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On November 9th, the pharmaceutical sector made a strong intraday rise.
As of the close of the market, Common Pharmaceutical, Tuoxin Pharmaceutical, and Chengyi Pharmaceutical had their daily limit.
Hanyu Pharmaceutical rose by more than 16%, and Duorui Pharmaceutical rose by more than 12%.
In addition, Kanglong Chemical has also followed up
.
However, in the near term, the pharmaceutical and biological sector has fallen 7% since the beginning of October
.
So, is there still a good opportunity for this sector to get on the car? Judging from the attitudes of many fund managers and industry researchers, they generally believe that the current valuation of the pharmaceutical sector is at a relatively reasonable level, and there are more structural opportunities in the sector that are worth grasping
.
Among them, the fund manager of Chuangjin Hexin said that from the perspective of valuation, the current rolling price-earnings ratio of the Shenwan Pharmaceutical Biological Index is about 34 times, which is at the level of about 24% in the past 10 years; and the pharmaceutical sector is relative to all A shares ( Excluding banks), the valuation premium rate is around 60%, which is at the 30%-40% quantile level in the past 10 years
.
Therefore, the current sector valuation is at a relatively reasonable level
.
From a structural point of view, segmented sectors with strong fundamentals, high performance growth rates, and good long-term logic have higher valuation levels, and valuations within the sector are clearly differentiated
.
The fund manager said that looking forward to next year, the growth advantage of the pharmaceutical sector will be reflected, and he is optimistic about the performance of the sector in the medium and long term
.
It is recommended to select subjects that benefit from demand expansion and low product price pressure, including pharmaceutical companies with high R&D investment and rich product reserves; domestically-made devices that have outstanding cost-effective advantages and even reach imported standards; and other high-prosperity and good competitive landscapes segments, such as growth hormone, blood products, pharmaceutical R & D outsourcing
.
The HSBC Jinxin Fund Manager also believes that after previous adjustments, the overall valuation of the pharmaceutical sector has reached a relatively suitable position, and it is recommended to seize the structural opportunities in the sector
.
It expressed optimism about two investment directions.
One is related listed companies that are immune to the centralized procurement policy, and the second is the target that has fallen sharply due to the impact of centralized procurement..
The CEIBS Fund continues to be optimistic about the innovative drug industry chain that has maintained a high level of prosperity for a long time.
In addition, it believes that with the improvement of domestic residents’ consumption power and the improvement of their knowledge structure and cognition level, the penetration rate of products and services will be paid by residents.
Capabilities are constantly improving, and giant companies in related industries also have long-term room for growth
.
It is worth mentioning that with the normalization of centralized procurement policies in the pharmaceutical industry, many investors are pessimistic about this
.
So, how does the industry understand the recent centralized procurement policy? Some analysts pointed out that early investors' interpretation of the centralized procurement policy was relatively pessimistic, but from the perspective of the implementation of the policy, the actual situation was better than expected
.
It believes that the purpose of centralized procurement is to reduce the cost of medical insurance, and it is also conducive to the healthy development of the industry, which forces pharmaceutical companies to innovate
.
From the reform of the review system that began in 2017 to the centralized procurement of generic drugs started in 2019, it can be seen that many local pharmaceutical companies have adopted policy adjustments to introduce new ones, and many new and excellent companies have emerged.
At the same time, most of the leading companies The company has also further accelerated its own domestic substitution process
.
In addition, the pharmaceutical market is an incremental market.
Under the overall growth, there is a structural change of birds, which does not affect the overall development of the market.
In addition, the pharmaceutical industry has many internal subdivisions, and there will be sufficient investment opportunities waiting to be tapped in the future.
.
As of the close of the market, Common Pharmaceutical, Tuoxin Pharmaceutical, and Chengyi Pharmaceutical had their daily limit.
Hanyu Pharmaceutical rose by more than 16%, and Duorui Pharmaceutical rose by more than 12%.
In addition, Kanglong Chemical has also followed up
.
However, in the near term, the pharmaceutical and biological sector has fallen 7% since the beginning of October
.
So, is there still a good opportunity for this sector to get on the car? Judging from the attitudes of many fund managers and industry researchers, they generally believe that the current valuation of the pharmaceutical sector is at a relatively reasonable level, and there are more structural opportunities in the sector that are worth grasping
.
Among them, the fund manager of Chuangjin Hexin said that from the perspective of valuation, the current rolling price-earnings ratio of the Shenwan Pharmaceutical Biological Index is about 34 times, which is at the level of about 24% in the past 10 years; and the pharmaceutical sector is relative to all A shares ( Excluding banks), the valuation premium rate is around 60%, which is at the 30%-40% quantile level in the past 10 years
.
Therefore, the current sector valuation is at a relatively reasonable level
.
From a structural point of view, segmented sectors with strong fundamentals, high performance growth rates, and good long-term logic have higher valuation levels, and valuations within the sector are clearly differentiated
.
The fund manager said that looking forward to next year, the growth advantage of the pharmaceutical sector will be reflected, and he is optimistic about the performance of the sector in the medium and long term
.
It is recommended to select subjects that benefit from demand expansion and low product price pressure, including pharmaceutical companies with high R&D investment and rich product reserves; domestically-made devices that have outstanding cost-effective advantages and even reach imported standards; and other high-prosperity and good competitive landscapes segments, such as growth hormone, blood products, pharmaceutical R & D outsourcing
.
The HSBC Jinxin Fund Manager also believes that after previous adjustments, the overall valuation of the pharmaceutical sector has reached a relatively suitable position, and it is recommended to seize the structural opportunities in the sector
.
It expressed optimism about two investment directions.
One is related listed companies that are immune to the centralized procurement policy, and the second is the target that has fallen sharply due to the impact of centralized procurement..
The CEIBS Fund continues to be optimistic about the innovative drug industry chain that has maintained a high level of prosperity for a long time.
In addition, it believes that with the improvement of domestic residents’ consumption power and the improvement of their knowledge structure and cognition level, the penetration rate of products and services will be paid by residents.
Capabilities are constantly improving, and giant companies in related industries also have long-term room for growth
.
It is worth mentioning that with the normalization of centralized procurement policies in the pharmaceutical industry, many investors are pessimistic about this
.
So, how does the industry understand the recent centralized procurement policy? Some analysts pointed out that early investors' interpretation of the centralized procurement policy was relatively pessimistic, but from the perspective of the implementation of the policy, the actual situation was better than expected
.
It believes that the purpose of centralized procurement is to reduce the cost of medical insurance, and it is also conducive to the healthy development of the industry, which forces pharmaceutical companies to innovate
.
From the reform of the review system that began in 2017 to the centralized procurement of generic drugs started in 2019, it can be seen that many local pharmaceutical companies have adopted policy adjustments to introduce new ones, and many new and excellent companies have emerged.
At the same time, most of the leading companies The company has also further accelerated its own domestic substitution process
.
In addition, the pharmaceutical market is an incremental market.
Under the overall growth, there is a structural change of birds, which does not affect the overall development of the market.
In addition, the pharmaceutical industry has many internal subdivisions, and there will be sufficient investment opportunities waiting to be tapped in the future.
.
