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.
Sinolink Securities Co.Ltd(600109) : focus on high performance growth and epidemic prevention and control
Continue to be optimistic about the upstream API sector of the industrial chain and the upstream pharmaceutical supply chain: ① the dual path growth of industrial upgrading + industrial extension of the API sector is expected to continue to improve the profitability of the API sector in 2022. ② Focus on the investment opportunities in the supply chain during the 14th Five Year Plan period (industrial upgrading + domestic substitution), including subdivided fields such as equipment and equipment, scientific instruments, upstream reagent consumables for scientific research, upstream consumables for pharmaceutical industry and raw and auxiliary material packaging materials.
In terms of investment suggestions, focus on the double main lines of high performance growth and epidemic prevention and control. Epidemic prevention and control mainly includes detection and killing, including detection and killing, specific drugs and their R & D industrial chain, upstream supply chain, etc., with emphasis on specific drugs (domestic and foreign) and their R & D industrial chain and the direction of traditional Chinese medicine anti epidemic. It is suggested to pay attention to related industries such as traditional Chinese medicine, nucleic acid vaccine and antigen detection.
Debang Securities: epidemic prevention and control related sectors are still one of the hottest investment fields in Medicine
Epidemic prevention and control related sectors are still one of the most popular investment fields in medicine at present. We believe that the upgraded covid-19 vaccine and domestic Chinese / Western anti covid-19 drugs are the main investment strategies at present: 1) the research and development of upgraded covid-19 vaccine has been paid attention to: at present, the original covid-19 vaccine is still being promoted all over the world, and the immune effect of Omicron mutant strain is greatly reduced, It is urgent to develop more effective vaccines against epidemic strains. Many vaccine enterprises in China have developed corresponding upgraded vaccine products for different epidemic strains, including recombinant protein, inactivation, mRNA and other technical routes, including univalent or multivalent products. Focus on: Chongqing Zhifei Biological Products Co.Ltd(300122) , Cansino Biologics Inc(688185) , Shenzhen Kangtai Biological Products Co.Ltd(300601) and Walvax Biotechnology Co.Ltd(300142) etc;
2) covid-19 oral drug industry chain deserves continuous attention: 1. Pfizer covid-19 small molecule industry chain: MPP authorized enterprises focus on: Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) and Apeloa Pharmaceutical Co.Ltd(000739) etc; Cdmo enterprises focus on: Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) , etc; Focus on intermediate weight points: Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Ningbo Menovo Pharmaceutical Co.Ltd(603538) , etc; 2. Domestic covid-19 small molecule and industrial chain: azvudine (real biology is expected to uncover the blindness of phase III data in April) supply chain focuses on: Zhejiang Ausun Pharmaceutical Co.Ltd(603229) and Xinxiang Tuoxin Pharmaceutical Co.Ltd(301089) etc; Vv116 (the third phase of global multi center has been launched, and the production is expected to be reported within 22 years) focuses on: Shanghai Junshi Biosciences Co.Ltd(688180) ; Other 3CL target enterprises are pre clinical; 3. The “combination of Chinese and Western medicine” and “vid ;
3) continue to be optimistic about the traditional Chinese medicine sector: Traditional Chinese medicine will continue to be catalyzed by favorable policies, and the support for traditional Chinese medicine will be gradually reflected in the growth rate of the company’s revenue and profit. Underestimation + strong policy support + underestimation + strong policy support is an important foundation for the continued upward trend of Chinese herbal medicine in the future, with a focus on innovation, brand OTC, formula particles, anti covid-19-19-19 Chinese medicine and other directions related to the direction of Chinese herbal medicine, brand OTC, brand OTC, formula particles, anti-19-19-19-19. Related labels: Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) Poten Environment Group Co.Ltd(603603) Poten Environment Group Co.Ltd(603603) 603 \ \wait.
