The market fell this week, the pharmaceutical and biological sector fell, the pharmaceutical and biological sector fell 7.15% and the CSI 300 index fell 4.19% for the whole week.
We believe that the follow-up investment logic of the pharmaceutical sector will gradually shift to the main industry investment logic. The pharmaceutical sector is more reflected in structural opportunities, focusing on the progress of recovery. In 2020, under the disturbance of the epidemic, the demand of ophthalmic industry chain, CXO, brand consumption and medical services was stable. After the marginal easing of the epidemic, the demand rebounded first, and the performance rebounded to a faster growth level. It can also be found that medical services, cro index, vaccines and medical devices took the lead in rebounding and achieved a good rate of return in 2020.
It can be seen from the historical resumption that the recovery order of the pharmaceutical sector: we expect that the ophthalmic industry chain may recover first, and then the subdivided fields such as medical services, elective surgery, medical devices, vaccines, tumors and CXO are expected to recover gradually. Considering that the epidemic will clear the social surface first and the recovery speed is slow, it is suggested to pay attention to the leading companies with more stable performance
From a medium - and long-term perspective, we recommend investors to allocate high-quality tracks in the pharmaceutical sector and pay attention to the subdivided fields such as CXO, upstream of life sciences, medical devices, drugs, vaccines and industrial chain.
Recommended target: Wuxi Apptec Co.Ltd(603259) : global leading enterprise of preclinical cro, with prominent industry position Aier Eye Hospital Group Co.Ltd(300015) : steady growth of business, continuous improvement of industrial chain status and cost-effective valuation Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ：
Leading medical device enterprises, with outstanding R & D and sales capacity and reasonable valuation Guangzhou Kingmed Diagnostics Group Co.Ltd(603882) : the leader of the third-party medical laboratory, and the main business has maintained stable growth Huadong Medicine Co.Ltd(000963) : marginal improvement in fundamentals, gradual release of pressure on centralized purchase in pharmaceutical sector, new innovative drug products in pipeline, rapid growth in industrial microbiology sector and medical beauty sector, driving performance.
Risk tip: the industry policy has changed beyond expectations, and the comparative advantage of the sector has weakened
