Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Huaan Securities Co.Ltd(600909) : the situation of traditional Chinese medicine industry is changing! Focus on 3 main lines + 3 themes
Focusing on the current situation, the situation of traditional Chinese medicine industry is changing, and there must be key investment clues. We also re emphasize the "3 + 3" investment clues and pay attention to the three main lines and three themes.
Three main lines: Traditional Chinese medicine brands with time-honored brands, characteristic varieties with the ability to raise prices, and undervalued targets with incentives and guarantees. Time honored brands: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Beijing Tongrentang Co.Ltd(600085) , Yunnan Baiyao Group Co.Ltd(000538) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) etc; Price increase: Jianmin Pharmaceutical Group Co.Ltd(600976) (covered, buy rating), Dong-E-E-Jiao Co.Ltd(000423) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Jiuzhitang Co.Ltd(000989) etc; There are incentives: China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) (covered, buy rating), Henan Lingrui Pharmaceutical Co.Ltd(600285) , Kpc Pharmaceuticals Inc(600422) , Jiangzhong Pharmaceutical Co.Ltd(600750) , etc.
3 major themes: innovation, region and industrial chain. Innovative traditional Chinese medicine: Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Jiangsu Kanion Pharmaceutical Co.Ltd(600557) , Tasly Pharmaceutical Group Co.Ltd(600535) , Guiyang Xintian Pharmaceutical Co.Ltd(002873) , Hunan Fangsheng Pharmaceutical Co.Ltd(603998) etc. Regional traditional Chinese medicine brands: Guizhou Sanli Pharmaceutical Co.Ltd(603439) (covered, purchase rating), Guilin Sanjin Pharmaceutical Co.Ltd(002275) , Teyi Pharmaceutical Group Co.Ltd(002728) , Inner Mongolia Furui Medical Science Co.Ltd(300049) , etc. Traditional Chinese medicine industry chain: upstream planting and breeding industry chain + traditional Chinese medicine material inspection ( Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , Shanxi Zhendong Pharmaceutical Co.Ltd(300158) , Guizhou Bailing Group Pharmaceutical Co.Ltd(002424) , Focused Photonics (Hangzhou) Inc(300203) , Beijing Labtech Instruments Co.Ltd(688056) , Shanghai Runda Medical Technology Co.Ltd(603108) , Tofflon Science And Technology Group Co.Ltd(300171) , Maider Medical Industry Equipment Co.Ltd(688310) , Truking Technology Limited(300358) ); Midstream dealers (Chinese traditional medicine, Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) ); Downstream pharmacies ( Dashenlin Pharmaceutical Group Co.Ltd(603233) , Yixintang Pharmaceutical Group Co.Ltd(002727) , Yifeng Pharmacy Chain Co.Ltd(603939) , Lbx Pharmacy Chain Joint Stock Company(603883) , Yunnan Jianzhijia Health-Chain Co.Ltd(605266) , Shuyu Civilian Pharmacy Corp.Ltd(301017) ); Layout of the whole industrial chain of traditional Chinese medicine (Chinese traditional medicine, Jointown Pharmaceutical Group Co.Ltd(600998) etc.); Chinese medicine services (gushengtang, covered, buy rating)). []
Capital Securities: four on the sustainability of the recent Chinese medicine market ! many traditional Chinese medicine enterprises have successively announced price increases for some products
Recently, the market performance of the traditional Chinese medicine industry is strong. We believe that there is a strong foundation for the sustainability of the traditional Chinese medicine market in the aspects of traditional Chinese Medicine Inheritance and innovation, payment, price increase and centralized collection with volume.
First, the reform of the evaluation system of traditional Chinese medicine and the optimization of registration classification laid the first year for the great development of classic famous prescriptions, tested prescriptions and national drugs of traditional Chinese medicine. In 2021, the State Food and Drug Administration urgently approved three new traditional Chinese medicine drugs against covid-19 virus, and approved the market application of eight new traditional Chinese medicine drugs such as Yishen Yangxin Anshen tablets, with the largest number of new traditional Chinese medicine drugs approved in the past five years.
Second, the payment policy is conducive to the great development of traditional Chinese medicine. Recently, the State Administration of traditional Chinese medicine and the State Medical Insurance Bureau jointly issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, adding medical insurance at the payment end to support the inheritance and development of traditional Chinese medicine.
Third, due to the price rise of upstream traditional Chinese medicine, traditional Chinese medicine (decoction pieces and proprietary Chinese Medicine) is one of the few pharmaceutical products with the basis of price rise. Due to the rise of raw material prices, many traditional Chinese medicine enterprises have successively announced the price rise of some products.
