Zhitong Financial APP learned that Tianfeng Securities issued an annual strategy report for the pharmaceutical industry in 2022, suggesting that it should focus on the selection of individual stocks with a "performance-to-price strategy", combined with the matching of valuation, performance trend and stock price catalysis.1Medical service.At present, the price adjustment of medical services around the country has entered the window period, and the rehabilitation medical support policy has been further implemented to promote the development of the industry.2 expected repair of policyA) the inflection point of volume procurement has appeared, and judging from the collection results of joint countries, regulatory authorities and bidding enterprises have become more rational; b) the landing of volume procurement of insulin in the country has just ended, and insulin enterprises such as Tonghua Dongbao and Ganli Pharmaceutical have better results, and domestic substitution is expected to accelerate. C) the negotiation of the national health insurance catalogue shows that innovative drugs are highly encouraged and supported by the policy, and the response of enterprises tends to be rational and mature.(3) improvement of business performanceAfter long-term operation and stock price adjustment, some companies have basically hit bottom, and the follow-up performance is expected to grow steadily.RecommendWuxi Apptec (603259.SH), Kailiying (002821.SZ), Samsung Medical (601567.SH), International Medicine (000516.SZ), Jinxin Reproductive (01951), General Strategy Medical (600763.SH), Mindray Medical (300760.SZ), Aibo Medical (688050.SH), South Micromedicine (688029.SH), INNOVENT BIO (01801), 002727.SZ)Suggest to pay attention toJianmin Group (600976.SH), Lingrui Pharmaceutical (600285.SH).
Looking back at 2021 and the third quarter of 2021, the pharmaceutical sector fluctuated downwards, and the epidemic in many places began in July to repeatedly affect the operation and sales of subdivisions such as medical services and medical devices in the third quarter, which was transmitted and reflected in the third quarterly report. the market capitalization of many leading companies has undergone varying degrees of adjustment. At the policy level, the results of 2021 medical insurance catalogue negotiation, IVD and joint collection, and the fifth batch of national drug collection are better than or in line with expectations, which is conducive to the increase of the share of leading enterprises and the acceleration of domestic substitution.
In addition, the current market reflects relatively optimistic expectations. Over the past three years, the pharmaceutical sector index has shown stronger growth than A-shares as a whole. In terms of the performance of individual stocks, the overall market capitalization of leading companies is increasing, with better investment opportunities; in the field of segmentation, the fine molecular industries such as medical services, chemical raw materials and medical devices have shown a rise that surpasses that of the industry, and the valuation of the pharmaceutical sector with high prosperity has expanded. It is expected that in 2022, the main strategy will move from track (boom) to decentralization, from absolute leader to subdivision leader, and from long-term spatial measurement to catalytic drive.
Risk hint: the performance of individual companies is lower than expected, the risk of market shocks, and the progress of COVID-19 's epidemic situation is uncertain.