The pharmaceutical sector continued to callback this week
This week, the pharmaceutical and biological index fell by about 1.38%, 0.38 percentage points lower than the Shanghai and Shenzhen 300 index and 0.13 percentage points lower than the Shanghai Composite Index, ranking the 12th in the industry. As of Friday (April 15), the PE (TTM, excluding negative value) of the pharmaceutical industry was 27.7x, below the "mean value -1 times the standard deviation" since 2015. Among the pharmaceutical level III sub industries, among the 13 sub industry sectors this week, 4 sub industry sectors rose and 9 sub industry sectors fell. Medical equipment was the sub industry with the largest increase, up 7.73%. Vaccine was the sub industry with the largest decline, down 8.11%.
The complete disclosure of the first quarter report has brought new opportunities, and the market theme sentiment is large
Medicine continued to make corrections this week. The who's new proposal on HPV vaccination this week disturbed the vaccine sector, and the view on traditional Chinese medicine was also brought to a rhythm, resulting in great fluctuations. The investment idea for 2022 years ago (consistent), the opportunity of the sector lies in traditional Chinese medicine and medical infrastructure, and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) led the rise of medical infrastructure this week (difficult to grasp but recommended layout). The biggest systemic risk this week is that the who will have different opinions on the vaccination. It is indeed not expected that the future market will consider the vaccination rate from the perspective of the WHO. At present, the pharmaceutical market is fragmented. The top gains this week are related to the benefits of the epidemic, while the top declines are APIs and secondary new shares. At present, there is no clear theme in the pharmaceutical sector, which needs to be seen while walking, but it is suggested that the subject matter with reasonable layout and valuation.
Combined with the macro uncertainty (the turmoil of the Russian Ukrainian war, the increase of US inflation and interest rates, the spread of the epidemic, etc.), standing at the market point of fundamentals and capital structure, the centralized procurement policy continued to be implemented this year (centralized procurement of consumables, national procurement, alliance procurement, etc.). In addition, the short-term pharmaceutical industry sector has not seen clear favorable policies / changes, and the valuations of many pharmaceutical companies have reached a very reasonable range, However, the uncertainty of policy changes makes many investors unable to start. As of Friday (April 15) last week, the PE (TTM, excluding negative value) of the pharmaceutical industry was 27.7x, which was below the "mean value - 1 times the standard deviation" since 2015. It has been a reasonable range downstream of the valuation center in the history of medicine. Medicine has a strong investment allocation value.
We suggest the direction configuration of this year: Traditional Chinese medicine (policy friendly + undervalued value) + medical equipment (medical infrastructure) + scientific research reagents and upstream (autonomous and controllable) + looking for the target from bottom to top in other directions. In addition, covid-19 small molecular medicine has contributed enough flexible performance to cdmo company. It is suggested to pay attention to the subject matters such as Porton Pharma Solutions Ltd(300363) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) and so on.
We suggest the following investment ideas:
(1) a traditional Chinese medicine sector (with a brand name and a noble OTC plus an innovative traditional Chinese medicine for which the brand is a precious and precious, and the brand ''Brand plus a traditional Chinese Medicine Innovation): a traditional Chinese medicine sector (1) a traditional Chinese medicine sector (a traditional Chinese Medicine for the brand', a traditional Chinese medicine sector (for the brand, the brand, and the brand, and the precious, and the brand, the OTC plus plus the brand, the brand, the precious, and the brand, the brand, the precious, and the OTC plus plus plus plus the brand '' '' '''plus the brand '' '' '' (or the brand '' '''plus plus plus plus the precious, and the brand '''Brand, and the brand '' ''plus plus plus the precious, and the brand' '' ''Brand, and the OTC + plus plus plus plus plus plus plus plus plus the brand' '' '' '' '' '' '''s precious OTC plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus plus and other subjects are also recommended to pay attention to: Tasly Pharmaceutical Group Co.Ltd(600535) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) , Teyi Pharmaceutical Group Co.Ltd(002728) , Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) and other subjects.
