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.
Southwest Securities Co.Ltd(600369) : focus on covid-19 vaccine, covid-19 nucleic acid / antigen detection, covid-19 drugs and other industrial chain theme investment
Build a "prevention, detection and treatment" - three in one system, and pay attention to the theme investment of covid-19 vaccine, covid-19 nucleic acid / antigen detection, covid-19 drugs and other industrial chains. Independent control of the prevention and treatment system from prevention to treatment is the basic condition for China to open the door, restore the economy and accelerate social development.
In terms of prevention, the multi technology route covid-19 vaccine booster sequential program was announced, and the recombinant protein and adenovirus route vaccines with higher protection rate are expected to continue in large quantities and contribute to performance flexibility.
In terms of detection, covid-19 antigen home self-test is expected to become an effective supplement to nucleic acid detection. The space elasticity of China's market is large. So far, China has approved antigen detection products from 12 enterprises.
In terms of treatment, neutralizing antibodies and oral small molecule drugs complement each other. Neutralizing antibodies: of which Shanghai Junshi Biosciences Co.Ltd(688180) of etcivir monoclonal antibody is out to Lilly, which has contributed revenue in 2020. The neutralizing antibody cocktail therapy of tengshengbo medicine was approved for listing in China on December 8, 2021. Small molecule oral drugs: Pfizer's paxlovid phase III interim data show that it has outstanding curative effect and has been approved to be listed in the United States, EUA and China Shanghai Junshi Biosciences Co.Ltd(688180) of vv116 is currently undergoing phase II / III clinical research outside China. It is the fastest growing domestic covid-19 small molecule drug. Pfizer and MSD have authorized their small molecule drug patents to MPP, and the relevant authorized generic pharmaceutical enterprises in China are expected to increase their volume. At the same time, they pay attention to the theme investment opportunities of covid-19 small molecule oral drug industry chain, such as some upstream intermediates and API CMO / cdmo enterprises. Traditional Chinese medicine: it is suggested to pay attention to the traditional Chinese medicine targets recommended for traditional Chinese medicine treatment in the new diagnosis and treatment guidelines.
In terms of investment suggestions, covid-19 vaccine related targets: Chongqing Zhifei Biological Products Co.Ltd(300122) , Cansino Biologics Inc(688185) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc; Related targets of nucleic acid / antigen detection: Guangzhou Wondfo Biotech Co.Ltd(300482) , Nanjing Vazyme Biotech Co.Ltd(688105) , Bgi Genomics Co.Ltd(300676) , Sansure Biotech Inc(688289) , Andon Health Co.Ltd(002432) , Lepu Medical Technology (Beijing) Co.Ltd(300003) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; Covid-19 neutralizing antibody related targets: tengshengbo medicine, Shanghai Junshi Biosciences Co.Ltd(688180) , Baiji Shenzhou, Sinocelltech Group Limited(688520) , Fuhong Hanlin, etc;
Covid-19 small molecule oral drug related targets: Shanghai Junshi Biosciences Co.Ltd(688180) , Geli pharmaceutical, development of pharmaceutical industry, etc; Other covid-19 drug related targets: Frontier Biotechnologies Inc(688221) etc; Covid-19 industrial chain targets of small molecule oral drugs: Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Apeloa Pharmaceutical Co.Ltd(000739) , Brightgene Bio-Medical Technology Co.Ltd(688166) . etc; Subject matter of traditional Chinese medicine: Chongqing Taiji Industry (Group) Co.Ltd(600129) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , etc.
Huaan Securities Co.Ltd(600909) : covid-19 industrial chain is unprecedented! Traditional Chinese medicine and Western medicine usher in new investment opportunities
As oral covid-19 small molecule drugs have entered the commercialization stage from R & D in succession, under the catalysis of the epidemic, the demand for upstream intermediates and APIs has also increased explosively, and the popularity of covid-19 industrial chain is unprecedented. Moshadong molnupiravir chain: MPP takes the lead in releasing incremental demand; Pfizer paxlovid chain: the original research capacity is planned to be 120 million courses in 2022 to activate the whole industrial chain; Other chains: yanyeyi's supply chain drive is imminent, and the domestic oral covid-19 drug chain is worth looking forward to.
