Key investment points:
Shenwan pharmaceutical biological index fell 3.33%, and the overall performance was weaker than the market
The biological products sub industry fell by 1.06% this week; The traditional Chinese medicine sub industry fell by 2.02%, the medical device sub industry fell by 2.99%, the medical service sub industry fell by 4%, and the chemical pharmaceutical sub industry fell by 4.53%; The pharmaceutical business sub industry fell 6.54%.
The decline in medical services was mainly due to concerns about primary investment and financing data, and the CXO sector corrected. The pharmaceutical business sector was caused by excessive adjustment of heavyweights in the early stage.
Covid-19 epidemic continued to spread this week, and Omicron infection should not be ignored
There are more than 25000 new cases in China every day, and there is still no inflection point. From the perspective of epidemic control, nucleic acid and antigen detection will help to achieve the goal of dynamic clearing. It is expected that the demand for nucleic acid detection capacity and antigen detection products in China will continue to increase in the future. It is expected that the proportion of people aged over 19-55 who are vaccinated against the virus will be gradually increased in the future. It is expected that the proportion of people aged over 19-55 will continue to be increased in China, and the vaccination rate of the virus will be gradually increased in the future.
Outlook for next week: focus on covid-19 related industrial chains and companies with deterministic growth in the first quarter
Dynamic zeroing will continue. China’s epidemic prevention and control will still be a hot spot in the market and investment is relatively active. We suggest focusing on the research and development progress of domestic covid-19 drugs and companies related to covid-19 detection industrial chain. Affected by the epidemic, the post epidemic construction is worth considering. It is suggested to continue to pay attention to the progress of new medical infrastructure, which is expected to increase the supply of high-quality medical resources and become the core driver of the industry. In addition, the results of the first quarter will be announced one after another. The epidemic may interfere with the performance of relevant companies. It is recommended to pay attention to companies with deterministic growth in the first quarter. Vaccine and CXO related industrial chains are still sectors with high growth, so it is recommended to continue to pay attention.
Monthly gold shares in April
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ): a multi category, multi market and multi-level comprehensive instrument leader, after covid-19, it will enjoy the acceleration of global layout and the business cycle of China’s new infrastructure, and its performance can grow continuously and stably. The company has adjusted to the bottom range of multi-year valuation, corresponding to the closing price on April 8. The valuations from 2022 to 2023 are 36x and 28x respectively, maintaining the “buy” rating.
Chongqing Zhifei Biological Products Co.Ltd(300122) ( Chongqing Zhifei Biological Products Co.Ltd(300122) ): HPV vaccine batch issuance has increased steadily, children’s vaccination is expected to recover gradually, covid-19 vaccine booster needle continues, sequential vaccination is implemented, and it is expected to become a stable cash flow in the future; The company has strong marketing capabilities and rich independent vaccine R & D pipelines. Wechat has started to work this year, and the largest employee stock ownership plan is deeply bound to core employees. Corresponding to the closing price on April 8, the valuations from 2022 to 2023 are 32x and 25X respectively, maintaining the “buy” rating.
Risk tips
Risk of changes in national epidemic prevention and control policies; Trade friction exceeded expectations; Policy risk
