Traditional Chinese Medicine II rose 2.45% last week, and the traditional Chinese medicine sector rose ahead
Last week, pharmaceutical biology closed at 100138 points, up 0.54%; Traditional Chinese Medicine II closed at 763447 points, up 2.45%; Chemical pharmaceuticals closed at 1118841 points, down 0.1%; Biological products closed at 1082751 points, down 1.7%; Pharmaceutical business closed at 645192 points, up 2.46%; Medical devices closed at 853909 points, down 3.16%; Medical services closed at 979301 points, up 4.49%. Chinese medicine sector rose ahead.
In terms of the company’s performance, the top companies are: Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) , Chongqing Pharscin Pharmaceutical Co.Ltd(002907) , Tibet Cheezheng Tibetan Medicine Co.Ltd(002287) , Henan Taloph Pharmaceutical Stock Co.Ltd(600222) , Guizhou Bailing Group Pharmaceutical Co.Ltd(002424) ; Companies with poor performance include: Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , Shanghai Kaibao Pharmaceutical Co.Ltd(300039) , Dali Pharmaceutical Co.Ltd(603963) , Xiangxue Pharmaceutical Co.Ltd(300147) .
Traditional Chinese medicine PE (TTM) increased by 0.73 times and Pb (LF) increased by 0.08 times
Last week, the PE of traditional Chinese medicine was 34.65 times, the maximum value of PE in recent year was 38.81 and the minimum value was 28.78; The current Pb is 3.11 times, the maximum value of Pb in recent year is 3.56, and the minimum value is 2.65. PE in traditional Chinese medicine sector increased by 0.73 times and Pb by 0.08 times. The valuation center of the traditional Chinese medicine industry is now slightly higher than the median level in the past year. The valuation premium rate of traditional Chinese medicine sector relative to Shanghai and Shenzhen 300 is 185.2%.
The popularity of epidemic related varieties has not decreased, spring varieties have been updated one after another, and the price index is expected to continue to rise
Last week, the total price index of traditional Chinese medicine was 215.4 points, up 0.2 percentage points from the previous week. The overall market of traditional Chinese medicine was strong, and the popularity of epidemic related varieties remained unchanged. Twelve categories of traditional Chinese medicine showed nine rises and three falls, among which the price index of plant skin medicine ranked first. Recently, some spring varieties have been listed, driving demand growth, and the Chinese herbal medicine market has made steady progress. It is expected to continue to rise slightly in the later stage.
The 14th five year plan for the development of traditional Chinese medicine was released to promote the development of traditional Chinese medicine into a new stage
On March 29, the general office of the State Council issued the “14th five year plan” for the development of traditional Chinese medicine, which defined the objectives, tasks and key measures for the development of traditional Chinese medicine during the 14th five year plan, specifically involving 10 key tasks, 15 specific development indicators and 11 work columns. We believe that the concretization of indicators is conducive to the further implementation of favorable policies for traditional Chinese medicine, and will affect the dosage of proprietary Chinese medicine, upstream traditional Chinese medicine
Traditional Chinese medicine decoction pieces and formula granules, minority medicine, traditional Chinese medicine innovation and traditional Chinese medicine medical services are directly beneficial. Traditional Chinese medicine is expected to play a greater and more active role in the integration of traditional Chinese and Western medicine, difficult diseases, infectious diseases, chronic diseases and preventive diseases.
Traditional Chinese medicine has entered a new stage of development with policy support in recent years. With policy support and catalysis, the traditional Chinese medicine industry has also ushered in greater investment opportunities. From the demand side, the rigid demand characteristics of the pharmaceutical industry and the upgrading of pharmaceutical consumption jointly support the steady growth of the demand of the traditional Chinese medicine industry. From the perspective of policy, a series of favorable policies have been formed to promote the innovation of traditional Chinese medicine, the development of formula particles, the support of medical insurance and payment policies, and the continuous addition of traditional Chinese medicine decoction pieces can not exceed 25%, bringing policy dividends and new demand to the traditional Chinese medicine industry. The unique advantage of “preventing disease” brings development opportunities to the traditional Chinese medicine industry. From the perspective of performance, the traditional Chinese medicine industry has walked out of the low point and showed a marginal improvement trend. From the valuation side, the traditional Chinese medicine industry still has relatively obvious valuation advantages. “Policy + pharmaceutical consumption upgrading + performance improvement + valuation advantage” jointly build investment opportunities for the traditional Chinese medicine industry. Cost promotion constitutes a short-term driving factor. It is suggested to pay attention to the areas of policy encouragement and policy haven. (1) Pay attention to the innovation of modern traditional Chinese medicine, and pay attention to the innovation targets of modern traditional Chinese medicine with strong R & D strength and layout of large categories (large market: cardio cerebrovascular + fast growth: pediatric drugs); (2) Pay attention to the advantages of brand traditional Chinese medicine, formula and raw materials, and jointly build a moat of brand traditional Chinese medicine; (3) Benefit from consumption upgrading and pay attention to the subject matter of industrial chain extension and strong brand advantage. At present, it is in the performance disclosure season. It is suggested to pay attention to the pre disclosure of the performance of listed companies and the subject matter with excellent performance in the annual report.
Risk tips
(1) stricter industrial policies;
(2) industry and listed company performance fluctuation risk.
