This week’s view:
The pharmaceutical market continued to rebound positively. This week, the CSI 300 fell 2.14%, and the pharmaceutical and biological industry rose 0.54%, ranking sixth in 28 primary sub industries. The pharmaceutical sector has gradually warmed up. At present, it has entered a very comfortable configuration range. The first quarterly report of the superimposed annual report has been disclosed one after another, which is optimistic that the rebound of the sector will continue. Some companies have announced their main business data in January and February of 2022, with outstanding performance: Wuxi Apptec Co.Ltd(603259) 1-february, the year-on-year growth rate of orders on hand and sales revenue exceeded 65%, reaching a record high. The company expects the year-on-year growth of revenue in 2022q1 to reach 65-68%. Looking forward to the whole year, the same year-on-year growth of revenue of the company is expected to reach 65-70% Asymchem Laboratories (Tianjin) Co.Ltd(002821) 1-february: the scale of orders on hand and the growth of revenue reached a record high. The revenue from January to February increased by more than 130% year-on-year. The company expects that the revenue in 2022q1 will exceed 2 billion yuan (+ 150% +, year-on-year growth, the same below) Hangzhou Tigermed Consulting Co.Ltd(300347) 1-february new orders increased by more than 65% year-on-year, and revenue increased by more than 100% year-on-year Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) 1-february revenue is about 1.6 billion yuan (+ 16%), and the net profit attributable to the parent company is about 600 million yuan (+ 20%) Ningbo Menovo Pharmaceutical Co.Ltd(603538) 1-february: the revenue is about 253 million yuan (+ 54%), and the net profit attributable to the parent company is about 60.55 million yuan (+ 416%) Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) 1-february revenue of about 187 million yuan (+ 35%) Apt Medical Inc(688617) 1-february revenue was about 156 million yuan (+ 70%). We are optimistic about the continued rebound of the pharmaceutical sector. The current window period of the first quarterly report of the annual report is recommended to make a positive layout, mainly focusing on the sectors and individual stocks that are expected to grow rapidly in the first quarterly report. Combined with our first quarter forecast of key coverage targets, we expect cdmo / cro, vaccine, testing and API sectors to maintain rapid growth. In addition, we suggest to continue to focus on the main line of covid-19. From the repeated epidemic situation, the progress of oral drug research and development, the catalytic implementation of project orders to the final contribution to the performance, we are optimistic about the oral drug industry chain and testing with basic support superimposed on covid-19 business flexibility. The former is optimistic about overseas covid-19 drug original research cdmo, Chinese R & D and production OEM enterprises, overseas generic drug MPP authorization, etc., focusing on Shanghai Junshi Biosciences Co.Ltd(688180) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Aurisco Pharmaceutical Co.Ltd(605116) , Ningbo Menovo Pharmaceutical Co.Ltd(603538) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , etc; The latter suggests paying attention to the IVD detection targets such as Guangzhou Wondfo Biotech Co.Ltd(300482) , Nanjing Vazyme Biotech Co.Ltd(688105) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Lepu Medical Technology (Beijing) Co.Ltd(300003) and the cursor on relevant reagents and consumables, such as Sino Biological Inc(301047) , Acrobiosystems Co.Ltd(301080) , Zhejiang Gongdong Medical Technology Co.Ltd(605369) , etc.
The epidemic situation is repeated, and the immunization is strengthened in sequence. It is suggested to pay attention to the investment opportunities in the vaccine sector. Recently, sporadic outbreaks have occurred in Hong Kong, Guangdong, Zhejiang, Jilin, Shanghai and other places in China in a short time, and vaccines are still an important means of epidemic prevention and control. In addition, the National Health Commission has begun to deploy sequential immunization. Considering the increasingly obvious influenza trend of covid-19 epidemic, it is suggested to pay attention to covid-19 vaccine related development enterprises, including Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Cansino Biologics Inc(688185) -u, Walvax Biotechnology Co.Ltd(300142) etc. In the long term, each vaccine leader enterprise will have a big shot in the long term, and each vaccine leader enterprise will have a big shot in the big variety, or will soon be on the market. Superimposed on covid- 19’s rising awareness of vaccination under the pandemic, we expect the big variety vaccination rate to continue to rise and gradually approach the level of developed countries. We expect the big variety vaccination rate is expected to continue to rise, and gradually approach the level of developed countries. The second-class vaccine industry is expected to see a 20% – 30% compound 20% – 30% growth in nearly three to five years to five years, and the second tier vaccine industry is expected to achieve a compound 20% – 30% growth in the next three to five years, the second tier vaccine industry is expected to achieve a compound 20% – 30% growth in the next three to five years. It’s recommended to recommend Chongqing Zhifei Biological Products Co.Ltd(300122) \ \ etc.
To highlight the performance of a single stock: a three month highlight: a three month highlight: a three month highlight: a three month highlight: a three month highlight: a three month highlight: a three month highlight: a three month highlight: tofocus on the following: ‘ Chongqing Zhifei Biological Products Co.Ltd(300122) \ , Cinda biology, Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Joinn Laboratories (China) Co.Ltd(603127) , Zhejiang Gongdong Medical Technology Co.Ltd(605369) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) ; The average rise this week was 2.50%, outperforming the pharmaceutical industry by 1.96%.
One week market dynamics: Based on the analysis of the pharmaceutical sector from the beginning of 2022 to the present, the yield of the pharmaceutical sector is – 12.0%, the yield of CSI 300 in the same period is – 15.5%, and the yield of the pharmaceutical sector outperforms that of CSI 300 by 3.5%. This week, the CSI 300 fell by 2.14%, and the pharmaceutical and biological industry rose by 0.54%, ranking sixth in 28 primary sub industries. Except for the decline of medical devices and biological products, the rest rose, of which the increase of medical services was the highest, 4.49%, and that of chemical pharmaceuticals was the lowest, 0.10%. Based on the 2022 profit forecast valuation, the current valuation of the pharmaceutical sector is 27.90 times PE, the P / E ratio of all A-Shares (excluding the financial sector) is about 21.43 times PE, and the premium rate of the pharmaceutical sector relative to all A-Shares (excluding the financial sector) is 30.18%. Based on the TTM valuation method, the current valuation of the pharmaceutical sector is 28.0 times PE, which is lower than the historical average (37.2 times PE), and the premium rate relative to all A-Shares (excluding the financial sector) is 49%.
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