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.
Citic Securities Company Limited(600030) : the market of traditional Chinese medicine is sustainable. It is suggested to select the target from five dimensions
The traditional Chinese medicine sector has been in a period of confusion and dilemma at the bottom of the valley for a long time, and it is expected to usher in a dilemma reversal in 2022; In recent years, the state has vigorously supported the development of traditional Chinese medicine and continuously issued relevant policies. The approval criteria for innovative traditional Chinese medicine are also constantly standardized, and the incremental logic is ushered in under the supply side reform; In the context of the overall valuation correction of the pharmaceutical sector, the traditional Chinese medicine sector, as an undervalued and policy haven, is expected to usher in the valuation remodeling; We believe that the market of traditional Chinese medicine is sustainable in the medium and long term. We can pay attention to structural opportunities in the short term and target enterprises that benefit from policy promotion, innovation and R & D and consumption upgrading in the medium and long term.
Benefiting from consumption upgrading and policy support, the overall demand of the traditional Chinese medicine industry continues to improve, and the market of the traditional Chinese medicine sector is sustainable. It is suggested to select the target from five dimensions: ① leading enterprises with strong moat and high product brand barriers, such as Yunnan Baiyao Group Co.Ltd(000538) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) and other enterprises; ② The sustainability of performance growth matches the Valuation: it is recommended to pay attention to China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Chinese traditional medicine (H), Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , which benefit from the large-scale reform of the new national standard of formula granules; It is suggested to focus on Henan Lingrui Pharmaceutical Co.Ltd(600285) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Kpc Pharmaceuticals Inc(600422) , whose main products have pricing power and superimposed price increase logic; ③ Management improvement logic: it is suggested to pay attention to Beijing Tongrentang Co.Ltd(600085) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) , etc; ④ Incremental logic of innovative traditional Chinese medicine: it is suggested to pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ; ⑤ TCM service providers: it is recommended to pay attention to gushengtang, the leader of new TCM diagnosis and treatment, and the national layout of Omo mode should be continuously promoted. It is recommended to pay attention to Zhejiang Zhenyuan Share Co.Ltd(000705) .
Guolian Securities Co.Ltd(601456) : the current valuation and position of the pharmaceutical sector are at the bottom of history
The current valuation and positions of the pharmaceutical sector are at the bottom of history. With the continuous disclosure of the annual report and the first quarterly report, the track of the high boom industry is expected to rebound first.
Looking forward to April, it is suggested to pay attention to individual stocks with better than expected performance, as well as the segments with fast performance growth and high prosperity: 1) new medical infrastructure: 2021 is the first year of China's new medical infrastructure, and the growth rate of the 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.
Southwest Securities Co.Ltd(600369) : performance + policy + valuation bottoming pharmaceutical sector ushered in the best layout time
Performance + policy + valuation bottom, the industry ushered in a good opportunity for layout. In the near term, the pharmaceutical sector has ushered in the best timing point for the best layout of the pharmaceutical sector in the near future. Combining the two main lines of the annual strategy for 2022: "through medicacare" and "epidemic desesensitivity", it is suggested that investors should focus on the layout opportunities of several sectors. On the one hand, it is suggested that investors should focus on the layout opportunities: on the one hand, it is suggested to add big market capitalization bibcock, such as Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) "and" desesensitivity. On the one hand, it is suggested that it is suggested to add big market capitalization bibcock, such as Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Jiangsu Hengrui Medicine Co.Ltd(600276) etc;
On the other hand, we continue to recommend three directions: 1) traditional Chinese medicine sector: favorable marginal policy + price increase + reform of state-owned enterprises, and recommend Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , etc; 2) Independent and controllable supply chain: international conflicts further strengthen China's willingness to realize domestic substitution in the supply chain, and recommend pharmaceutical machinery industry, such as Truking Technology Limited(300358) , Tofflon Science And Technology Group Co.Ltd(300171) , etc; 3) It is suggested to pay attention to the elastic stocks with PEG 1, such as Shanghai General Healthy Information And Technology Co.Ltd(605186) , Shanghai Runda Medical Technology Co.Ltd(603108) , Inner Mongolia Furui Medical Science Co.Ltd(300049) , etc. Finally, it is suggested to pay attention to thematic investment opportunities such as covid-19 drug / detection / vaccine industry chain.
