Key investment points:
The pharmaceutical biological index fell more this week
Pharmaceutical Biology (Shenwan) fell 7.19% this week, weaker than the Shanghai Composite Index. This week, all sub industries experienced different degrees of correction. The biological products industry fell by 10.64%, with a relatively poor performance. The chemical pharmaceutical and medical services fell by 5.06% and 5.36% respectively.
Summary of this week: affected by the regional centralized purchase policy, the pharmaceutical sector made an overall correction this week
Affected by the regional centralized purchase policy of growth hormone and blood products this week, the correction of biological products ranked first; The enterprises of traditional Chinese medicine and covid-19 testing reagents that had increased more this week made more calls back, and the market presented the theme of rapid cash in mode. After covid-19 protection and testing mood fell, they had more expectations for covid-19 drugs. The pharmaceutical patent pool (MPP) recently announced that 27 pharmaceutical companies, including 5 Chinese pharmaceutical companies, are authorized to produce generic drugs of monupiravir, the covid-19 drug of MSD, to supply 105 low-income countries and regions around the world. The stock prices of enterprises that have obtained covid-19 drug imitation qualification have performed well, and covid-19 small molecule drugs are still the focus of attention.
Next week's Outlook: focus on covid-19 drug R & D and targets with performance exceeding expectations
Lancet commented that the toxicity of Omicron was weaker than the previous strain, and the proportion of infected asymptomatic patients increased, but the transmission of Omicron increased; Based on the increased penetration of covid-19 vaccine, the vaccination of the third vaccine in some countries, and a large number of immunization obtained by infection, this article is optimistic about the low-level virus transmission in the following period of time. Compared with foreign countries, China's small molecule covid-19 drugs are still blank. It is suggested to pay attention to covid-19 small molecule drug enterprises. In addition, various pharmaceutical enterprises have successively disclosed annual performance forecasts and annual reports, and it is suggested to pay attention to the segments with higher than expected and high growth, such as CXO, endoscopic instruments, etc.
Monthly gold shares in January
Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760): a multi category, multi market and multi-level comprehensive device leader, benefiting from the construction of public health system, will continue to maintain a relatively stable growth and adjust to the bottom range of multi-year valuation. Corresponding to the closing price on January 21, the valuation of 2022-2023 is 40x and 31x, maintaining the "buy" rating. Zhejiang Gongdong Medical Technology Co.Ltd(605369) (605369): large amount of customized medical device consumables has brought rapid growth of performance. Within two years of covid-19 epidemic, China's stable and high-quality supply chain delivery has enabled global multinational giants to start localizing some links of the supply chain, and Gongdong has the ability to provide some customized high-quality plastic consumables. Corresponding to the closing price on January 21, the valuation of 2022-2023 is 38x, 28x, maintaining the "buy" rating.
Risk tips
The process of centralized procurement and expansion exceeded expectations, the development of covid-19 drugs was less than expected, and the mutation of covid-19 virus exceeded expectations.
