The pharmaceutical sector rebounded last week
Last week, the pharmaceutical and biological index fell by about 0.15%, 2.58 percentage points lower than the Shanghai and Shenzhen 300 index and 2.34 percentage points lower than the Shanghai Composite Index. The industry ranked 23rd in terms of rise and fall. As of Friday (April 1) last week, PE (TTM, excluding negative value) of the pharmaceutical industry was 28.6x, below the "mean value - 1 times standard deviation" since 2015. Among the pharmaceutical level III sub industries, among the 13 sub industry sectors last week, 5 sub industry sectors rose and 8 sub industry sectors fell. Hospitals were the sub industry with the largest increase, up 6.53%. API was the sub industry with the largest decline, down 4.83%.
Throughout the year, opportunities in the traditional Chinese medicine sector are still in traditional Chinese medicine innovative drugs and brand precious traditional Chinese medicine OTC
The theme of medicine this week is scattered, and there is no clear theme at present, but the theme of covid-19 retreats greatly. Companies related to traditional Chinese medicine and medical service companies have a bright performance, but the overall leadership is not strong enough. The launch of the "14th five year plan" of the heavy policy of traditional Chinese medicine this week led to the collective correction of the traditional Chinese medicine sector the next day, but the "14th five year plan of traditional Chinese medicine" laid the foundation of traditional Chinese medicine, Do not change the upward trend of the medium and long-term sector of traditional Chinese medicine.
Combined with the macro uncertainty (the turmoil of the Russian Ukrainian war, the increase of US inflation and interest rates, the occurrence of the epidemic, etc.), standing at the market point of fundamentals and capital structure, the centralized procurement policy has continued to be implemented 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, However, the uncertainty of policy changes makes many investors unable to start. PE · ttm37 on April 5 of Pharmaceutical (CITIC) 5x is already 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) a traditional Chinese medicine sector (with a brand name and a noble OTC plus an innovative traditional Chinese medicine for which the brand is a precious and precious, and the brand ''Brand plus a traditional Chinese Medicine Innovation): a traditional Chinese medicine sector (1) a traditional Chinese medicine sector (a traditional Chinese Medicine for the brand', a traditional Chinese medicine sector (for the brand, the brand, and the brand, and the precious, and the brand, the OTC plus plus the brand, the brand, the precious, and the brand, the brand, the precious, and the OTC plus plus plus plus the brand '' '' '''plus the brand '' '' '' (or the brand '' '''plus plus plus plus the precious, and the brand '''Brand, and the brand '' ''plus plus plus the precious, and the brand' '' ''Brand, and the OTC + plus plus plus plus plus plus plus plus plus the brand' '' '' '' '' '' '''s precious OTC plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus 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) and other subjects.
(2) TCM treatment service: gushengtang (the leading pioneer of TCM treatment service, with the same wind PE of 21x 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.
(3) the valuation of the company's target and other sectors should be analyzed from the bottom up; 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 last week
Company comments China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ( China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ): "performance meets expectations, CHC grows rapidly, and R & D can be expected"; Company comments Beijing Tongrentang Co.Ltd(600085) ( Beijing Tongrentang Co.Ltd(600085) ): "steady growth of revenue and profit, performance in line with expectations"; Company comments Yunnan Baiyao Group Co.Ltd(000538) ( Yunnan Baiyao Group Co.Ltd(000538) ): "steady growth on the revenue side, profit side disturbed by investment profit and loss"; Industry topic: development of traditional Chinese medicine from the perspective of the 14th five year plan; Industry comments: the "14th five year plan for the development of traditional Chinese medicine" has been heavily introduced to benefit the traditional Chinese medicine industry and pay attention to traditional Chinese medicine + traditional Chinese medicine service companies; The company commented on gushengtang (2273. HK): "performance slightly exceeded expectations, business expansion is progressing well"; The company commented on haijiya medical (6078. HK): "steady increase in revenue and profit, leading tumor medical service to a new level"; Special report on new shares series (IV): sorting out new shares of Haichuang Pharmaceutical (688302. SH).
Performance of individual stocks last week: most A-shares increased, while most Hong Kong stocks fell
Last week, 143 of the 431 stocks rose, accounting for 33%. The top ten medicine stocks that rose in the last week of the last week last week before the top ten of the last week of the last week last week are: Shanxi Zhendong Pharmaceutical Co.Ltd(300158) (+ 17.45%), China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) (+ 17.39%), Eyebright Medical Technology(Beijing) Co.Ltd(688050) (+ 17.26%), Hangzhou Alltest Biotech Co.Ltd(688606) (+ 16%); Among the pharmaceutical stocks that fell the top 10 of the last week'last week'last week's last week's last week'last week's top ten medicine stocks are: C Fuji Valley (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent (- 29.34 percent percent (- 29.34 percent percent percent of the last week last week before last week last week last week, among the top ten of the top ten medicine stocks that have dropped the top ten of the top ten of the list of medicine stocks: C fujifujivalley (- 29.34 percent (- 29.29.34 percent (- 29.34.34 percent (- 29.34 percent (- 29.11.11 percent (- 23.11.11 percent (- 23.11.11.11.11 percent percent), Poten Environment Group Co.Ltd(603603) Poten Environment Group Co.Ltd(603603) 603 Vohringer Home Technology Co.Ltd(603226) 032260322 Chimin Health Management Co.Ltd(603222) 2222222222205 percent (- 23.05 percent (- 23.05 percent (- 23.05 percent percent percent (- 23.05 percent (- 18.98%), Gansu Longshenrongfa Pharmaceutical Industry Co.Ltd(300534) (- 18.42%). On Monday this week (April 4), Hong Kong stocks rose sharply. Among the 88 Hong Kong stocks, 81 rose, accounting for 92%. Last week, 36 of the 88 Hong Kong stocks rose, accounting for 41%.
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 vaccination volume continues to grow, with the global average whole course vaccination rate of about 57%, and the whole course vaccination rate in China is about 86%.
Risk tips
Policy risk, competition risk, abnormal stock price fluctuation risk.
