Focus on the subject of reasonable valuation. This week, the pharmaceutical biological index fell 1.38%, 0.13 percentage points lower than the CSI 300 index; Since the beginning of 2022, the pharmaceutical industry has fallen by 16.27%, 4.5 percentage points lower than the CSI 300 index. At present, the price earnings ratio of Pharmaceutical Biology (TTM, overall method, excluding negative value) is 29.43x, which is in the quantile of 9.8% of the historical valuation in recent five years, and the valuation is at a low level. It is suggested to continue to focus on the high-quality targets matching the boom track valuation and growth rate: Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Jiangsu Hengrui Medicine Co.Ltd(600276) , Wuxi Apptec Co.Ltd(603259) , Apeloa Pharmaceutical Co.Ltd(000739) , Apt Medical Inc(688617) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Kingsley Biotechnology, Corning Jerry pharmaceutical, Weigao Co., Ltd.
Who recommends single dose immunization procedure for HPV vaccine, which has limited short-term impact on the industry. On April 11, 2022, the official website of who announced that after the review of the immunization strategy expert group, it was considered that the single dose HPV vaccination scheme could effectively prevent cervical cancer caused by persistent HPV infection, and the effect was equivalent to that of the two or three dose scheme. It was suggested to modify the immunization procedure as follows: women aged 9-14 (the highest priority population) should be vaccinated once or twice; 15-20-year-old women were vaccinated once or twice; Women over 21 years old were vaccinated twice (with an interval of 6 months).
Clinical progress has been made in covid-19 vaccine and therapeutic drugs in China. Recently, the Beijing Institute of Sinopharm / Wuhan Institute of Sinopharm officially approved two inactivated vaccines against Omicron variant strain to carry out sequential immune clinical research of covid-19 vaccine among people over 18 years old who have completed 2 / 3 doses of covid-19 vaccine in Hong Kong. On April 16, 2022, Jiang Jiandong, member of the academic department of the Chinese Academy of Medical Sciences and academician of the Chinese Academy of engineering, reported on the R & D and progress of azvudine in the treatment of covid-19 indications at the China Medical Development Conference. At present, only Pfizer paxlovid has been listed conditionally as a small molecule covid-19 therapeutic drug in China. Pipelines such as Shanghai Junshi Biosciences Co.Ltd(688180) vv116, real biological azvudine and Kaifa pharmaceutical prochloramide are in the clinical stage. It is suggested to continue to pay attention to the covid-19 vaccine and therapeutic drug industry chain.
Risk tips: the risk of repeated epidemic, the risk of exceeding the expectation of medical insurance control fees, and the risk of exceeding the expectation of centralized purchase of drugs and high-value consumables.
