[key points of investment]
The valuation of the pharmaceutical sector has gradually returned to a low level. The growth rate of the pharmaceutical manufacturing industry is higher than that of Industrial Enterprises above designated size. The growth rate of the pharmaceutical industry has returned to the state before the epidemic, the profit has achieved rapid growth, and the profitability is gradually improving.
We summarized the 2021 annual report and 2022q1 quarterly report of consumer medical companies from the dimensions of industrial policies, brand varieties, industrial chain layout, R & D and innovation, mainly in the industries of traditional Chinese medicine and medical beauty. The prospect of consumer medical field is broad, and relevant companies deserve special attention.
The important role of traditional Chinese medicine in combating covid-19 epidemic has attracted the attention of all countries in the world. At the national level, traditional Chinese medicine has been raised to a new level, promoting the inheritance and innovation of traditional Chinese medicine, adhering to the equal emphasis and complementary advantages of traditional Chinese and Western medicine, and vigorously developing the cause of traditional Chinese medicine. The market share of the main varieties of traditional Chinese medicine has increased significantly. The construction of traditional Chinese medicine base realizes the layout of the whole industrial chain, solves the difficulties of raw materials, reduces costs and improves the core competitiveness of enterprises. The “innovation + secondary development” of traditional Chinese medicine has been gradually promoted to fully tap the unique charm of traditional Chinese medicine varieties.
The penetration rate of China’s medical beauty market is far lower than that of mature medical beauty economies. The medical beauty industry will continue to develop rapidly for a long time in the future. In recent years, the demand for medical beauty has been continuously released, and standardization, branding and chaining have become the main theme of the medical beauty industry. Micro plastic medical beauty (non-surgical) with controllable risk cost and meeting extensive needs has become the growth highlight of the industry segmentation.
[recommended configuration]
We suggest to pay attention to: 1) in the field of traditional Chinese medicine, be cautious about Guiyang Xintian Pharmaceutical Co.Ltd(002873) ( Guiyang Xintian Pharmaceutical Co.Ltd(002873) . SZ), Henan Lingrui Pharmaceutical Co.Ltd(600285) ( Henan Lingrui Pharmaceutical Co.Ltd(600285) . SH), Jiangsu Kanion Pharmaceutical Co.Ltd(600557) ( Jiangsu Kanion Pharmaceutical Co.Ltd(600557) . SH), etc; 2) In the field of medical cosmetology, we are optimistic about Yisi health (02138. HK), cautious about Sihuan medicine (00460. HK), and suggest paying attention to Furui medical technology (01696. HK), Lancy Co.Ltd(002612) ( Lancy Co.Ltd(002612) . SZ), etc.
[risk tips]
Industry regulatory policy uncertainty;
The growth of main brand varieties slowed down;
Medical safety accidents;
R & D progress is not up to expectations;
