The pharmaceutical sector rebounded this week
This week, the pharmaceutical biological index rose by about 1.08%, outperforming the Shanghai and Shenzhen 300 index by 2.02 percentage points, outperforming the Shanghai Composite Index by 2.85 percentage points, and ranking the third in the industry. As of Friday (March 18), the PE (TTM, excluding negative value) of the pharmaceutical industry was 28x, below the "mean value - 1 times standard deviation" since 2015. Among the pharmaceutical level III sub industries, among the 13 sub industry sectors this week, 7 sub industry sectors rose and 6 sub industry sectors fell. Vaccine was the sub industry with the largest increase, up 16.9%, and offline pharmacies were the sub industry with the largest decrease, down 9.9%.
The macro turbulence and the turbulence caused by the rumors of private medical policies in the pharmaceutical sector are just a good opportunity for pharmaceutical asset allocation
This week, the main body of medicine is still in the theme of "covid-19 medicine", while the medical service sector fluctuates violently in the "topic of medical service and financing". In addition, antigen detection reagents were quickly approved. As of 16:00 on March 20, a total of 17 antigen detection registration certificates had been approved by nmpa; In terms of price, the lowest price for centralized collection of antigen detection reagents in Shandong Province is 7.9 yuan per copy.
Among the top gaingaingaingaingaingainers this week include ' Tsingtao Brewery Company Limited(600600) 56 19. Pharmaceutical related industry chain; The top decliners include konoya, Peijia medical, Chengda pharmaceutical, Zhejiang Orient Gene Biotech Co.Ltd(688298) , Changjiangrunfa Health Industry Co.Ltd(002435) , Hangzhou Alltest Biotech Co.Ltd(688606) , Hagia, xianruida medical, Yixintang Pharmaceutical Group Co.Ltd(002727) , Qingdao Novelbeam Technology Co.Ltd(688677) , mainly Hong Kong stocks, medical services, antigen detection, etc.
In the covid-19 special research, we released covid-19 special topic antigen detection special report of covid-19 special topic: positioning supplement and opening up a new space of the industrial chain on March 13, 2022, and covid-19 special drug special report of covid-19 special topic (II) of [46 pages] covid-19 special topic: combination of Chinese and Western treatment schemes, connection from top to bottom, investment opportunities of covid-19 pharmaceutical industrial chain on March 19.
Combined with the macro uncertainty (the turmoil of the Russian Ukrainian war, the US inflation and interest rate increase, etc.), standing at the market point of fundamentals and capital structure, the uncertainty caused by the continuous promotion of the implementation of the centralized procurement policy this year (centralized procurement of consumables, national procurement, alliance procurement, 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. The PE · ttm37x of Pharmaceutical (CITIC) on March 20 has been a reasonable range downstream of the valuation center in 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) Chinese medicine sector: a sector of traditional Chinese medicine: the brand name, the precious OTC + the innovative drug of traditional Chinese medicine, and we recommend: the precious brand, the precious brand, the precious brand, the brand, the precious OTC of the brand, the brand of the brand, the precious OTC, the brand, the precious OTC, the brand, the brand, the brand, the precious OTC, the brand, the innovative drug of the innovative Chinese medicine, the innovative drug of the innovative traditional Chinese medicine, and we recommend: ' Hongda Xingye Co.Ltd(002002) , the precious brand, the precious brand, the precious OTC, and the precious OTC, the brand, the precious, the OTC plus plus, the brand, the precious, the OTC plus plus plus, the precious OTC, the precious OTC, and the brand of the brand of the innovative Chinese medicine, and we recommend: we recommend: the targets such as: the subject of the subject of ''s: itis also recommended to pay attention to: 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) , etc.
(2) traditional Chinese medicine treatment service: gushengtang (the leading pioneer of traditional Chinese medicine treatment service, with the same wind PE of 20x in 2023);
(3) medical infrastructure sector: we recommend to focus on the medical infrastructure sector: medical infrastructure sector: medical infrastructure sector: we recommend to focus on the 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) , etc, 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.
4) scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: we propose to focus on Nanjing Vazyme Biotech Co.Ltd(688105) , Zhejiangtailin Bioengineering Co.Ltd(300813) , Nanmo biology, etc.
(5) 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; In the medical service sector, we recommend haijiya and gushengtang, which are cost-effective and expansible. 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) .
(6) 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.
New report issued this week
Deep adoption shares of the company (301122): "binding core customers and leading domestic high-end puncture instruments"; Company depth Youcare Pharmaceutical Group Co.Ltd(688658) ( Youcare Pharmaceutical Group Co.Ltd(688658) ): "two wheel drive of traditional Chinese medicine and chemical medicine, steady improvement of business status and continuous enhancement of profitability"; Depth of the company Jiangsu Gdk Biological Technology Co.Ltd(688670) ( Chongqing Zhifei Biological Products Co.Ltd(300122) ): "specialized and fine, small and beautiful, taking advantage of the large-scale production of tetravalent influenza vaccine to ride the east wind of the industry"; Company comments Changchun Bcht Biotechnology Co(688276) ( Changchun Bcht Biotechnology Co(688276) ): "limited performance growth under the disturbance of the epidemic, optimistic about the company's business recovery and growth in the post epidemic era"; Company comments Jianmin Pharmaceutical Group Co.Ltd(600976) ( Jianmin Pharmaceutical Group Co.Ltd(600976) ): "performance meets expectations, industry and Commerce keep pace, OTC and prescription drugs work together"; Covid-19 special topic (II): covid-19 special topic report on specific drugs: "combination of Chinese and Western treatment schemes, connection from top to bottom, covid-19 pharmaceutical industry chain investment opportunities".
Performance of individual stocks this week: most A-shares increased, while most Hong Kong stocks fell
Of the 436 stocks this week, 170 rose, accounting for 39%. The top ten medicine stocks that have seen the top ten of the top ten of the week's top ten medicine stocks are: the medicine stocks that are among the top ten of the week's top ten medicine stocks that are among the top ten of the week's top ten: the medicine stocks that are among the top ten of the week's top ten: the medicine stocks that are among the top ten of the week's top ten of the week's top ten of the week's top ten of the week's top ten of the week's top ten of the week's top ten medicine stocks are: Tsingtao Brewery Company Limited(600600) 600 Hubei Jumpcan Pharmaceutical Co.Ltd(600566) 0056 or (+ 27.76%), Shanghai Labway Clinical Laboratory Co.Ltd(301060) (+ 27.67%), Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) (+ 24.89%), Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) (+ 24.42%); The pharmaceutical stocks with the top ten of the week's decline in the top ten of the week's top ten medicine stocks are as follows: cerren bio (- 27.76.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76 percent (- 27.76.76 percent), Chengda (- 16.16.77 (- 16.77.77 percent (- 16.77.77 percent (- 16.77.77.77 percent), West Point (- 15.48.48 percent (- 15.48.48.48 percent (- 15.47.47 percent (- 15.47.47 percent (- 15.47 percent (- 15.47.47 percent (- 15.47.47 percent (- 15.47.47 percent (- 15.47 percent (- 15.47.47.48 percent (- 15.48 percent (- 14.48 percent (- 14.22 13%), Hangzhou Biotest Biotech Co.Ltd(688767) (- 12.95%). Of the 87 Hong Kong stocks this week, 54 rose, accounting for 62%.
Global covid-19 epidemic situation and vaccination
The number of newly confirmed cases in the world continued to grow, and the growth rate of confirmed cases in South Korea and Vietnam slowed down; Jilin, Fujian, Shandong, Guangdong, Liaoning, Gansu, Tianjin, Hebei and other places. The number of vaccinations continued to grow, with the global average whole course vaccination rate of about 57% and the whole course vaccination rate of about 86% in China.
Risk tips
Policy risk, competition risk, abnormal stock price fluctuation risk.