4) annual report and first quarterly report: we are about to enter the intensive disclosure period of annual report and first quarterly report. According to the first quarter performance forecast released by us: focus on biological products: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) and Changchun High And New Technology Industries (Group) Inc(000661) ; Key focus of devices: Shanghai Kindly Enterprises Development Group Co.Ltd(603987) , Qingdao Novelbeam Technology Co.Ltd(688677) etc; CXO focuses on: Wuxi Apptec Co.Ltd(603259) , Porton Pharma Solutions Ltd(300363) , Baicheng medicine, etc; Drug concerns: Chongqing Taiji Industry (Group) Co.Ltd(600129) , Kpc Pharmaceuticals Inc(600422) , Hunan Jiudian Pharmaceutical Co.Ltd(300705) and Shenyang Xingqi Pharmaceutical Co.Ltd(300573) etc.
Zhongtai Securities Co.Ltd(600918) : optimistic about the continued rebound of the pharmaceutical sector! A quarter of 234 stocks is expected to grow rapidly
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 the basic support superimposed with covid-19 business flexibility. The former is optimistic about the original research cdmo of overseas covid-19 drugs, 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.
Capital Securities: intensive introduction of favorable policies in the industry leading companies in traditional Chinese medicine have obvious cost performance
The leading companies in the traditional Chinese medicine sector have obvious cost performance and high allocation value. In the covid-19 epidemic, traditional Chinese medicine has played an important role. In recent years, with the continuous improvement of the high-level attention to the cause of traditional Chinese medicine, various policies supporting the development of traditional Chinese medicine have been issued one after another.
Especially in 20202021, favorable policies for the traditional Chinese medicine industry will be intensively introduced, involving drug evaluation, clinical use, medical insurance payment, medical service system construction and many other aspects. The policy environment of the traditional Chinese medicine industry will be greatly improved, and the industry is expected to usher in an inflection point.
It is suggested to pay attention to high-quality companies in the traditional Chinese medicine industry. The specific ideas are as follows: (1) brand leaders of traditional Chinese medicine, including Beijing Tongrentang Co.Ltd(600085) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ; (2) Leading companies of innovative traditional Chinese medicine, Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Tasly Pharmaceutical Group Co.Ltd(600535) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) and Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ; (3) Formula granules leading Chinese traditional medicine and China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ; (4) OTC Chinese patent medicine enterprises with obvious brand value include China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Henan Lingrui Pharmaceutical Co.Ltd(600285) and Jianmin Pharmaceutical Group Co.Ltd(600976) . From the perspective of valuation, the above-mentioned companies are basically near the valuation center in recent five years, with sufficient safety margin and high allocation value.
China Industrial Securities Co.Ltd(601377) : the performance is expected to become an important catalyst for the upward movement of CXO sector! Focus on the leader in the subdivided field of the first quarterly report
Recently, with the arrival of the annual report and the first quarter, the performance is expected to become an important catalyst for the upward movement of the sector. It is suggested to focus on the segments and related companies with high growth in the first quarter report. We expect the first quarter report of related companies in the following sectors, such as “CXO, upstream of life sciences, vaccines, ophthalmology, upstream of some devices, some brand traditional Chinese medicine and some APIs”, to achieve rapid growth.
From the perspective of recommended targets, Wuxi Apptec Co.Ltd(603259) : a leading global preclinical cro enterprise with outstanding industry status Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) : leading medical device enterprise with outstanding R & D and sales capacity and reasonable valuation Qingdao Novelbeam Technology Co.Ltd(688677) : the leader in the upstream supply chain of fluorescent endoscope, with high growth expected in 22 years Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) : HPV vaccine and IVD double wheel drive companies have a high growth Tofflon Science And Technology Group Co.Ltd(300171) : leading pharmaceutical equipment, high performance growth, cutting into the mode of equipment + consumables Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) : China’s leading enterprise in the export of injections. The company’s high performance growth is driven by the large amount of overseas preparations.
Everbright Securities Company Limited(601788) : the main line of anti epidemic continues to benefit focus on the market of the first quarter
The main line of anti epidemic continued to benefit, focusing on the first quarter market. The valuation of the pharmaceutical sector has entered a reasonable range, with prominent allocation value. Entering the disclosure period of the annual report and the first quarterly report, we suggest to focus on two main lines. The first is the high-profile and reasonable valuation sector, including CXO (focusing on CXO leaders and cdmo enterprises) and anti epidemic main line (upstream industrial chain of vaccines / testing / drugs / specific drugs, etc.); The second is the undervalued and expected reversal of performance, including traditional Chinese medicine, blood products, medical equipment (mainly new medical infrastructure), etc.
