Innovative pharmaceutical industry enters a critical period of commercialization
Main conclusions:
The innovative drug sector is affected by many factors. At present, the overall valuation has basically fallen back to the pre epidemic level. From the medium and long-term perspective, we believe that the valuation of the sector has returned to rationality, and the current time node has good medium and long-term layout value.
With the release of a number of policies related to innovative drugs, such as registration approval, medical insurance access and terminal promotion, the development of China's innovative drug industry has entered a new stage of standardized development. China's innovative drug industry continues to develop rapidly, and some commercialized varieties have the potential of heavy varieties. With the continuous increase of varieties entering the commercialization stage, innovative drug enterprises, combined with their own product characteristics and adopting innovative drug strategies in line with their own resource endowment, have the opportunity to achieve greater success in the commercialization stage.
Investment strategy:
It is suggested to focus on listed companies that have approved one or more innovative drugs. Combined with R & D pipeline, commercialization strategy and multi-dimensional screening of valuation and cost performance.
Stock selection ideas:
Jiangsu Hengrui Medicine Co.Ltd(600276) , Betta Pharmaceuticals Co.Ltd(300558) , Baiji shenzhou-u (recommended concern), Shanghai Junshi Biosciences Co.Ltd(688180) -u, Cinda Biology (H), Yifan Pharmaceutical Co.Ltd(002019) , Fuhong Hanlin (H shares, recommended concern), kangfang biology-b (H shares, recommended concern), Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) (recommended concern).
Risk warning: covid-19 epidemic progress is uncertain, including the risk of policy fluctuation, market shock and changes in the company's operation