Guosen Securities Co.Ltd(002736) : the "14th five year plan" of traditional Chinese medicine was released, and traditional Chinese medicine became the main theme
The "14th five year plan" of traditional Chinese medicine has been released, and the inheritance and development of traditional Chinese medicine has become the main theme. On March 29, the general office of the State Council issued the "14th five year plan for the development of traditional Chinese medicine", which is the first Five-Year Plan for traditional Chinese Medicine issued in the name of the general office of the State Council. The setting of indicators more reflects the requirements for the high-quality development of traditional Chinese medicine in the new era. In the goals set in the 14th five year plan for the development of traditional Chinese medicine, a number of per capita indicators have increased significantly. The plan also defines ten main tasks, involving all aspects of TCM diagnosis and treatment, and highlights the characteristic advantages of TCM in health services, which are reflected in disease prevention (such as TCM Prevention formula involved in covid-19 Treatment Guide), advantageous specialties (such as cardio cerebrovascular, skin, rehabilitation, etc.).
The policy boom cycle has come, and we are optimistic about three types of traditional Chinese medicine targets: 1) capacity expansion subdivision track: we are optimistic about traditional Chinese medicine formula granule manufacturers with upstream planting (breeding) resources, high standards and early layout. Recommended purchase: Chinese traditional medicine; 2) High quality enterprises that return to the drug attribute, have definite product efficacy and have the ability to continuously produce new products: excellent traditional Chinese medicine enterprises whose products have been fully verified by evidence-based medicine and recognized by doctors. Recommended purchase: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) ; 3) Target of consumption attribute: OTC leading enterprises that are optimistic about products, occupy consumers' minds, have a stable pattern and have a good brand image under long-term accumulation. Recommended purchase: China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) .
Zheshang Securities Co.Ltd(601878) : entering the intensive disclosure period of the annual report in April, the short-term performance growth may catalyze the pharmaceutical market
After entering the intensive disclosure period of the annual report in April, the short-term performance growth may constitute a catalyst. We continue to be optimistic about the pharmaceutical manufacturing sector with relatively high growth and clear medium and long-term industrial upgrading logic in 2022q1, such as CXO, API, pharmaceutical upstream and other companies.
We suggest that investors should break the "core assets" and "sector concept" so that they can look at the investment opportunities in the upstream and manufacturing links with the industrial chain thinking, and the innovative pharmaceutical machinery will continue to survive the fittest during the transition period. We believe that in 2022, medicine should adhere to the investment strategy of "grasping manufacturing and welcoming innovation".
Specifically, it is suggested to pay attention to: 1) manufacturing sector: API, cdmo and other subdivided fields, and recommend Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Apeloa Pharmaceutical Co.Ltd(000739) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Porton Pharma Solutions Ltd(300363) , Hainan Poly Pharm.Co.Ltd(300630) , etc.
2) upstream: the upstream: pharmaceutical equipment, reagents, consumables, and other fields of pharmaceutical equipment, reagents, and consumables, and the upstream: the upstream: the fields of pharmaceutical equipment, reagents, consumables, and so on, and the fields of pharmaceutical equipment, reagents, and so on, and the fields of pharmaceutical equipment, reagents, and consumables, and the upstream: the upstream: the upstream: the fields of pharmaceutical equipment, reagents, consumables, and so on, and the fields of pharmaceutical equipment, and so on, and the fields of pharmaceutical equipment, reagents, and consumables, and so on, and the fields of pharmaceutical equipment, such as the fields of pharmaceutical equipment, and so on, and the recommendations are recommended for senszonzonzonzonpine international, and the Tofflon Science And Technology Group Co.Ltd(300171) Tofflon Science And Technology Group Co.Ltd(300171) Tofflon Science And Technology Group Co.Ltd(300171) Shanghai Titan Scientific Co.Ltd(688133) Qingdao Novelbeam Technology Co.Ltd(688677) etc.