Based on the changes and invariance of pharmaceutical investment, we believe that we should actively grasp the investment opportunities in the direction of innovation and internationalization in the future. In terms of innovative drugs and vaccines, Xinda Biology (H) and Rongchang Biology (H) are recommended; In terms of CXO, Yao Mingsheng (H), Pharmaron Beijing Co.Ltd(300759) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) ; In the field of equipment and Life Sciences, recommend Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , minimally invasive medicine (H), Shinva Medical Instrument Co.Ltd(600587) , Amoy Diagnostics Co.Ltd(300685) ; In terms of innovative cutting-edge technologies, pay attention to unlisted enterprises such as Aibo biology; For domestic consumption, we recommend Jinxin reproduction (H), Lbx Pharmacy Chain Joint Stock Company(603883) , Shandong Wit Dyne Health Co.Ltd(000915) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) .
Guolian Securities Co.Ltd(601456) : focus on new medical infrastructure, CXO , vaccine and life sciences upstream Medicine
Focus on new medical infrastructure, CXO, vaccine and life sciences. The current valuation and position of the upstream pharmaceutical sector are at the bottom of history. With the continuous disclosure of the annual report, the track of high boom industry is expected to rebound first. Covid-19 antigen and small molecule oral drugs are listed in medical insurance, and the market continues to pay attention.
1) new medical infrastructure: 2021 is the first year of China’s new medical infrastructure, and the growth rate of medical equipment industry is expected to increase. Recommend Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Huakang medical, etc.
2) CXO: with strong demand for orders and rapid expansion of production capacity, CXO industry is still a sub industry with high performance certainty and growth in the pharmaceutical industry. Focus on Wuxi Apptec Co.Ltd(603259) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) , and it is suggested to focus on Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Shanghai Medicilon Inc(688202) , etc.
3) vaccine: HPV vaccine is the first cancer preventive vaccine. Its effectiveness has been verified by many countries. The global supply has been in short supply for a long time. With the listing of domestic vaccines and the gradual release of production capacity, it is expected to usher in a 100 billion market. Focus on: Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Chongqing Zhifei Biological Products Co.Ltd(300122) ; It is suggested to pay attention to: Kangle guard, REC biology, Walvax Biotechnology Co.Ltd(300142) .
4) upstream of life sciences: the industry benefits from the rapid growth of scientific research investment. Domestic brands are emerging under the covid-19 epidemic, and the process of domestic substitution is expected to accelerate. Focus on Nanjing Vazyme Biotech Co.Ltd(688105) , and it is recommended to pay attention to Acrobiosystems Co.Ltd(301080) , Sino Biological Inc(301047) , Feipeng biology.
Minsheng Securities: the traditional Chinese medicine industry is in the stage of gradual rise four path layout
The traditional Chinese medicine industry is in the stage of gradual rise. 1) OTC of traditional Chinese medicine has no risk of centralized purchase, and the out of hospital market has independent pricing power, which helps to maintain a high profit margin. We focus on two directions. First, we have exclusive and confidential varieties and high intellectual property barriers. It is recommended to pay attention to Beijing Tongrentang Co.Ltd(600085) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Jianmin Pharmaceutical Group Co.Ltd(600976) , etc; Second, targets with Omni channel coverage and brand strength are recommended to pay attention to China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Henan Lingrui Pharmaceutical Co.Ltd(600285) , etc. 2) The direction of TCM diagnosis and treatment service has been supported by policies and is in a period of rapid growth. It is suggested to pay attention to gushengtang, the leading private TCM chain. 3) Under the trend of tracing the source of traditional Chinese medicine, enterprises providing high-quality traditional Chinese medicine Pieces / formula particles at the head are expected to benefit. It is suggested to pay attention to Chinese traditional Chinese medicine, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) etc. 4) The competition pattern in the field of innovative traditional Chinese medicine is good, and drug research and development has entered an intensive cashing period. It is suggested to pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Guizhou Sanli Pharmaceutical Co.Ltd(603439) , etc.
