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The highly anticipated three quarterly reports have come to an end recently
.
In the summary of the three quarterly reports of the pharmaceutical industry, China Securities Investment stated that in the first three quarters of 2021, the average revenue, net profit attributable to the parent company, and net profit attributable to the parent company increased by 15.
73%, 26.
71%, and 27.
82% year-on-year respectively
.
The agency pointed out that the performance of listed pharmaceutical companies in the first three quarters was relatively distinct, and the upstream of the biopharmaceutical industry chain, CXO, biopharmaceuticals and other sub-sectors performed outstandingly
.
Looking forward to the fourth quarter, the industry believes that the performance of the pharmaceutical high-prosperity sector is expected to grow rapidly, including CXO, medical devices, vaccines, medical services and APIs
.
In terms of the CXO sector, as the outsourcing rate of the global innovative medical equipment outsourcing industry is increasing and the demand is gradually shifting to the domestic market, domestic CXO companies have obtained opportunities and achieved rapid growth in their performance in the first three quarters
.
In the short-term, considering that CXO companies have ample orders on hand, there is a strong certainty of high growth in the annual performance of 2021; in the medium and long-term, the capital market continues to overweight this field, and factors such as the influx of talents and the development of new treatment technologies are superimposed on the industry.
With the continued trend of prosperity, the effect of the head enterprise is expected to be further manifested in the future under the background of increasing industry concentration
.
Medical equipment has also achieved good development in the context of new medical infrastructure, and the overall performance of the three quarterly reports is relatively bright
.
In the medium and long term, medical devices will benefit from follow-up order fulfillment + accelerated domestic substitution, and the industry will have a trend of high growth
.
Although under the influence of the centralized procurement policy, the performance of related listed companies in the short-term will be disturbed in stages, but the industry believes that the follow-up IVD centralized procurement is good for the performance of domestic equipment companies
.
When entering the policy implementation cycle in 2022, the performance of relevant IVD targets may improve
.
Under the new policy of centralized procurement and DRGS, public hospitals and private medical care, department interiors, and departments will usher in a rebalancing.
Hospitals also have the motivation to actively promote the substitution of domestic products that meet technical standards
.
The vaccine industry has high competition thresholds and strict product approvals.
With the aging of the population and the increase of people’s health awareness, the future performance of this sector is highly certain, and related companies will achieve high performance growth.
.
In addition, the influenza season is coming soon, and influenza vaccination cannot be ignored
.
In the first three quarters of 2021, the medical service industry has recovered its gross profit margin compared with last year, with a strong growth momentum
.
With the increasing aging of society and the continuing trend of medical demand, the industry has grown steadily.
In addition, the demand for assisted reproduction will also continue to grow, driving the continuous development of related industries
.
Coupled with the influence of policies such as mass procurement, the hospital's income structure has undergone significant changes, forcing the transformation of the medical service industry and highlighting the value of medical services
.
The industry expects that the sector's prosperity will remain the same, and the performance is also expected to improve
.
The API industry has the dual growth potential of upgrading itself and undertaking the transfer of the global industrial chain.
2020 is a new round of intensive production capacity construction in the API industry.
This year is expected to begin to focus on contributing profits.
The industry is optimistic that the API industry will welcome David in 2021.
Double-click
.
In addition, the specialty API sector has experienced more than half a year of "transformation investment" and "short-term disturbance" performance fluctuations.
The second half of the year is expected to gradually usher in a growth inflection point with double-click opportunities.
The industry continues to be optimistic about the continuation of the pharmaceutical sector's structural market
.
.
In the summary of the three quarterly reports of the pharmaceutical industry, China Securities Investment stated that in the first three quarters of 2021, the average revenue, net profit attributable to the parent company, and net profit attributable to the parent company increased by 15.
73%, 26.
71%, and 27.
82% year-on-year respectively
.
The agency pointed out that the performance of listed pharmaceutical companies in the first three quarters was relatively distinct, and the upstream of the biopharmaceutical industry chain, CXO, biopharmaceuticals and other sub-sectors performed outstandingly
.
Looking forward to the fourth quarter, the industry believes that the performance of the pharmaceutical high-prosperity sector is expected to grow rapidly, including CXO, medical devices, vaccines, medical services and APIs
.
In terms of the CXO sector, as the outsourcing rate of the global innovative medical equipment outsourcing industry is increasing and the demand is gradually shifting to the domestic market, domestic CXO companies have obtained opportunities and achieved rapid growth in their performance in the first three quarters
.
In the short-term, considering that CXO companies have ample orders on hand, there is a strong certainty of high growth in the annual performance of 2021; in the medium and long-term, the capital market continues to overweight this field, and factors such as the influx of talents and the development of new treatment technologies are superimposed on the industry.
With the continued trend of prosperity, the effect of the head enterprise is expected to be further manifested in the future under the background of increasing industry concentration
.
Medical equipment has also achieved good development in the context of new medical infrastructure, and the overall performance of the three quarterly reports is relatively bright
.
In the medium and long term, medical devices will benefit from follow-up order fulfillment + accelerated domestic substitution, and the industry will have a trend of high growth
.
Although under the influence of the centralized procurement policy, the performance of related listed companies in the short-term will be disturbed in stages, but the industry believes that the follow-up IVD centralized procurement is good for the performance of domestic equipment companies
.
When entering the policy implementation cycle in 2022, the performance of relevant IVD targets may improve
.
Under the new policy of centralized procurement and DRGS, public hospitals and private medical care, department interiors, and departments will usher in a rebalancing.
Hospitals also have the motivation to actively promote the substitution of domestic products that meet technical standards
.
The vaccine industry has high competition thresholds and strict product approvals.
With the aging of the population and the increase of people’s health awareness, the future performance of this sector is highly certain, and related companies will achieve high performance growth.
.
In addition, the influenza season is coming soon, and influenza vaccination cannot be ignored
.
In the first three quarters of 2021, the medical service industry has recovered its gross profit margin compared with last year, with a strong growth momentum
.
With the increasing aging of society and the continuing trend of medical demand, the industry has grown steadily.
In addition, the demand for assisted reproduction will also continue to grow, driving the continuous development of related industries
.
Coupled with the influence of policies such as mass procurement, the hospital's income structure has undergone significant changes, forcing the transformation of the medical service industry and highlighting the value of medical services
.
The industry expects that the sector's prosperity will remain the same, and the performance is also expected to improve
.
The API industry has the dual growth potential of upgrading itself and undertaking the transfer of the global industrial chain.
2020 is a new round of intensive production capacity construction in the API industry.
This year is expected to begin to focus on contributing profits.
The industry is optimistic that the API industry will welcome David in 2021.
Double-click
.
In addition, the specialty API sector has experienced more than half a year of "transformation investment" and "short-term disturbance" performance fluctuations.
The second half of the year is expected to gradually usher in a growth inflection point with double-click opportunities.
The industry continues to be optimistic about the continuation of the pharmaceutical sector's structural market
.
