Key investment points:
This week, SW pharmaceutical and biological industry lost the CSI 300 index. From March 28 to April 1, 2022, SW pharmaceutical and biological industry fell by 0.15%, underperforming the CSI 300 index by about 2.58 percentage points in the same period. Among the segments, only medical services, traditional Chinese medicine and medical devices recorded positive gains, up 1.6%, 1.13% and 1.11% respectively; Other sectors recorded negative returns, of which chemical pharmaceuticals, pharmaceutical commerce, biological products and APIs fell by 1.26%, 2.63%, 2.88% and 4.83% respectively.
This week, the pharmaceutical and biological industry had a net outflow of 683 million yuan. From March 28 to April 1, 2022, the land stock connect had a net inflow of 22.902 billion yuan, of which the Shanghai Stock connect had a net inflow of 12.725 billion yuan and the Shenzhen Stock connect had a net inflow of 10.177 billion yuan. In the Shenwan industry, the inflow of power equipment and food and beverage ranks first, and the net outflow of medicine, biology and real estate ranks first. This week, the pharmaceutical and biological industry had a net outflow of 683 million yuan, ranking first in the net outflow of Shenwan primary industry, which was slightly lower than that of last week.
This week, the industry valuation first rebounded and then fell. As of April 1, 2022, the overall PE (TTM, overall method, excluding negative value) of SW pharmaceutical and biological industry is about 28.7 times, which is lower than the valuation center of the industry since 2012, at the quantile of 77%; Compared with CSI 300, the overall PE premium rate is 143%, which is 66% of the central premium rate of the industry since 2012.
Maintain the recommended rating of the industry. The disclosure peak of the 2021 annual report and the first quarter report of 2022 is coming. We should pay attention to the performance opportunities of individual stocks whose financial results are expected to exceed expectations. A proposal to focus on CXO companies that are in good shape and are expected to exceed expectations. CXO companies that have a good turn in the recession and are expected to be expected to be the CXO companies that are in good shape, and CXO companies that are expected to do better than the expected CXO companies that have a good turn in the business. The company's Poten Environment Group Co.Ltd(603603) is the kind of CXO companies that are in good shape, and the CXO companies that are expected to be the CXO companies that are in good shape, and that are expected to be expected to be better than expected. The proposed proposal is to focus on a proposal to focus on the CXO company's 603 Wuxi Apptec Co.Ltd(603259) \ ( Shanghai Medicilon Inc(688202) ), etc; Enterprises related to covid-19 antigen detection reagent Guangzhou Wondfo Biotech Co.Ltd(300482) ( Guangzhou Wondfo Biotech Co.Ltd(300482) ), Zhejiang Orient Gene Biotech Co.Ltd(688298) ( Zhejiang Orient Gene Biotech Co.Ltd(688298) ), an Xu Biology (688075), Beijing Hotgen Biotech Co.Ltd(688068) ( Beijing Hotgen Biotech Co.Ltd(688068) ), Shenzhen Yhlo Biotech Co.Ltd(688575) ( Shenzhen Yhlo Biotech Co.Ltd(688575) ), Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) ( Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) ), etc. that are expected to benefit from the rising demand; Focus on vaccine enterprises Chongqing Zhifei Biological Products Co.Ltd(300122) ( Chongqing Zhifei Biological Products Co.Ltd(300122) ), Shenzhen Kangtai Biological Products Co.Ltd(300601) ( Shenzhen Kangtai Biological Products Co.Ltd(300601) ), Walvax Biotechnology Co.Ltd(300142) ( Walvax Biotechnology Co.Ltd(300142) ), etc. with strong R & D ability and rapid growth of non covid-19 products. Medical device leader Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ), medical beauty leader Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) ), OK mirror leader Autek China Inc(300595) ( Autek China Inc(300595) ), ophthalmic device leader Eyebright Medical Technology(Beijing) Co.Ltd(688050) ( Eyebright Medical Technology(Beijing) Co.Ltd(688050) ), etc. with relatively reasonable valuation; Chain medical leaders Aier Eye Hospital Group Co.Ltd(300015) ( Aier Eye Hospital Group Co.Ltd(300015) ) and Topchoice Medical Co.Inc(600763) ( Topchoice Medical Co.Inc(600763) ) with strong endogenous growth momentum are expected to benefit from aging in the medium term; Brand Chinese Medicine Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ( Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ), Yunnan Baiyao Group Co.Ltd(000538) ( Yunnan Baiyao Group Co.Ltd(000538) ), Beijing Tongrentang Co.Ltd(600085) ( Beijing Tongrentang Co.Ltd(600085) ), etc., whose valuation has declined and whose performance is expected to improve.
Risk tip: the demand for covid-19 antigen detection has not increased as expected, the industry competition has intensified, product price reduction, product safety and quality risk, policy risk, repeated epidemic, and the R & D progress is lower than expected.