3) innovation: for international equipment and pharmaceutical companies, it is recommended to pay attention to Micro-Tech (Nanjing) Co.Ltd(688029) , minimally invasive medicine, Beijing Balance Medical Technology Co.Ltd(688198) , Baiji Shenzhou, Xinda biology, Shanghai Junshi Biosciences Co.Ltd(688180) , kangfang biology, etc.
4) others: Other: consumer attributes, medical services, innovative supporting industry companies, medical services, and innovative supporting industry companies, recommending companies with consumer attributes, medical services, and innovative supporting industries, and recommending companies with Hangzhou Tigermed Consulting Co.Ltd(300347) \ , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , etc.
Dongguan Securities: the peak of financial report disclosure is coming, pay attention to the performance opportunities of blue chip pharmaceutical stocks
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. It is suggested to pay attention to CXO companies Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) , Joinn Laboratories (China) Co.Ltd(603127) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Kyushu pharmaceutical, Shanghai Medicilon Inc(688202) , etc., whose prosperity is maintained and whose performance is expected to exceed expectations; Enterprises related to covid-19 antigen detection reagent Guangzhou Wondfo Biotech Co.Ltd(300482) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Asahi biology, Beijing Hotgen Biotech Co.Ltd(688068) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) , etc., which are expected to benefit from the rising demand; Focus on vaccine enterprises Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Walvax Biotechnology Co.Ltd(300142) , etc. with strong R & D ability and non covid-19 products are expected to achieve rapid growth. Medical device leader Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , medical beauty leader Imeik Technology Development Co.Ltd(300896) , OK mirror leader Autek China Inc(300595) , ophthalmic device leader Eyebright Medical Technology(Beijing) Co.Ltd(688050) , etc. with relatively reasonable valuation; In the medium term, it is expected to benefit from the aging and strong endogenous growth momentum of chain medical leaders Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) ; Brand Chinese Medicine Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Yunnan Baiyao Group Co.Ltd(000538) , Beijing Tongrentang Co.Ltd(600085) , etc., whose valuation has declined and whose performance is expected to improve.
Zhongtai Securities Co.Ltd(600918) : China's epidemic situation is tense. It is suggested to grasp the investment window of antigen detection industrial chain
In March, the sector market mainly focused on the first quarterly report of the annual report, covid-19 related industrial chain and traditional Chinese medicine. The pharmaceutical sector has experienced three consecutive quarters of adjustment since July 2021. The current valuation is 28.6 times PE (37.2 times the historical average), entering a very comfortable configuration range. We believe that the whole year's pharmaceutical sector market will continue to focus on the three main lines of performance, covid-19 and undervalued value, and continue to be optimistic about the continuation of the pharmaceutical sector market; Meanwhile, as April enters the first quarterly report window period, the weight of performance is expected to further increase. It is suggested to actively grasp it in combination with the quarterly report.
1) brilliant quarterly performance: in the April window period, we focus on the sectors and individual stocks whose quarterly performance is expected to grow rapidly: ① cdmo / cro: the market pessimistic expectations are gradually released, the fundamentals of the sector remain strong, the boom is expected to continue, and the valuation is at a historical low; ② Vaccine: the epidemic situation continues and repeats, the needle is promoted in an orderly manner, and the valuation adjustment is in place; ③ API: Dilemma reversal superimposed covid-19 oral drug progress catalysis, API boom cycle starts, is expected to become the core main line of medicine throughout the year, and has continuous investment opportunities; ④ Detection industry chain: China has a tight epidemic situation, so it is suggested to grasp the investment window of antigen detection industry chain.