Covid-19 supply chain is an important opportunity for China cdmo to open the international market and participate in the global production of innovative drugs. The popularity of covid-19 oral small molecule drugs has brought huge increment to China's small molecule cdmo. At present, China's leading small molecule cdmo enterprises have occupied an important position in covid-19 industrial chain with strong capacity supply, cost advantage and delivery capacity.
From the perspective of orders, at present, the small molecule cdmo head enterprises Asymchem Laboratories (Tianjin) Co.Ltd(002821) and Porton Pharma Solutions Ltd(300363) . In terms of production capacity, with the support of sustained high prosperity and large orders, leading enterprises have entered the stage of accelerated production capacity construction.
The release of the ninth edition of the New Coronavirus pneumonia diagnosis and treatment plan and the expert consensus on the prevention and treatment of New Coronavirus pneumonia by Chinese patent medicine has played a new guiding role in the prevention and control of COVID-19 in China.
Citic Securities Company Limited(600030) : antigen detection covid-19 new means of epidemic prevention in China
The overseas epidemic is still in the repeated stage, the continuity of follow-up antigen detection demand is large, and the market expectation is poor. The European market is expected to gradually deduce the logic of "simultaneous rise of volume and price"; It is expected that orders in the U.S. market will continue to be placed in an orderly manner, and the advantage of head suppliers in taking orders has been gradually verified; In addition, the formal liberalization of antigen self-test in the Chinese market will also bring a new incremental market. In particular, it is expected that there will be a demand for replenishing inventory in batches in various regions in the short term.
In this context, priority will be given to mainstream suppliers of antigen self-test products with guaranteed production capacity, technological advantages, experienced sales and verified products. In the future, it is also expected to gradually enter China's new incremental market by virtue of its inherent advantages. Secondly, we are optimistic about the suppliers who take the lead in obtaining the certification of Chinese antigen testing products and other suppliers of epidemic prevention materials. It is recommended to focus on Zhejiang Orient Gene Biotech Co.Ltd(688298) , and it is recommended to pay attention to Asahi biology, Guangzhou Wondfo Biotech Co.Ltd(300482) , Intco Medical Technology Co.Ltd(300677) .
Minsheng Securities: palovide MPP landing oral covid-19 drug market is expected to continue
At present, many Chinese enterprises have announced paxlovid intermediate or API related capacity construction or technological transformation, which is expected to bring considerable performance flexibility. Among them, companies such as the contribution, Lepu Medical Technology (Beijing) Co.Ltd(300003) EIA passed and supply will start. All enterprises are progressing smoothly, Nanjing Hicin Pharmaceutical Co.Ltd(300584) , Ningbo Menovo Pharmaceutical Co.Ltd(603538) etc. are new production capacity, It is expected to contribute performance in the second half of this year.
In terms of investment suggestions, the global MPP market is huge, which will bring large volume opportunities to relevant authorized pharmaceutical enterprises and upstream suppliers. It is suggested to pay attention to Great Chinasoft Technology Co.Ltd(002453) , Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Nhu Company Ltd(002001) , Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) , Lepu Medical Technology (Beijing) Co.Ltd(300003) , Apeloa Pharmaceutical Co.Ltd(000739) , etc. In addition, with the commercialization of paxlovid in China, it is suggested to pay attention to Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) .
Guosheng Securities: attach great importance to domestic covid-19 small molecule therapeutic drugs! Grasp the faucet with one hand and dig with the other
The main line of covid-19 should be strictly selected step by step, attach great importance to domestic covid-19 small molecule therapeutic drugs, grasp the faucet on the one hand and dig the poor expectation on the other hand. Vaccines should be given renewed attention. In fact, there are four aspects of medium and short-term medicine: covid-19 medicine, traditional Chinese medicine, first quarter report and cdmo after clearing chips From a one-year perspective, under the unique political and economic environment outside China this year, the relative comparative advantage of medicine has become more and more obvious after falling for nearly 9 months. It is suggested to gradually increase the attention and allocation of medicine.
