Facing the falling Walvax Biotechnology Co.Ltd(300142) , Feng Liu, a well-known investor of Gaoyi assets, decisively took the bottom. Judging from the performance of Walvax Biotechnology Co.Ltd(300142) share price, it has increased by more than 40% in nearly half a month. In fact, in addition to bottom reading Walvax Biotechnology Co.Ltd(300142) , the products managed by Feng Liu appeared in many traditional Chinese medicine stocks.
Recently, the pharmaceutical sector has also rebounded. Ge Lan, the star fund manager of China Europe, has once again become the "best Lan Lan" in everyone's mouth. The willingness of individual investors to copy the bottom is strong again. Is the spring of the pharmaceutical sector finally coming?
Feng Liu's "preference" pharmaceutical stocks
Compared with the share price high in August last year, Walvax Biotechnology Co.Ltd(300142) share price once halved, but Feng Liu quietly shot.
according to the latest announcement of Walvax Biotechnology Co.Ltd(300142) as of March 18, gaoyilinshan No. 1 Yuanwang fund managed by Feng Liu has become the tenth largest shareholder of Walvax Biotechnology Co.Ltd(300142) with a shareholding of 2017.4 million shares, and the latest share price of Walvax Biotechnology Co.Ltd(300142) on March 25 was 57.01 yuan, which means that the market value of Feng Liu's position exceeds 1.1 billion yuan
Feng Liu is likely to make a large-scale purchase this year, which did not appear in the list of shareholders of Walvax Biotechnology Co.Ltd(300142) at the end of last year. Judging from the stock price performance of Walvax Biotechnology Co.Ltd(300142) , since March 10, the stock price has changed from the previous downturn and began to rise strongly. As of March 25, the stock price has increased by 40.07%.
It is worth mentioning that Walvax Biotechnology Co.Ltd(300142) is also popular in institutional research.
On March 19, 20 and 21, Walvax Biotechnology Co.Ltd(300142) accepted the survey of more than 240 institutional investors and individual investors Walvax Biotechnology Co.Ltd(300142) said that the R & D investment in 2021 was 754 million yuan, of which the R & D cost was 621 million yuan, reaching a new high in recent years. The R & D products of the company have also made great progress, including the application and production of bivalent HPV vaccine, which is in the stage of review and approval. The nine valent HPV vaccine is in the phase III clinical preparation stage. This year, the phase III clinical work of the nine valent HPV vaccine will be promoted in order as planned. And the phased progress of covid-19 mRNA vaccine international multicenter phase III clinical trial.
Feng Liu's bottom copy of Walvax Biotechnology Co.Ltd(300142) may have traces to follow. He previously elaborated on the logic of bottom copy. "I prefer to go to the bottom of value, but I have no special preference for inflection point companies. I divide the decline into killing valuation and killing performance (business rhythm) And kill logic. Kill the best valuation, because after falling, the factors that lead to its decline are removed; Those who kill performance are the second. As long as they invest in their business rhythm and changes, it is also a good opportunity; The most important thing to be careful about is killing logic. Generally, it is not recommended to participate, so it is difficult to copy it correctly. Of course, these three kinds of killing and falling are sometimes mixed together. It is possible to start from killing valuation, and then the performance rhythm becomes worse. Finally, it is found that the logic has changed, which is more tragic. Therefore, we must make judgment with the help of the wisdom of the market, use complexity to resolve complexity, and never be smart. The most indispensable thing in this market is intelligence. Personal strength is insignificant in front of complex systems. We should abandon wisdom and humility, and use common sense Faith and luck. "
In addition to Walvax Biotechnology Co.Ltd(300142) , gaoyilinshan No. 1 Yuanwang fund still adheres to many traditional Chinese medicine stocks. As of the end of last year, gaoyilinshan No. 1 Yuanwang fund still held Beijing Tongrentang Co.Ltd(600085) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) and Jiangsu Kanion Pharmaceutical Co.Ltd(600557) . Compared with the end of the third quarter of last year, the number of shares held by Beijing Tongrentang Co.Ltd(600085) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) remained unchanged, and the number of shares held by China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) increased by 7 million shares.
pharmaceutical sector opportunity geometry
At present, the pharmaceutical sector is also the focus of the market. Its performance has been poor for more than a year, but it has rebounded recently. Taking the China EU medical and health hybrid a managed by Glenn as an example, the growth rate in the past week ranked among the top 100 of more than 3000 funds of the same kind, and the net value growth in recent January was also relatively leading. Many Jimin also commented that the district shouted: "the best Lan Lan is back."
funds are also pouring into related funds in the pharmaceutical sector. The ranking list of funds with the largest number of purchases by Tiantian fund in recent January shows that in the past month, ICBC Frontier Medical stock a has purchased 170000, China Europe medical innovation stock a has 60000, and GF medical care stock a has 50000
Big guys copy the bottom, individual investors pour in again, and the investment opportunity in the pharmaceutical sector is finally coming? To this end, the reporter interviewed Zhu Mingrui, a medical researcher of Nordisk foundation. He said that after nearly a year of adjustment, the pharmaceutical sector has entered a more cost-effective position. From the perspective of PEG valuation, the related targets in the pharmaceutical sector have also been adjusted from more than twice the peg to about twice the peg valuation level, which is at a historical low. Even if the factors related to the price reduction of medical insurance are taken into account, many more cost-effective targets can be found.
As for the promising sub sectors in the future, he carefully analyzed: first, he is optimistic about the CXO sector. At present, the epidemic situation is in a relatively severe state all over the world, and the related targets of CXO are expected to maintain a high-speed growth trend in the next two years; Second, we are optimistic about the track of traditional Chinese medicine formula particles. At present, the track is in the state of policy support, and has no small advantages over traditional Chinese medicine decoction pieces, which is expected to increase rapidly in the next few years
For the vaccine sector, Zhu Mingrui said that it can be divided into two parts: covid-19 vaccine related and non covid-19 vaccine related: covid-19 vaccine related products have created a lot of profits for vaccine enterprises in recent years, but with the passage of time, the ex factory price of covid-19 vaccine is gradually decreasing, and the subsequent profits may be further reduced. In fact, in the past year, in addition to HPV, a product in short supply, the sales situation of non covid-19 vaccine was not very ideal due to the impact of the epidemic. Coupled with the decline in the number of newborns, the investment logic of class II vaccine related to newborns was greatly impacted. In general, the high-profile outlook of HPV vaccine is expected to be maintained for more than three years. HPV vaccine head enterprises have a very bright performance in terms of product R & D ability and marketing promotion ability.
Liu Yao's assets are similar to those of Liu Yao's. "Although our combined position in traditional Chinese medicine has not been heavy since mid-2020, the team's attention to the pharmaceutical sector is gradually increasing. With the impact of several rounds of centralized procurement, the pharmaceutical sector has reached the bottom of the valuation. We found that there are still some segments in the safe haven of policies. For example, class II vaccine, which is not in the scope of centralized procurement, is also affected by the overall valuation of the medical sector, so that There is a certain expectation difference. In addition, the performance of class II vaccine was poor due to the suppression of large-scale covid-19 vaccination last year. With the end of covid-19 vaccination peak in the third quarter of last year, both the supply and demand sides will be greatly improved. In addition, there is the traditional Chinese medicine sector, which will benefit from the continuous care of recent favorable policies, especially the price increase at the pharmacy end and the relaxation policy at the medical insurance payment end. The performance of the whole industry will continue to be released and the valuation will be reshaped. "
