April market summary
In April, pharmaceutical biology decreased by 13.97% year-on-year, weaker than the market. The epidemic has repeatedly affected the macro economy, and the disclosure of annual and quarterly reports has led to the differentiation of individual stock trends. Affected by multiple factors such as the downward pressure of macro-economy and the spread of epidemic diseases in many places across the country, the overall trading volume and amount of the pharmaceutical industry continued to shrink. However, with the gradual disclosure of the annual report of 2021 and the first quarterly report of 2022, the differentiation of individual stock performance also leads to the differentiation of stock price fluctuation.
Investment strategy in May
Epidemic prevention and control and resumption of work and childbirth are the core topics. Epidemic prevention and control is the top priority of the government's work. In order to fully liberalize the society, a higher covid-19 vaccination rate and more effective domestic covid-19 oral drugs are still necessary. The performance and R & D Progress of relevant enterprises deserve attention. On the other hand, the resumption of work and production and economic recovery are gradually put on the agenda. The corresponding rapid promotion of new medical infrastructure and the rebound of medical consumption related industrial chain deserve attention.
Topic: social order is gradually restored, and the rebound of medical consumption is expected
Compared with delta virus, Omikron has strong transmission power. Due to the failure to update the epidemic prevention measures in some cities, the epidemic prevention and control front has been lengthened and the time of social control has been significantly prolonged. However, with the gradual maturity of epidemic prevention policies in Chinese cities and the completion of nucleic acid detection capacity circle, the epidemic situation will still be gradually controlled. After reviewing the 2020 epidemic, the medical service & consumption rebounded significantly. With the gradual control of the epidemic in China in the second quarter, the performance of Companies in the field of medical service & consumption can rebound.
Monthly gold shares in May
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ): a multi category, multi market and multi-level comprehensive instrument leader, after covid-19, it will enjoy the acceleration of global layout and the business cycle of China's new infrastructure, and its performance can grow continuously and stably. The company has adjusted to the bottom range of multi-year valuation, corresponding to the closing price on April 29. The valuations from 2022 to 2024 are 38x, 30x and 24x respectively, maintaining the "buy" rating.
Chongqing Zhifei Biological Products Co.Ltd(300122) ( Chongqing Zhifei Biological Products Co.Ltd(300122) ): HPV vaccine batch issuance has increased steadily, children's vaccination is expected to recover gradually, covid-19 vaccine booster needle continues, sequential vaccination is implemented, and it is expected to become a stable cash flow in the future; The company has strong marketing capabilities and rich independent vaccine R & D pipelines. Wechat has started to work this year, and the largest employee stock ownership plan is deeply bound to core employees. Corresponding to the closing price on April 29, the valuations from 2022 to 2023 are 23x and 16x respectively, maintaining the "buy" rating.
Risk tips
Covid-19 epidemic recurrence risk; Business risks; Trade friction exceeded expectations; Policy risk.