2) covid-19 industrial chain: the epidemic continues to spread in various places, and the covid-19 industrial chain continues to make progress. Catalysis: a number of covid-19 antigen self-test kits have been approved, Pfizer paxlovid has been written into the latest version of covid-19 diagnosis and treatment plan, Pfizer paxlovid MPP has been authorized to release it, Shanghai Junshi Biosciences Co.Ltd(688180) vv116 clinical bed is progressing smoothly, real organisms have successively applied for communication at class II and class III meetings, and yanyeyi s-217622 phase III clinical trial has been launched. 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 fundamental support and covid-19 business flexibility. The former is optimistic about overseas covid-19 drug original research cdmo, Chinese R & D and production OEM enterprises, overseas generic drug MPP authorization, etc., and the latter suggests paying attention to the detection targets of head IVD, as well as the cursor on relevant reagents and consumables.
3) traditional Chinese medicine: 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 guiding ideology, basic principles, development objectives, main tasks and key measures for the development of traditional Chinese medicine during the 14th Five Year Plan Period. In our opinion, this planning is a top-level design of policy and strategic planning from multiple aspects of industry, service, payment, and so on. It's a top-level design of policy and strategic planning for policy, service, service, payment, and strategic planning that defines the future development path of traditional Chinese medicine, and China's traditional Chinese medicine industry is poiseto usher in a new round of development opportunities, driven by constant favorable policies for China's traditional Chinese medicine industry, which is expected to usher in a new round of development opportunities, driven by constant policy. We believe that this planning has made policy and strategic planning and strategic planning from industry, service, service, payment, and so on multiple aspects including industry, service, payment, etc. we believe that this planning has made the top-level design and strategic planning for the future development path of traditional Chinese medicine. Driven by the constant favorable policies, China's traditional Chinese medicine industry is expected to usher in a new round of development opportunities. It's expected opportunities. It's recommended to focus attention on industry chain related beneficiary targets, and it's recommended to focus on industry chain related Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) Chongqing Taiji Industry (Group) Co.Ltd(600129) , Henan Lingrui Pharmaceutical Co.Ltd(600285) , etc.
Wanlian Securities: the traditional Chinese medicine industry continues to usher in favorable policies. It is suggested to pay attention to the investment opportunities of relevant tracks
With the support of top-level design, the traditional Chinese medicine industry continues to usher in favorable policies. It is suggested to pay attention to relevant investment opportunities. 1) OTC of traditional Chinese medicine: it has strong policy immunity, low risk of fee control and price reduction, sufficient power of enterprise layout outside the hospital market, and the future expansion of the industry can be expected; 2) Innovation of traditional Chinese medicine: it is one of the core competitiveness of traditional Chinese medicine enterprises to innovate in combination with modern advanced research means and layout R & D pipelines in advantageous fields. Policies will increase support for scientific and technological innovation of traditional Chinese medicine. Enterprises are expected to accelerate innovation transformation on the basis of inheritance; 3) Traditional Chinese medicine formula granules: demand expansion (terminal liberalization) + medical insurance access landing, driving industrial expansion; 4) Covid-19 treatment related traditional Chinese medicine track: the state recognizes the role of traditional Chinese medicine in the prevention and control of major infectious diseases, including covid-19 pneumonia, and brings some traditional Chinese medicine and medical services into the covid-19 pneumonia diagnosis and treatment plan, further improving the strategic position of traditional Chinese medicine; 5) Traditional Chinese medicine: the State supports the expansion of the total amount of high-quality traditional Chinese medicine medical resources, encourages social forces to run traditional Chinese medicine at the grass-roots level, and drives the expansion of the traditional Chinese medicine medical industry; 6) Take the opportunity of "overseas Chinese medicine registration" to promote the international market of traditional Chinese medicine.
