Key points:
Medical service II rose 1.60% last week, leading the increase
Last week, pharmaceutical biology closed at 999908 points, down 0.15%, ranking 24th in Shenwan industry, ranking lower. Shanghai and Shenzhen 300 rose 2.43%, and medicine lost 2.5% of the Shanghai and Shenzhen 300 index; Medical service II closed at 995002 points, up 1.60%; Traditional Chinese Medicine II closed at 772069, up 1.13%; Chemical pharmaceutical closed at 1104793 points, down 1.26%; Biological products fell by 96.88% to close at 1052 points; Pharmaceutical Business II closed at 628239 points, down 2.63%; Medical device II closed at 863369 points, up 1.11%.
Medical service PE (TTM) increased by 2.33x month on month, and Pb (LF) increased by 0.20x month on month
At present, the PE of medical service sector is 52.78x, the maximum value of PE in recent year is 120.72x, and the minimum value is 50.08x; At present, Pb is 7.17x, the maximum value of Pb in recent year is 13.71x, and the minimum value is 6.43x. PE in the medical service sector increased by 2.33x month on month, Pb increased by 0.20x month on month, and PE and Pb in the medical service sector were at the bottom level in recent one year. The premium rate of the medical service sector relative to the CSI 300 valuation was 274.79%. Although the valuation of the medical service sector is still high statically, considering the high performance growth of specialized hospitals and CXO industry related companies, the good development trend of the industry and policy immunity, the current valuation is more reasonable.
Important information
(1) the National Health Commission issued the operation manual for performance appraisal of national level III public hospitals (2022 Edition). On April 2, the National Health Commission issued the operation manual for performance appraisal of national level III public hospitals (2022 Edition). The release of the new version of the operation manual also opened the prelude to the new phase of performance appraisal of tertiary public hospitals. Since the general office of the State Council issued the opinions on strengthening the performance appraisal of tertiary public hospitals in January 2019, the national examination has been conducted for two rounds. In order to ensure the standardization, standardization and homogeneity of performance appraisal, the operation manual came into being. Since the release of the first edition in 2019, the first revision was made in 2020, and this is the second revision. One new indicator is added in this revision, which is "focus on monitoring the proportion of high-value medical consumables revenue". And 41 indicators were revised. The revised content involves three parts: extending indicators, supplementing the requirements of newly issued documents and further clarifying the connotation of indicators. The revision is mainly based on the opinions and suggestions collected through on-site investigation, meeting discussion, platform feedback, self-assessment report and other channels.
(2) opinions on centralized procurement and use of high-value medical consumables (artificial joints) and supporting measures
On March 30, the office of the national medical insurance bureau and the general office of the national health and Health Commission issued opinions on supporting measures for the centralized procurement and use of high-value medical consumables (artificial joints) organized by the state. The opinions put forward that the selected products for centralized procurement of artificial joints should be included in the payment scope of medical insurance with the selected price including the accompanying service fee as the payment standard, and the medical insurance fund should be paid according to the specified proportion. If the non winning artificial joint belongs to the payment scope of the medical insurance fund, all localities shall take measures to gradually adjust the payment standard within two years to not exceed the maximum winning price of the products selected in the same group. Insured patients use products whose price exceeds the payment standard of medical insurance, and the part exceeding the payment standard shall be paid by the patients themselves. All localities should give overall consideration to the setting of network price, self payment proportion of patients and medical insurance payment standard to avoid aggravating the cost burden of patients.
This week's view
Recently, the annual reports of Listed Companies in the medical service industry have been released one after another. In terms of performance, the performance of CXO related companies is still beautiful. It can be seen that the prosperity of the industry is still growing and the sustainability is good. In particular, the revenue of leading companies continues to show a high growth trend in 2021. It is recommended to pay attention to the leading CXO companies with high growth. In terms of industrial layout, we maintain the "overweight" rating of the medical service industry, and suggest that investors continue to pay attention to the layout opportunities brought by the adjustment of sectors with Chinese advantages, and adhere to the stock selection ideas of "policy immunization" and "innovation". Suggestions: (1) innovative drug seller "CXO" industrial chain company. (2) Private specialized medical service leading company. (3) Third party medical laboratory leading company.
Risk tips
(1) uncertainty of policy changes; (2) The R & D investment of innovative drugs is less than expected; (3) Risk that the performance of the industry and listed companies is lower than expected.
