The pharmaceutical sector rebounded this week
This week, the pharmaceutical biological index rose by about 0.54%, outperforming the Shanghai and Shenzhen 300 index by 2.68 percentage points, outperforming the Shanghai Composite Index by 1.73 percentage points, and ranking the sixth in the industry. As of Friday (March 25), the PE (TTM, excluding negative value) of the pharmaceutical industry was 28.5x, below the "mean value - 1 times the standard deviation" since 2015, an increase of 0.24 units over last Friday. Among the pharmaceutical level III sub industries, among the 13 sub industry sectors this week, 5 sub industry sectors rose and 8 sub industry sectors fell. Medical R & D outsourcing was the sub industry with the largest increase, up 5.6%. Blood products were the sub industry with the largest decline, down 4.5%.
Continuous allocation of medical suggestions, annual and quarterly reports bring new opportunities
This week, the main body of medicine is still in the theme of "covid-19 medicine", but there are great differences. The top ten gainers and the top ten losers of A-Shares are covid-19 medicine related companies, and the top ten trading volume are covid-19 medicine related companies, which reflects that the market's enthusiasm for medicine is mostly concentrated in the fields related to theme investment, while the industry is related and the industry boom. At present, CXO is the most recognized growth track by major institutions.
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 27 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: a brand name, a precious OTC, plus an innovative drug of traditional Chinese medicine, and we recommend: the brand of the precious brand, the brand of the precious OTC, the brand of the brand ''' 6 and other subjects are also recommended to pay attention to: 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) .
(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
Company depth Maider Medical Industry Equipment Co.Ltd(688310) ( Maider Medical Industry Equipment Co.Ltd(688310) ): "medical consumables assembly equipment leader, enjoy the bonus of increasing automation rate"; Company depth Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ( Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ): "lik epidemic bottomed out and rebounded, and its performance improved steadily"; Covid-19 special topic (III): covid-19 vaccine special report: "vaccine is more important than Mount Tai, covid-19 vaccine industry chain investment opportunities"; Company comments Guiyang Xintian Pharmaceutical Co.Ltd(002873) ( Guiyang Xintian Pharmaceutical Co.Ltd(002873) ): "rapid growth of revenue and profit, enriching pipeline and improving endurance power"; Special report on new shares series (II): sorting out new shares of Jicui Yaokang (a21278. SH); Special report on new shares series (III): sorting out new shares of baiaosaitu (h01675. HK).
Performance of individual stocks this week: most A-shares increased, while most Hong Kong stocks fell
This week, 217 of the 427 A-shares rose, accounting for 51%.
The top ten medicine stocks that are among the top ten medicine stocks that have seen the top ten of the week of the week's top ten of the week's top ten medicine stocks are: Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) (+ 22.87%), Sailong Pharmaceutical Group Co.Ltd(002898) (+ 22.01%), Guanfu Holdings Co.Ltd(002102) (+ 18.6%), China Resources Double-Crane Pharmaceutical Co.Ltd(600062) (+ 17.9%); The pharmaceutical stocks with the top ten declining in the week's top ten medicine stocks are: Pku Healthcare Corp.Ltd(000788) . 09%), Salem organisms (- 11.14%), Shanghai Rightongene Biotechnology Co.Ltd(688217) (- 11.02%), Hangzhou Biotest Biotech Co.Ltd(688767) (- 11.01%). This week, 47 of the 87 Hong Kong stocks rose, accounting for 54%.
Global covid-19 epidemic situation and vaccination
New cases in the world continued to fall, and the growth rate of confirmed cases in South Korea and Vietnam slowed down; Jilin, Shanghai, Liaoning Province, Tianjin, Henan, Hebei, Heilongjiang 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.
