One week's view: favorable policies come one after another, and we are optimistic about the investment opportunities of traditional Chinese medicine innovative drugs in 2022
On January 5, 2022, the website of the drug examination center of the State Food and Drug Administration published the guiding principles for communication and exchange technology based on the "Three Combinations" registration and evaluation evidence system (hereinafter referred to as the "opinion draft"). The opinion draft is aimed at the theory of traditional Chinese medicine, human experience The new traditional Chinese medicine developed under the evidence system of registration and evaluation of traditional Chinese medicine based on the combination of clinical trials (i.e. "Three Combinations") puts forward the key nodes, meeting data requirements and concerns for clinical communication of different registration classifications, promotes the construction of evidence system of registration and evaluation of traditional Chinese medicine, and promotes the innovative and high-quality development of traditional Chinese medicine. On December 30, 2021, the national medical insurance bureau and others jointly issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, which was fully beneficial to the traditional Chinese medicine sector. In 2021, the State Food and Drug Administration approved the listing of 12 new traditional Chinese medicine drugs, becoming the year with the largest number of new traditional Chinese medicine drugs approved in recent five years. The reform of the review and approval system of traditional Chinese medicine has achieved initial results, and the approval and listing of innovative traditional Chinese medicine drugs has been significantly accelerated.
One week's view: OTC of brand traditional Chinese medicine has the advantages of determining performance growth and valuation
In terms of policy, traditional Chinese medicine has been supported by national policies and has high price maintenance ability. In terms of fundamentals, most brand OTC enterprises of traditional Chinese medicine have maintained a stable growth of revenue of 10% - 20% in the past few years, and are expected to usher in the second growth curve through category expansion and marketing channel reform. In terms of performance, in 2021, many brand OTC enterprises of traditional Chinese medicine formulated equity incentive plans, with great certainty of performance growth. In terms of valuation, according to Wande's unanimous expectation, as of January 7, 2022, the 2022epe of traditional Chinese medicine sector was 26.9 times, lower than 31.3 times of the overall pharmaceutical and biological industry, which has certain valuation advantages. Overall, the OTC industry of brand traditional Chinese medicine is supported by policies and has the advantages of determining performance growth and valuation.
One week's view: the release of the national disability prevention action plan is conducive to rehabilitation and early screening
On January 5, the Chinese government website issued the notice of the general office of the State Council on printing and distributing the national disability prevention action plan (2021-2025), which further strengthened disability prevention, expanded the demand for neonatal early screening services, and further emphasized the strengthening of rehabilitation medical services, which was good for private medical services and rehabilitation courses. The notice specifies to do a good job in prenatal screening and diagnosis, and strengthen early child screening and early intervention. With the expansion of the demand for prenatal and neonatal screening and diagnosis, relevant diagnostic enterprises will usher in greater development space. The notice proposes to strengthen rehabilitation medical services, which is expected to further alleviate the imbalance between supply and demand and improve the level of rehabilitation medical services; In the context of high-quality development of public hospitals, public hospitals are expected to actively build rehabilitation medicine departments under the guidance of policies, and the rehabilitation medical devices sector is expected to benefit. In addition, it is expected to actively promote the capacity-building of rehabilitation sub specialties such as nerve rehabilitation, children's rehabilitation and elderly rehabilitation, and private hospitals are expected to form differentiated competition by developing characteristic rehabilitation disciplines.
Recommended and beneficial objects
Recommended targets: Henan Lingrui Pharmaceutical Co.Ltd(600285) , Tasly Pharmaceutical Group Co.Ltd(600535) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , Xiangyumedicalco.Ltd(688626) , Pharmablock Sciences (Nanjing) Inc(300725) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Apeloa Pharmaceutical Co.Ltd(000739) , Sino Biological Inc(301047) (the above ranking is not in order). Beneficiary objects: Youcare Pharmaceutical Group Co.Ltd(688658) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Chinese traditional medicine, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , gushengtang, Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited(600332) , Yunnan Baiyao Group Co.Ltd(000538) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Ningbo Sanxing Medical Electric Co.Ltd(601567) , Aier Eye Hospital Group Co.Ltd(300015) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Lianying medical treatment, Beijing Wandong Medical Technology Co.Ltd(600055) , Autobio Diagnostics Co.Ltd(603658) , Guangzhou Wondfo Biotech Co.Ltd(300482) , minimally invasive Siasun Robot&Automation Co.Ltd(300024) , Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Shenzhen Lifotronic Technology Co.Ltd(688389) , minimally invasive medical treatment, Lepu Medical Technology (Beijing) Co.Ltd(300003) , Shanghai Kindly Enterprises Development Group Co.Ltd(603987) medical equipment, Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) , Xinwei medical treatment, Kontour(Xi'An) Medical Technology Co.Ltd(688314) .
Risk tip: the black swan incident and the deterioration of the epidemic situation in the industry affect production and operation.