Fourth, the purchase of traditional Chinese medicine with quantity, the centralized collection and landing of traditional Chinese medicine are relatively mild, the number of exclusive varieties of traditional Chinese medicine is large, and the competition is relatively mild. From the perspective of investment suggestions, we are optimistic about the following traditional Chinese medicine categories: Traditional Chinese medicine decoction pieces and formula particles: Chinese traditional Chinese medicine and Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) . Brand Chinese patent medicine: Yunnan Baiyao Group Co.Ltd(000538) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) etc. OTC Chinese patent medicine varieties: optimistic about Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jiuzhitang Co.Ltd(000989) , etc. []
Zhongtai Securities Co.Ltd(600918) : actively layout the restless market in spring in the first quarter and grasp the "undervalued value + high boom" of the pharmaceutical sector
In the short term, actively layout the restless market in the spring of the first quarter and grasp the "undervalued value + high boom" of the pharmaceutical sector. We can start from the following perspective: Fundamentals: January is expected to usher in the annual report forecast disclosure. It is recommended to pay attention to the high growth segments, especially the cro / cdmo segment with large valuation adjustment in the fourth quarter, which is expected to be catalyzed by the forecast. At the same time, pay attention to other stocks whose performance is expected to grow rapidly.
Capital: medicine is an industry with obvious correction in the fourth quarter, especially the core asset with large market value; And since the beginning of the year, the index has also fallen, and the adjusted medicine is attractive to funds. In terms of specific investment suggestions, we still maintain the following views: actively grasp the dilemma reversal of undervalued sectors, such as API, chain pharmacies, traditional Chinese medicine, etc; Bargain hunting layout is expected to be a high boom track with rapid growth and no risk of fundamentals, such as cro / cdmo, upstream of life sciences, medical services, etc.
In the long run, looking forward to 2022, we are optimistic about "innovation frontier, made in China and consumption upgrading", and pay close attention to the leading white horse + specialization and innovation. We released the investment strategy for 2022 in December: under the basic construction of review and approval and centralized purchase negotiation policies, the reform of payment system is accelerated, and the policy closed loop is expected to be formed. Industrial upgrading is deepened, industrial chain thinking is strengthened, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain and manufacturing upgrading are optimistic, and technological iteration and expansion of consumption are concerned. []
Southwest Securities Co.Ltd(600369) : continue to be optimistic about the follow-up market of traditional Chinese medicine from three aspects of policy, fundamentals and valuation
Continue to be optimistic about the follow-up market of traditional Chinese medicine from the three aspects of policy, fundamentals and valuation. From the policy side, the national medical insurance bureau and the administration of traditional Chinese Medicine issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, giving full play to the institutional advantages of medical insurance to support the inheritance, innovation and development of traditional Chinese medicine, and the immune attribute of medical insurance of traditional Chinese medicine consumer goods is prominent.
From a fundamental point of view, there are three opportunities: first, the price of upstream Chinese herbal medicines has increased, and the price of downstream products has increased one after another, such as Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Inner Mongolia Furui Medical Science Co.Ltd(300049) ; Second, the inventory clearance of downstream channels is coming to an end, and the inventory turnover is accelerated, which is expected to usher in the replenishment cycle; Third, the mixed reform of state-owned enterprises will release dividends, and equity incentives will be implemented one after another, greatly releasing the enthusiasm of employees, which is expected to be realized to the performance end in the future.
From the perspective of valuation, the traditional Chinese medicine sector has experienced many years of correction since 2015, with PE (TTM) of 34.2 times, which is equivalent to the overall valuation of medicine and is in the central position. Combined with the annual strategy, in January, we continued to be optimistic about traditional Chinese medicine consumer goods, one of the main lines of "crossing medical insurance", and suggested paying attention to Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Yunnan Baiyao Group Co.Ltd(000538) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Tibet Cheezheng Tibetan Medicine Co.Ltd(002287) , Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) . []
Zheshang Securities Co.Ltd(601878) : pharmaceutical should adhere to the investment strategy of " grasping manufacturing and welcoming innovation "
It is suggested that investors should break the "core asset" and "plate concept" in order to look at the investment opportunities in the upstream and manufacturing links with the industrial chain thinking, and the innovative medicine and equipment will continue to survive the fittest during the transition period. We believe that in 2022, medicine should adhere to the investment strategy of "grasping manufacturing and welcoming innovation".
Specifically, it is recommended to pay attention to: 1) manufacturing sector: API, cdmo and other subdivided fields, and Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Apeloa Pharmaceutical Co.Ltd(000739) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Porton Pharma Solutions Ltd(300363) , Hainan Poly Pharm.Co.Ltd(300630) are recommended.
