in 2022 (the price of upstream raw materials, exchange rate and freight rise in 2021, and the profit margin fluctuates). 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.
Investment advice
We are optimistic about the main line of the epidemic and the advanced manufacturing direction of medicine, including detection and killing, vaccines and specific drugs, their R & D industrial chain, upstream supply chain, etc.
It is suggested to pay attention to: Wuxi Apptec Co.Ltd(603259) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , Nanjing Vazyme Biotech Co.Ltd(688105) , Apeloa Pharmaceutical Co.Ltd(000739) , etc.
Risk tips
Covid-19 epidemic development and change risk, product R & D data and progress are less than expected risk, product capacity and sales are less than expected risk, orders are less than expected risk, competition is intensified risk, and policy supervision risk. Exchange rate fluctuation risk, etc.