(2) traditional Chinese medicine treatment service: gushengtang (the leading pioneer of traditional Chinese medicine treatment service, with the same wind PE of 19x in 2023);
(3) medical infrastructure sector: we recommend to focus on the medical infrastructure sector: medical infrastructure sector: medical infrastructure sector: we recommend to focus on the medical infrastructure sector: we recommend to focus on the Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Autobio Diagnostics Co.Ltd(603658) , Shenzhen Lifotronic Technology Co.Ltd(688389) , Maccura Biotechnology Co.Ltd(300463) , Tellgen Corporation(300642) , Guangzhou Wondfo Biotech Co.Ltd(300482) , Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) , etc, IVD enterprises play an important role in epidemic prevention and control (antibodies, antigens and nucleic acid detection reagents), which provides sufficient funds for the development of the company in the future.
4) scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: scientific research reagents and scientific research reagents and upstream: we propose to focus on Nanjing Vazyme Biotech Co.Ltd(688105) , Zhejiangtailin Bioengineering Co.Ltd(300813) , Nanmo biology, etc.
(5) other bottom-up sectors and companies need to be analyzed according to the subject matter and valuation of industries and companies, and it is proposed to pay attention to Yantai Zhenghai Bio-Tech Co.Ltd(300653) , Medprin Regenerative Medical Technologies Co.Ltd(301033) and other subjects of regenerative medicine; In the medical service sector, we recommend haijiya, gushengtang and Jinxin reproduction with high cost performance and expansibility, and suggest paying attention to Aier Eye Hospital Group Co.Ltd(300015) , Chaoju Ophthalmology, etc; Recommend Baicheng pharmaceutical and Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) , generic cro and traditional Chinese medicine cro with good performance; Biological products and vaccines need continuous attention. We recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Changchun Bcht Biotechnology Co(688276) , and Chengdu Olymvax Biopharmaceuticals Inc(688319) , Walvax Biotechnology Co.Ltd(300142) , Cansino Biologics Inc(688185) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; For household medical devices, it is recommended to pay attention to Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Cofoe Medical Technology Co.Ltd(301087) .
(6) for the innovative drug sector, it is suggested to pay attention to the innovative drug targets with international ability. We suggest to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Hehuang medicine, kangfang biology, China biopharmaceutical, etc.
New report issued this week
Industry topic: "the gathering of Chinese patent medicine is surging, and the development of traditional Chinese medicine industry will not be changed"; Company comments Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ( Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ): "rapid growth of revenue and profit, equity incentive highlights the company's development ambition"; Company depth Chengdu Olymvax Biopharmaceuticals Inc(688319) ( Chengdu Olymvax Biopharmaceuticals Inc(688319) ): "single seedling products increase performance in large quantities, and heavy products under research bring high growth potential"; Special report on new shares series (V): sorting out new shares of Purui ophthalmology (a20457. SZ).
Performance of individual stocks this week: only 20% of A-Shares and Hong Kong stocks rose
Of the 433 A-share pharmaceutical and biological stocks this week, 95 rose, accounting for 22%. The top ten medicine stocks that are among the top ten medicine stocks that will rise in the week before the week's top ten medicine stocks are: 60062 (+ 14.52%), Berry Genomics Co.Ltd(000710) (+ 12.33%), Beijing Hotgen Biotech Co.Ltd(688068) (+ 11.72%); The medicine stocks with the top ten medicine stocks falling in the top ten of the week's list of the top ten medicine stocks are: Hainan Poly Pharm.Co.Ltd(300630) \ (- 15.65%), Shanxi Zhendong Pharmaceutical Co.Ltd(300158) (- 15.43%). Among the 88 Hong Kong stocks this week, 20 rose, accounting for 23%.
Global covid-19 epidemic situation and vaccination
Global new cases continued to decline; Shanghai, Jilin, Guangdong, Zhejiang, Shanxi and other places. The number of vaccinations continued to grow, with the global average whole course vaccination rate of about 59% and the whole course vaccination rate in China of about 86%.
Risk tips
Policy risk, competition risk, abnormal stock price fluctuation risk.