Medicine has a comparative advantage this year, but it is still bottom-up. Focus on four aspects: covid-19 (Medicine & vaccine), traditional Chinese medicine, quarterly report and cdmo after clearing chips From the perspective of configuration ideas, covid-19 lines: (1) covid-19 small molecule therapeutic drugs: Shanghai Junshi Biosciences Co.Ltd(688180) . (2) Covid-19 vaccine: Chongqing Zhifei Biological Products Co.Ltd(300122) etc. (3) Traditional Chinese medicine anti epidemic: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Shandong Buchang Pharmaceuticals Co.Ltd(603858) etc. (4) Covid-19 small molecule supply chain: Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) , etc.
Traditional Chinese medicine line: (1) national reform of traditional Chinese medicine: Chongqing Taiji Industry (Group) Co.Ltd(600129) , Beijing Tongrentang Co.Ltd(600085) . (2) Innovative traditional Chinese medicine: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , etc. (3) High growth of underestimated value of traditional Chinese medicine: Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Guizhou Sanli Pharmaceutical Co.Ltd(603439) .
Other business lines: (1) vaccine: Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Chengdu Kanghua Biological Products Co.Ltd(300841) ; (2) The CrO ( Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) Truking Technology Limited(300358) , Focused Photonics (Hangzhou) Inc(300203) etc.); (4) CGT ( Porton Pharma Solutions Ltd(300363) , Northland, Zhejiangtailin Bioengineering Co.Ltd(300813) ); (5) Rehabilitation: Ningbo Sanxing Medical Electric Co.Ltd(601567) , Beijing Chieftain Control Engineering Technology Co.Ltd(300430) etc; (6) Rabies monoclonal antibody: Hunan Nucien Pharmaceutical Co.Ltd(688189) . (7) Injection outlet ( Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Hainan Poly Pharm.Co.Ltd(300630) ).
Sinolink Securities Co.Ltd(600109) : MPP authorized landing, optimistic about relevant enterprises and upstream industrial chain
Based on the accessibility and convenience of oral drugs, we are optimistic about the application prospect of oral covid-19 drugs and the performance elasticity brought by the subsequent landing of Pfizer oral covid-19 drug MPP to the head enterprises of API / cdmo sector (including the possible localization of Pfizer oral drugs). It is suggested to pay attention to: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Geli pharmaceutical, etc.
Shenyin Wanguo Securities: pay attention to covid-19 industrial chain company under the current epidemic situation
Under the stronger infectivity of Omicron mutant, the epidemic situation in China is still multi-point outbreak. Adhering to the prevention and control policy of dynamic clearing, China has recently opened the covid-19 antigen detection channel and approved the import registration of Pfizer paxlovid. Many Chinese companies are also involved in the upstream production and commercialization of this drug in China.
In terms of investment suggestions, focus on covid-19 industrial chain companies under the current epidemic situation, including: Shanghai Junshi Biosciences Co.Ltd(688180) -u, Wuxi Apptec Co.Ltd(603259) and other stocks with outstanding "cost performance" in the early stage and segments with long-term allocation logic, including: Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Changchun Bcht Biotechnology Co(688276) , etc.
Xiangcai Securities: authorized enterprises and corresponding cdmo industrial chain companies are expected to continue to benefit
The Geneva pharmaceutical patent pool (MPP) announced that it has signed an agreement with 35 pharmaceutical enterprises to allow them to produce nimatrilvir API or preparation, one of the components of paxlovid, a Pfizer covid-19 oral drug, to supply 95 low-income countries or regions (excluding China), including Shanghai desaino, Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Apeloa Pharmaceutical Co.Ltd(000739) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) 5 Chinese enterprises, Subsequently, with the production and supply of covid-19 specific drugs, the global epidemic prevention work is expected to make a breakthrough. With the production and sales of paxlovid, authorized enterprises and corresponding cdmo industrial chain companies are expected to continue to benefit. It is suggested to pay attention to relevant companies.
In terms of sector layout, we maintain the "overweight" rating of the medical service industry, and suggest investors pay attention to the layout opportunities brought by the adjustment of sectors with Chinese advantages, and adhere to the stock selection ideas of "policy immunity" and "innovation". Suggestions: (1) innovative drug seller "CXO" industrial chain company. (2) Private specialized medical service company. (3) Third party medical laboratory leading company.
