Valuation + boom support | Pharmaceutical stocks return to strength

According to an institutional study conducted by the Pharmaceutical Network on June 21, the valuation premium rate of the industry as a whole has returned to the mid-to-low level in the past five years after the shock adjustment of the pharmaceutical sector. In June, the listed companies entered a vacuum period, and the short-term fluctuations did not change the pharmaceutical industry. Fundamental growth in the performance of the performance of the fundamentals. Yesterday the two cities to recover, the pharmaceutical sector rose 2.44% on a single day, with the food and beverage, defense military workers picked up the stock index up banner.

Last week, the market experienced a short-term style switch. The cyclical sectors such as coal and steel, which had experienced more declines in the previous period, performed more strongly, while the large consumer segments and TMT sectors that performed well in the previous period fell significantly. Affected by the short-term style of the market, pharmaceuticals The plate has also undergone a certain degree of adjustment.

Ping Ye Securities analyst Ye Xin believes that the recent callback has both systemic risk factors, and also has a large increase in the industry's early cumulative increase in the game factor. optimistic about the pharmaceutical industry in 2018 structural bull market, recommended by the market style error of the low valuation of fine Sub-field leader.

Recently, the National Development and Reform Commission jointly with the Ministry of Industry and Information Technology, the National Health and Nutrition Commission, and the Food and Drug Administration issued the “Notice on organizing the implementation of a special project for the development of bio-pharmaceutical contract research and development and production service platforms.” The newly established bio-pharmaceutical contract research and development and production service platform construction project will be Biomedicine CRO (contract research and development organization) and CMO (contract production organization) that meet the requirements for state subsidies.

In addition, following the announcement of the "National Catalogue of Licenses for the Management of Large-scale Medical Equipment (2018)" issued by the National Health and Nutrition Commission in April, the "Administrative Measures for the Deployment and Use of Large Medical Devices (Trial)" has recently been published. Configure, use, supervise and other aspects of detailed management approach.

For the above-mentioned special subsidies, Industrial Securities pointed out that its announcement coincided with an important period of accelerated development of the biopharmaceutical market. To enhance China's biopharmaceutical R&D and production service capabilities, policy makers strategically placed emphasis on the development of R&D and production outsourcing services, fully reflecting their Support and affirmation of R&D and production outsourcing mode in biomedicine.

At the same time, the liberalization of the configuration certificate reflects the country's support for the high-end medical device industry, especially for the development of domestic equipment. PET-CT developer leader Dong Cheng Pharmaceutical and gamma knife leader Xing Pu Medical are expected to fully benefit Market expansion brought about by the liberalization of industry policies.

Looking at the disk, yesterday's Dali Pharmaceutical, Tiger Pharmaceuticals, Taihe health , Shao Yan new drugs have daily limit, rose more than 2% of the pharmaceutical constituent stocks more than 140.

Under the background of increasing policy support, a large number of innovative drugs were successively approved for listing. Agency personnel generally gave higher expectations for the acceleration of the pharmaceutical industry.

According to Shanghai Securities analyst Jin Xin, in the medium and long term, the pharmaceutical industry is at the initial stage of industrial reform. The industry environment facing innovation drugs continues to improve. Pharmaceutical companies with deep R&D reserves will continue to enjoy policy dividends, and new drug listings will accelerate. Promote the rapid improvement of company performance.

Zhejiang Securities analysts believe that under the background of the continuous advancement of medical reform, innovative drugs must be 'new', 'improved drugs' should be 'excellent', and generic drugs should be 'same'. Innovative drugs and consistency assessment as key areas of advancement are still future investments. Mainline. Especially in the follow-up of follow-up policies, high-quality innovative pharmaceutical companies, and companies with heavy imitation products, which are expected to expand their share through consistency assessment, are in urgent need of revaluation.

Southwest Securities analyst Zhu Guoguang further pointed out that the medical bull market is likely to run through the next five years. The reasons are mainly the following two: An innovative drug drug Supply accelerated and supply side reform of high-end generic drugs. The priority review in February 2016 drastically shortened the approval time for innovative drugs. Conformance assessment policies facilitated supply-side reform and import substitution. Second, changes in the structure of medical insurance expenditures supported the outbreak of innovative drugs. Drug supply, two major changes in demand support the next five years medicine Structured bull market.

In the short-term layout direction, Tianfeng Securities proposes to focus on two main lines: First, the gradual allocation opportunities of high-quality leading stocks in the callback, such companies in line with the industrial trend are still strong in the long run, and they are in the callback. Even if it does not immediately rise, it will be one of the few opportunities to get on the bus in the long run. Second, it is expected to be good for import substitution logic. medical instruments enterprise.