Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Guosen Securities Co.Ltd(002736) : focus on covid-19 prevention and control related targets
Global epidemic spread, pay attention to covid-19 prevention and control related industrial chain. According to the available serological and real-world data, the neutralization ability and protective efficacy of two doses of covid-19 vaccine against Omicron mutant strain decreased, and it can return to a higher level after enhanced immunization. Considering that the proportion of global booster needles is still low, the epidemic situation is likely to continue to deteriorate. It is suggested to continue to pay attention to covid-19 prevention and control related targets such as vaccines, therapeutic drugs and testing reagents: Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Cansino Biologics Inc(688185) bio-b, Zhejiang Orient Gene Biotech Co.Ltd(688298) , Wuxi Apptec Co.Ltd(603259) , drug prescribed organisms, etc.
In the uncertain macro environment outside China and the repeated stage of global covid-19 epidemic, we believe that the pharmaceutical and biological sector has high cost performance. We suggest to continue to pay attention to the high-quality targets matching the boom track valuation and growth rate: Jiangsu Hengrui Medicine Co.Ltd(600276) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Wuxi Apptec Co.Ltd(603259) , Yaoming biology, Kingsley biotechnology, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Apeloa Pharmaceutical Co.Ltd(000739) , Connaught, Corning Jerry pharmaceutical, etc. []
Sinolink Securities Co.Ltd(600109) : continue to be optimistic about the application prospect of oral small molecule covid-19 drugs ! five main epidemic lines exposure
The overall prevention and treatment of covid-19 epidemic needs three pronged approach, combined with covid-19 vaccine, neutralizing antibody and small molecule drugs, from the three directions of pre infection prevention, mild treatment and severe treatment. Based on the therapeutic mechanism, accessibility and economy of oral drugs, we continue to be optimistic about the application prospect of oral small molecule covid-19 drugs. At the same time, the short-term epidemic situation has been repeated, and the demand for epidemic situation detection has increased, especially the demand for overseas covid-19 detection. It is suggested to pay attention to five main epidemic lines (focusing on the first two): ① small molecule cdmo industrial chain and its upstream of fine chemicals; ② Epidemic detection, mainly covid-19 test kit suppliers (export); ③ Other upstream supply chains related to covid-19, including suppliers of antigens, antibodies, enzymes, plasmids, etc; ④ Epidemic related innovative drug R & D enterprises; ⑤ Other epidemic related, such as vaccine R & D enterprises and other anti epidemic equipment / consumables suppliers. []
Shanxi Securities Co.Ltd(002500) : it is recommended to pay attention to anti epidemic related beneficiary companies such as testing
The pharmaceutical sub sector showed obvious differentiation, the rapid spread of Omicron strain, the continuous spread of the global epidemic, the local outbreak of the epidemic in China, the collective rise of listed companies related to covid-19 testing, driving the sharp rise of in vitro diagnosis, medical equipment, blood products and medical R & D outsourcing, while vaccines, offline pharmacies and hospitals fell. In the case of repeated outbreaks, we suggest paying attention to anti epidemic related beneficiary companies such as detection. []
AVIC Securities: the pharmaceutical industry continues its point to area structural recovery
From the outbreak of the traditional Chinese medicine sector to the active covid-19 detection and treatment industry chain driven by the continuous outbreak of the global epidemic driven by the Omicron variant, the pharmaceutical industry continued its point to area structural recovery. With the start of the expectation of interest rate increase in the United States and other overseas countries and the arrival of a new round of stable growth cycle in China, the overall market maintains a volatile trend. The market focus may focus on sectors with undervalued repair and high demand confirmation logic. It is suggested to pay attention to undervalued and strong growth sectors in the pharmaceutical industry structurally, Growth and valuation will quickly and dynamically match to a reasonable range over a period of time to complete a round of market. At the time point when the valuation switching is gradually approaching, the advance layout needs to pay particular attention to the marginal improvement and the sustainability of growth.
