Focus on the subject of reasonable valuation. This week, the pharmaceutical and biological index rose 1.08%, outperforming the Shanghai and Shenzhen 300 index by 2.02 percentage points, and the rise and fall range ranked third among all Shenwan industries. Since the beginning of 2022, the pharmaceutical industry has fallen by 12.52%, outperforming the Shanghai and Shenzhen 300 index by 1.07 percentage points, ranking 16th among all Shenwan industries. At present, the price earnings ratio of Pharmaceutical Biology (TTM, overall method, excluding negative values) is 31.01x, which is in the 13% quantile of the historical valuation in recent five years, and the valuation is at the low level. It is suggested to continue to focus on the high-quality targets matching the boom track valuation and growth rate: Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Wuxi Apptec Co.Ltd(603259) , Apeloa Pharmaceutical Co.Ltd(000739) , Apt Medical Inc(688617) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Kingsley Biotechnology, Corning Jerry pharmaceutical, Weigao Co., Ltd.
The ninth edition of covid-19 diagnosis and treatment plan was released. In March 15, 2022, the national health and Health Committee released the New Coronavirus pneumonia diagnosis and treatment plan (trial version ninth). Combined with the two epidemic epidemic prevention experience of Delta and Omicron, the new version of the diagnosis and treatment scheme added antigen detection as the supplement at the detection end, added oral drugs and monclonal antibodies to the treatment end, and improved the Chinese medicine treatment plan. At the same time, the cases were classified and treated, and the medical resources were rationally utilized.
MPP approved Chinese enterprises to produce Pfizer covid-19 oral drugs. On March 17, 2022, MPP announced that it had reached an agreement with 35 pharmaceutical companies around the world to allow them to produce nimatrilvir API or preparation, one of the components of paxlovid, an oral drug of Pfizer covid-19. Among them, there are five Chinese enterprises, namely Shanghai desaino, Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Apeloa Pharmaceutical Co.Ltd(000739) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) and Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) . Many Chinese generic pharmaceutical enterprises have successively obtained MPP authorization for oral drugs from MSD and Pfizer, which reflects that Chinese enterprises have been recognized by multinational pharmaceutical giants and international organizations in many aspects such as global compliance production, quality control and overseas sales. After covid-19 vaccine and testing reagent, therapeutic drugs have gradually deepened the influence of the global industrial chain. Under the dual cycle of internal and external circulation, local demand and sea layout are equally important.
Risk tips: the risk of repeated epidemic, the risk of exceeding the expectation of medical insurance control fees, and the risk of exceeding the expectation of centralized purchase of drugs and high-value consumables.
