Industry: The pharmaceutical sector has low valuations and there are always opportunities in 2023

【Pharmaceutical Network Market Analysis】Looking back at 2022, affected by the policy wind, the pharmaceutical sector as a whole showed a trend of low and then high, shock repair, and in the fourth quarter, with the recovery of the internal and external environment, the pharmaceutical sector ushered in a rebound
.
Looking forward to the new year, many institutions are still full of confidence in the pharmaceutical sector, and some private placements even indicate that the pharmaceutical sector with low valuation will always have opportunities
in 2023.
It is reported that at present, the valuation level of the pharmaceutical sector is still at a historical low level in 5 years
.
For the opportunities in the pharmaceutical sector in 2023, the above-mentioned private placement said that it is optimistic about the investment opportunities of medical devices in the short term, and medical services also have the possibility
of recovering the market.
The medical device sector has been attracting much attention in the industry in recent years, and in 2022, there are a total of 5 pharmaceutical device companies listed on the Science and Technology Innovation Board, including United Imaging Medical, a leading enterprise of medical imaging equipment, Huada Intelligent Manufacturing of gene sequencing equipment, micro-electrophysiology of the head enterprise of electrophysiological equipment, and Shanwaishan, a head enterprise of hemodialysis machines, etc.
, the market value of these companies is also relatively eye-catching, of which United Imaging Medical has a market value of 100 billion and BGI Intelligent Manufacturing has a market value of 40 billion
.
In the first three quarters of 2022, the performance of medical device companies was also remarkable, and more than ninety percent of enterprises achieved double growth
in revenue and net profit.
Among them, there are 4 companies with revenue of more than 10 billion yuan in the first three quarters of 2022, namely Jiuan Medical, Mindray Medical, Dean Diagnostics, and Jinyu Medical
.
In addition, including Dean Diagnostics, Jinyu Medical, Oriental Biotechnology, Lanwei Medicine, Kaipu Biotechnology, etc.
, have achieved good results
due to the increased demand for nucleic acid testing.
Although the mononucleic acid business is no longer sustainable, some companies have already explored non-nucleic acid detection business, including the layout of solid tumors, neurological and clinical immunology, infectious diseases and blood diseases and other key disease diagnosis areas
.
At this stage, China's medical device industry as a whole still relies on imports, the main share of medical devices is still occupied by European and American enterprises, and the penetration rate of domestic equipment is low, which means that there is a huge space
for domestic medical devices.
In order to accelerate the pace of domestic substitution, the national level has begun to comprehensively promote the development of new medical infrastructure in 2022, including the introduction of subsidized interest loan policies, which is expected to rapidly increase the localization penetration rate
of the domestic medical device industry 。 Overall, with the aging of the population, the continuous upgrading of consumption, the acceleration of domestic substitution, the development of the domestic medical device industry will accelerate, coupled with the stimulation of policy resonance, the domestic medical device industry market prospects, it is expected that the total scale of China's medical device market will exceed 160 million yuan in 2025, and the enterprises with core product competitiveness in domestic enterprises are expected to obtain huge development space
.
In addition to medical devices, demand for medical services is also expected to recover after the pandemic, and the industry expects that the equipment and tests required for hospital emergency, respiratory, infection and other related departments will increase
.
In January, it is recommended to pay attention to: Mindray Medical, a leading domestic medical device company: ICU bed construction and new infrastructure-related orders were delivered more in the first quarter to the first half of the year, which is flexible to the company's performance and has the possibility of exceeding expectations; The construction of overseas channels and after-sales service system lays a good foundation
for long-term overseas development.
In addition, related companies in the context of the growth of testing volume in 2023Q1, the growth of demand for blood products, especially for static propylene, and the recovery of consumer medical treatment are also worth paying attention to
.
Disclaimer: Under no circumstances does the information or opinions expressed herein constitute investment advice
to anyone.