Traditional Chinese Medicine II fell 1.45% last week, showing a phased correction
Last week, pharmaceutical biology closed at 10936.78 points, down 3.94%; Traditional Chinese Medicine II closed at 8439.57 points, down 1.45%; Chemical pharmaceuticals closed at 12177.46 points, down 1.29%; Biological products closed at 11973.17 points, down 2.49%; Pharmaceutical business closed at 6529.88 points, up 1.29%; Medical devices closed at 9502.08 points, down 4.6%; Medical services closed at 10564.03 points, down 10.34%. In addition to the pharmaceutical business, the pharmaceutical sector showed a callback trend as a whole.
From the performance of Companies in the traditional Chinese medicine sector, the top companies are: Beijing Tongrentang Co.Ltd(600085) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Zhejiang Xinguang Pharmaceutical Co.Ltd(300519) , Shandong Wohua Pharmaceutical Co.Ltd(002107) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ; Companies with low performance include: Chongqing Pharscin Pharmaceutical Co.Ltd(002907) , Ji Yao Holding Group Co.Ltd(300108) , Lanzhou Foci Pharmaceutical Co.Ltd(002644) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Dong-E-E-Jiao Co.Ltd(000423) .
Traditional Chinese medicine PE (TTM) decreased by 0.54x and Pb (LF) decreased by 0.05x
Last week, the PE of traditional Chinese medicine was 37.26x, the maximum value of PE in recent year was 39.7x and the minimum value was 28.78x; The current Pb is 3.42x, the maximum value of Pb in recent years is 3.56x, and the minimum value is 2.57x. PE in traditional Chinese medicine sector decreased by 0.54x and Pb by 0.05x, which is slightly higher than the median level in recent one year. The premium rate of traditional Chinese medicine plate relative to Shanghai and Shenzhen 300 was 169.8%.
The Chinese herbal medicine market is relatively strong, and the price is expected to continue to rise in the later stage
Last week, the total price index of key tracked traditional Chinese medicine was 208.78 points, up 0.2 percentage points month on month. In terms of varieties, the twelve categories showed six rises and six falls year-on-year, and the price index of mineral medicinal materials continued to rise first. Recently, the hot varieties of traditional Chinese medicine market are relatively strong, and the market is strong. Due to the impact of the epidemic in some regions, the goods on the market have decreased, and the price is expected to continue to rise slightly in the later stage.
In 2021, the number of new Chinese medicine drugs approved increased greatly, and the research and development of new Chinese medicine drugs is expected to enter a period of rapid development
The requirements for registration classification and application materials of traditional Chinese medicine will be implemented in 2021. The registration of traditional Chinese medicine will be classified according to traditional Chinese medicine innovative drugs, traditional Chinese medicine improved new drugs, traditional Chinese medicine compound preparations of ancient classic famous prescriptions, drugs with the same name, etc. the first three categories belong to new traditional Chinese medicine. In the improved new drugs, the subdivision category of “traditional Chinese medicine increases functions and indications” is changed from the original supplementary application to the new drug application category, and traditional Chinese medicine enterprises are encouraged to carry out secondary development of listed drugs. “Ancient classic famous prescription and traditional Chinese medicine compound preparation” encourages the deep excavation of classic famous prescriptions and the transformation to new traditional Chinese medicine. Under the policy of encouraging the innovation of traditional Chinese medicine, the State Food and Drug Administration approved a total of 12 new traditional Chinese medicine drugs to be listed in 2021, four times the number in 2020, a new high in five years. Among them, there are 7 new drugs of category 1.1. In 2021, 32 Chinese patent medicines were approved for clinical use, including 25 class 1 new drugs and 1 original class 6 new drugs. Affected by policy support and the improvement of review and approval efficiency, the R & D of new traditional Chinese medicine is expected to enter a period of rapid development.
We believe that policy support is the biggest catalyst for the development of traditional Chinese medicine industry in 2022. On the demand side, the rigid demand characteristics of the pharmaceutical industry and the upgrading of pharmaceutical consumption jointly support the steady growth of the demand of the traditional Chinese medicine industry. On the policy side, a series of favorable policies have been formed to promote the innovation of traditional Chinese medicine, the development of formula particles, the support of medical insurance and payment policies, and the continued addition of traditional Chinese medicine decoction pieces can not exceed 25%, bringing policy dividends and new demand to the traditional Chinese Medicine industry. The unique advantage of “preventing disease” brings development opportunities to the traditional Chinese medicine industry. On the performance side, the traditional Chinese medicine industry walked out of the low point and showed a marginal improvement trend. On the valuation side, the traditional Chinese medicine industry still has certain valuation advantages after valuation repair. “Policy + pharmaceutical consumption upgrading + performance improvement + valuation advantage” jointly constructs investment opportunities for the traditional Chinese medicine industry. It is suggested to pay attention to the areas of policy encouragement and policy haven.
(1) pay attention to the innovation of modern traditional Chinese medicine, and pay attention to the innovation targets of modern traditional Chinese medicine with strong R & D strength and layout of large categories (large market: cardio cerebrovascular + fast growth: pediatric medicine);
(2) pay attention to the advantages of brand traditional Chinese medicine, formula and raw materials, and jointly build a moat of brand traditional Chinese medicine;
(3) benefit from consumption upgrading and pay attention to the subject matter of industrial chain extension and strong brand advantage.
Risk tips
(1) stricter industrial policies;
(2) industry and listed company performance fluctuation risk.
