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【Pharmaceutical Network Pharmaceutical Stock Market】News on October 26, the pharmaceutical sector strengthened, CRO, innovative drugs, devices and other subdivisions have strengthened, among which PharmaBlock Technology rose 11.
17%, Kazakhstan Sanlian rose 10.
04%, and Special One Pharmaceutical, Medici, Kanglong Chemical and so on have followed
.
On the previous day (October 25), the pharmaceutical sector fell sharply, 6 consecutive boards of Watson Pharmaceutical fell to a halt, Shuangcheng Pharmaceutical, Sailon Pharmaceutical, Dezhan Health, etc.
also fell to a halt, as well as Puli Pharmaceutical, Haite Biologics
, Nanxin Pharmaceutical, Xintian Pharmaceutical, etc.
followed.
The recent trend of pharmaceutical stocks is like a "roller coaster", ushering in a sharp rise and fall
.
So, what is the reason for this? What will happen to the pharmaceutical sector in the future? The analysis believes that the recent rise in pharmaceutical stocks is mainly affected
by favorable policies, third-quarter performance boost and other factors.
In recent days, policies such as suspending the centralized procurement of medical devices and "new medical infrastructure" have been continuously released, which to a certain extent will help the performance of relevant pharmaceutical companies to revise and help restore investor confidence
.
In addition, the large-scale improvement in the performance expectations of pharmaceutical companies in the third quarter of 2022 has also caused many institutional investors to begin to re-evaluate the value of pharmaceutical stocks, and active research or buying phenomena are frequent
.
From a market perspective, the market environment has changed since 2020, and the innovative drug market has cooled after the release of the new policy to combat "pseudo-innovation", and the valuation of the entire pharmaceutical sector has entered a period of
adjustment.
According to Wind statistics, from 2022 to the end of September alone, only 60 of the 468 A-share pharmaceutical stocks have risen, and the decline has exceeded the Shanghai Composite Index (-16.
43%) as many as 314.
Among them, 36 companies fell by more than 50% and 4
companies fell by more than 60%.
However, many brokerage institutions generally believe that the valuation of the pharmaceutical sector used to be high, and the adjustment is a normal phenomenon, and the current valuation of pharmaceutical stocks has entered the bottom area, only about 25 times (excluding negative values), which is close to the historical low valuation of 23 times since 2010, and has fallen by 70%
compared with the 89 times valuation in August 2020.
At present, the upward revision potential of pharmaceutical stocks is huge
.
In the long run, the investment logic of the pharmaceutical sector has not changed
.
Zhongtai Research said that medicine is a high-quality track with long slopes and thick snow, catalyzed by the improvement of policy expectations, the strengthening of independent and controllable logic, and the continuous increase in demand for diagnosis and treatment, the current round of rebound is expected to continue to deduce, and the valuation of the sector is still at a historically low level of high cost performance, it is recommended to grasp the current configuration window
。 Everbright Securities pointed out that the marginal improvement of the policy is significant, the market sentiment is expected to continue to repair, and it continues to be optimistic about the investment opportunities in the pharmaceutical sector in the fourth quarter, focusing on three major directions: areas involving domestic independent controllability and import substitution logic, such as high-end equipment and equipment, upstream of life science/pharmaceutical industry, etc.
; Policy-supported TCM sector; Innovative devices
that differentiate/truly meet clinical needs.
Some fund managers said that from the fourth quarter of this year to next year, we can still maintain an optimistic attitude towards the pharmaceutical industry, and the current industry valuation has reached a relatively low position, with the gradual release of industry performance in the second half of the year, the pharmaceutical sector may usher in a period
of repair 。 Looking forward to the future market, it is mainly optimistic about several directions: First, in the field of medical devices, with the continuous tackling of domestic technology and the expansion of market demand, the overall industry demand and capital of independent controllable and new medical infrastructure will improve; Second, thanks to the support of the policy side, the cost-effectiveness of the two sectors of traditional Chinese medicine and innovative drugs has gradually become prominent; Third, although the current overall willingness to consume medical care is not significant, consumer medical care is a relatively rigid direction in the entire consumer field, and follow-up investment opportunities need to consider the overall consumption policy factors
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice
to anyone.