2) upstream: in the fields of pharmaceutical equipment, reagents and consumables, Sensong international, Tofflon Science And Technology Group Co.Ltd(300171) , Shanghai Titan Scientific Co.Ltd(688133) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Jenkem Technology Co.Ltd(688356) are recommended, and Qingdao Haier Biomedical Co.Ltd(688139) , Zhejiangtailin Bioengineering Co.Ltd(300813) , Truking Technology Limited(300358) , Iray Technology Company Limited(688301) , Qingdao Novelbeam Technology Co.Ltd(688677) are concerned.
3) innovation: for international equipment and drug companies, it is recommended to pay attention to Micro-Tech (Nanjing) Co.Ltd(688029) , minimally invasive medicine, Beijing Balance Medical Technology Co.Ltd(688198) , Baiji Shenzhou, Xinda biology, Shanghai Junshi Biosciences Co.Ltd(688180) , kangfang biology, etc.
4) others: consumer attributes, medical services, innovative supporting industry companies, recommend Hangzhou Tigermed Consulting Co.Ltd(300347) , Joinn Laboratories (China) Co.Ltd(603127) , pay attention to Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , etc. []
Sinolink Securities Co.Ltd(600109) : epidemic prevention and control or facing new challenges pay attention to five epidemic main lines
The emergence of mutant strains has brought great challenges to the prevention of covid-19 infection, which may be due to the enhancement of transmission and the weakening of vaccine protection, resulting in a significant increase in new cases. On the other hand, the treatment for covid-19 infection remains effective, so the death toll has not increased significantly.
In terms of investment suggestions, focus on five main epidemic lines (focusing on the first two): ① small molecule cdmo industrial chain and its upstream of fine chemicals; ② Epidemic detection, mainly covid-19 test kit suppliers (export); ③ Other upstream supply chains related to covid-19, including suppliers of antigens, antibodies, enzymes, plasmids, etc; ④ Epidemic related innovative drug R & D enterprises; ⑤ Other epidemic related, such as vaccine R & D enterprises and other anti epidemic equipment / consumables suppliers. Focus on: Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , Kingsley biotechnology, etc.
Everbright Securities Company Limited(601788) : based on the change and invariance of pharmaceutical investment grasp the investment opportunities in the direction of innovation and internationalization
Know, change, keep right and innovate. Based on the changes and invariance of pharmaceutical investment, we believe that we should actively grasp the investment opportunities in the direction of innovation and internationalization in the future. In terms of innovative drugs and vaccines, Xinda Biology (H) and Rongchang Biology (H) are recommended; In terms of CXO, Yao Mingsheng (H), Pharmaron Beijing Co.Ltd(300759) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) are recommended; In the field of equipment and Life Sciences, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , minimally invasive medicine (H), Shinva Medical Instrument Co.Ltd(600587) , Amoy Diagnostics Co.Ltd(300685) , Iray Technology Company Limited(688301) ; In terms of innovative cutting-edge technologies, pay attention to unlisted enterprises such as Aibo biology; For domestic consumption, we recommend Jinxin reproduction (H), Lbx Pharmacy Chain Joint Stock Company(603883) , Shandong Wit Dyne Health Co.Ltd(000915) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) . []
Shanxi Securities Co.Ltd(002500) : China's CXO is developing rapidly ! industry concentration is expected to further improve it is recommended to pay attention to industry leaders
The overall development trend of the industry is improving, and innovation is the eternal theme. On the one hand, the normalization of volume procurement continues to accelerate industry differentiation, forcing enterprises to transform to innovation; On the other hand, the medical insurance catalogue was dynamically adjusted to continuously accelerate the volume of innovative drugs. Driven by policies, talents and capital, China's innovative drugs have entered the harvest period of achievements and opened the road of Internationalization: (1) at present, China's innovative drug R & D is more homogeneous, with more concentrated targets and indications. The industry has gradually transformed and upgraded from me too / me worth to higher quality and more innovative me better and first in class, with strong R & D strength and rich pipelines, The advantages of domestic innovation leading enterprises with reasonable gradient and outstanding product differentiation advantages will be further highlighted. It is suggested to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , etc; (2) With the progress of science and technology, new medical discoveries, new technologies and new fields are emerging, and biological emerging markets such as cell and gene therapy are developing rapidly. It is suggested to pay attention to industrial development trends, high-quality enterprises and upstream industrial chains, such as life science services; (3) Global and Chinese innovative drug R & D is booming, and China's CXO industry is developing rapidly. It is expected that with the promotion of policies and the continuous improvement of technical level, the industry concentration is expected to further improve. It is recommended to pay attention to industry leaders and sub leaders, such as Wuxi Apptec Co.Ltd(603259) , Porton Pharma Solutions Ltd(300363) . []
(source: China stock market news research center)
