Market review and Industry Valuation
Pharmaceutical biology fell 7.19%, 8.30 percentage points lower than the CSI 300 index and ranked 31st among the 31 Shenwan sub banks. The pharmaceutical sub sector fell across the board, with other biological products falling the most, down 16.28%. As of January 21, 2022, the PE (TTM) of shenwanyi pharmaceutical industry is 31.98 times, and the latest premium rate relative to Shanghai and Shenzhen 300 is 135%. The valuation of traditional Chinese medicine hospitals in the sub sector is the highest, 76.87 times, and the valuation of medical consumables is the lowest, 12.88 times.
Industry highlights
The seventh batch of national mining start-up Report
Guangdong Jicai incorporated growth hormone
Five Chinese pharmaceutical companies were approved to imitate MSD covid-19 oral medicine
“The most expensive medicine in history” will enter China
Progress of New Coronavirus pneumonia
As of January 23, 2022, there are 105660 confirmed cases in China (excluding Hong Kong, Macao and Taiwan), 2754 confirmed cases, 4636 dead cases, 98270 cured and discharged cases, and 12389 confirmed cases imported from abroad. In terms of covid-19 vaccination, as of January 22, 2022, China had received 2.964 billion doses of covid-19 virus vaccine.
As of January 22, 2022, 349 million cases had been confirmed in the world. The country with the largest number of cases was the United States, with a total of 71.93 million, followed by India and Brazil, with 39.24 million and 24.04 million confirmed respectively. In terms of covid-19 vaccination, as of January 21, 2022, 98.47 doses of covid-19 vaccine had been vaccinated worldwide, and the vaccination proportion (number of complete vaccinations / total population) was 51.88%.
Core view
The pharmaceutical sector was significantly adjusted, and each sub sector fluctuated significantly. The overall valuation of the industry is in a reasonable range, and the industrial development trend is good. It is suggested to grasp the callback opportunity. In the long run, the normalization of volume procurement continues to accelerate industry differentiation, forcing enterprises to transform to innovation; The medical insurance catalogue was dynamically adjusted to continuously accelerate the volume of innovative drugs. Driven by policies, talents and capital, China’s innovative drugs have entered the harvest period of achievements and opened the road of internationalization. It is suggested to pay attention to innovation and related segments of the industrial chain: (1) at present, the R & D homogenization of innovative drugs in China is relatively serious, the targets and indications are relatively concentrated, and the industry has gradually changed from me too / me worth to me better, more innovative The advantages of domestic innovation leading enterprises with strong R & D strength, rich pipelines, reasonable gradient and outstanding product differentiation advantages will be further highlighted. It is suggested to pay attention to Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) ; (2) With the progress of science and technology, new medical discoveries, new technologies and new fields are emerging, and biological emerging markets such as cell and gene therapy are developing rapidly. It is suggested to pay attention to industrial development trends, high-quality enterprises and upstream industrial chains, such as life science services;
(3) the research and development of innovative drugs in the world and China is booming, and China’s CXO industry is developing rapidly. It is expected that with the promotion of policies and the continuous improvement of technical level, the industry concentration is expected to further improve. It is suggested to pay attention to industry leaders and sub leaders, such as Wuxi Apptec Co.Ltd(603259) , Porton Pharma Solutions Ltd(300363) . In addition, performance forecasts have been released one after another, and it is recommended to pay attention to high-quality listed companies with sustained high-speed growth or marginal improvement of performance.
Risk tips
Industry policy risk, drug safety risk, R & D risk and market competition risk.
