In the first quarter, the proportion of pharmaceutical stocks held by active non debt funds increased month on month, in a state of low allocation. 22q1: the proportion of pharmaceutical stocks held by active non debt funds increased month on month, the number of heavily held stocks increased, and the total market value decreased month on month. At the same time, the pharmaceutical sector was in a state of low allocation.
Overall, the popularity of the pharmaceutical sector increased in the first quarter, but with the continuous introduction of medical insurance policies, the overall mood of the pharmaceutical sector was affected, which was weaker than that of the large consumption sector. The pharmaceutical sector is still at the bottom due to the emotional impact of the policy side. We believe that under the pressure of the past, the valuation of the medical sector is expected to grow rapidly, and we believe that the overall market is expected to maintain a stable growth rate under the background of the rapid correction of the valuation of the medical sector.
It is suggested that the investment layout of the follow-up pharmaceutical sector should focus on “value + growth”, focusing on the high-quality targets that can match the valuation level and performance growth. It is suggested to pay attention to the innovative service industry chain, high-quality medical devices, chain pharmacies, etc.
Monthly recommendation:
\u3000\u30001. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) . SZ): from the demand side, there is a large amount of domestic substitution demand in the medical equipment industry; From the supply side, medical equipment manufacturing can co evolve with upstream and downstream industrial chains under the environment of national industrial upgrading; In terms of policy, many high-end medical equipment involve “neck sticking” technology, which will be strongly supported by the state. Therefore, we are optimistic about the company’s long-term development prospects and believe that the company has long-term investment value.
\u3000\u30002. Yunnan Jianzhijia Health-Chain Co.Ltd(605266) ( Yunnan Jianzhijia Health-Chain Co.Ltd(605266) . SH): in terms of performance, chain drugstores generally have a rapid expansion period within one or two years after listing. When the new store is just opened, there will be a performance pit, but then the large volume of new stores will bring “double-click” to the company. In terms of valuation, the company is currently in an absolutely undervalued state. Considering the large volume of new stores of the company is imminent, the valuation of the company still has great room for improvement. Therefore, we believe that the current valuation of the company has long-term investment value.
Risk tips:
Risk that the pressure of fee control and price reduction exceeds expectations; The risk that the price decline and promotion speed of drugs and high-value consumables purchasing with quantity exceed the expectation