In the long run, the pharmaceutical industry is currently at a historical low valuation. With the continuous promotion of the procurement of drugs and consumables, enterprises with relatively high safety margin, strong innovation ability, rich product pipelines and good competition pattern are expected to continue to benefit in the long cycle. It is suggested to focus on the industrial chain of innovative drugs, high-end medical devices, medical consumption terminals and biological products, At the same time, we should tap the second tier blue chips with relatively low valuation: 1) innovative drugs and innovative drug industry chain, including comprehensive and specialized innovative drug enterprises and CXO industry. It is suggested to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Wuxi Apptec Co.Ltd(603259) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) and Apeloa Pharmaceutical Co.Ltd(000739) ; 2) It is recommended to pay attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and Lepu Medical Technology (Beijing) Co.Ltd(300003) as the leader of high-end medical devices with outstanding import substitution ability; 3) For medical consumption terminals benefiting from increased market concentration, it is recommended to pay attention to Yixintang Pharmaceutical Group Co.Ltd(002727) , Yifeng Pharmacy Chain Co.Ltd(603939) and Dian Diagnostics Group Co.Ltd(300244) ; 4) Biological product enterprises with scarcity and consumption attributes include Changchun High And New Technology Industries (Group) Inc(000661) , Hualan Biological Engineering Inc(002007) , Cansino Biologics Inc(688185) – U and Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) . []
Zhongtai Securities Co.Ltd(600918) : domestic covid-19 oral drugs are in a very important strategic position for epidemic prevention and control in China
Since the outbreak of covid-19, seeking effective drug treatment has been a priority. Compared with macromolecular drugs (such as neutralizing antibody drugs), small molecular oral drugs have the advantages of direct antiviral effect, low production cost and medication cost, easy storage and transportation conditions, convenient administration and good patient compliance. Oral covid-19 drugs are expected to become a more convenient choice for the treatment of covid-19 pneumonia in the future. At present, there are two small molecule drugs approved by EUA in the world, namely, Mercure East muppeville and Pfizer paxlovid; China is not included in the generic drug licensing agreement signed with MPP (drug patent pool). Therefore, domestic covid-19 oral drugs are in a very important strategic position for epidemic prevention and control in China. []
Southwest Securities Co.Ltd(600369) : covid-19 vaccine, neutralizing antibody and small molecule oral medicine are effective anti epidemic combinations
Eight injectable covid-19 drug therapies and three oral covid-19 drugs are on the market worldwide.
At present, 11 covid-19 therapeutic drug therapies have been listed all over the world, and one drug has been submitted to NDA. Covid-19 drugs available in the U.S. market include four small molecule drugs and four neutralizing antibody therapies. Only one covid-19 neutralizing antibody therapy of tengshengbo medicine is listed in the Chinese market. In the first three quarters of 2021, the listed covid-19 therapeutic drugs generated a total sales of US $10.5 billion.
In terms of mutant strains, the effectiveness of basic immunization of existing vaccines for Omicron is low. The enhanced immunization of vaccines of various technical routes against Omicron is slightly weaker than delta strain, but it can still maintain a high level of neutralizing antibody. Covid-19 vaccine, neutralizing antibody and small molecule oral medicine are effective combinations for anti epidemic.
In terms of investment suggestions, covid-19 neutralizing antibody related targets: tengshengbo medicine, Shanghai Junshi Biosciences Co.Ltd(688180) , Baiji Shenzhou, Sinocelltech Group Limited(688520) , Maiwei biology, Fuhong Hanlin, Jimin credible and Boan biology. Covid-19 oral drug related targets: Shanghai Junshi Biosciences Co.Ltd(688180) , Xiansheng pharmaceutical, Geli pharmaceutical, mengke pharmaceutical, Kaifa pharmaceutical, Fujian Cosunter Pharmaceutical Co.Ltd(300436) . Other covid-19 drug related targets: Frontier Biotechnologies Inc(688221) , Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) . Covid-19 vaccine related targets: Cansino Biologics Inc(688185) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Walvax Biotechnology Co.Ltd(300142) . []
Guolian Securities Co.Ltd(601456) : Chinese covid-19 testing related companies play an important role in the anti epidemic process outside China
China’s covid-19 testing related companies play an important role in the anti epidemic process outside China. The upper, middle and lower reaches of the industrial chain are expected to obtain new orders from the new wave of epidemic. Andon Health Co.Ltd(002432) on January 14, the announcement of major contracts was issued, and the order of 8.1 billion yuan signed with American ACC attracted strong attention from the market.
Covid-19 detects huge orders for downstream products, relevant upstream and midstream industrial chains (such as antigen, antibody, NC membrane, packaging materials, etc.) will be deeply excavated by the market, and scientific research services and upstream raw materials are expected to run out of excess returns. The same type of enterprises applying for household self-test antigen overseas will also be paid special attention. The medical service industry continues to be under pressure. We believe that a few high-quality private chains forming C-Port Monument and brand still have strong toughness, can resist the risks of policies, events and operations, continue to maintain steady growth, and can pay active attention after adjustment. []
Everbright Securities Company Limited(601788) : look at the future development trend of in vitro diagnosis industry focus on three opportunities
Combined with the recent epidemic situation and the development trend of in vitro diagnosis industry in the future, we believe that we can focus on three opportunities: 1) in the short term, we should pay attention to the covid-19 antigen detection opportunities brought by the epidemic in Europe and America, and it is recommended to pay attention to Zhejiang Orient Gene Biotech Co.Ltd(688298) ; 2) In the medium term, it is recommended to pay attention to the opportunities for routine business growth brought by covid-19 epidemic. It is recommended to pay attention to Nanjing Vazyme Biotech Co.Ltd(688105) , and Bgi Genomics Co.Ltd(300676) , Shanghai Zj Bio-Tech Co.Ltd(688317) , Sansure Biotech Inc(688289) . 3) In the long run, pay attention to the opportunities for rapid recovery of relevant sub industries after the normalization of the epidemic. It is recommended to pay attention to Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Autobio Diagnostics Co.Ltd(603658) , and Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) . []
