Pharmaceutical Industry Weekly Report (9th week of 2022): The pharmaceutical sector continues to rebound, focus on high-growth segments_Oriental Fortune Network

Follow CXO,traditional Chinese medicineand subdivided track reasonable valuation targets. All A shares fell 0.93% this week (weighted average of total market capitalization),CSI 300 fell 1.67%, the small and medium-sized board index rose 0.25%,GEM refers toUp 1.03%, the biomedical sector as a whole rose 1.71%, and the biomedical sector performed better than the overall market. Among the first-tier industries of Shenwan, biopharmaceuticals ranked 6th, down 4 places from last week, weaker than cyclical sectors such as Dianxin, military industry and non-ferrous metals. From the molecular perspective,Chemical and pharmaceuticalup 1.10%,Biological productup 0.99%,medical serviceup 4.11%,medical instrumentsup 0.68%,Pharmaceutical businessdown 0.62%,traditional Chinese medicinerose 2.02%. The price-earnings ratio (TTM, overall method, excluding negative values) of Pharmaceutical Biotechnology is 31.44x, which is in the 11% quantile of the historical valuation in the past five years.Below 30 times the PE plate hasBiological product(28.69x)、medical instruments(22.93x) andPharmaceutical business(16.55x).The pharmaceutical sector has continued to rebound in the past two weeks, and the increase is mainly due totraditional Chinese medicineIt is related to the high popularity of the new crown drug sector, as well as the part with sufficient early correction and obvious reboundmedical instrumentsand service sector. After a full correction in the second half of 2021 and January 2022, the biopharmaceutical sector has entered a reasonable allocation range.

Under the new normal of the epidemic, it is recommended to focus on related targets that combine high growth with technological innovation. It is recommended to pay attention to related targets:Hengrui Medicine、Mindray Medical、WuXi AppTec、WuXi Biologics、Jinxin Reproductive、GenScript Biotechnology、Pro Pharma、CorningJerry Pharmaceuticals, etc.

Risk warning: The progress of product development is less than expected; the price reduction of centralized procurement exceeds expectations

(Article Source:Guosen Securities）

Article source: Guosen Securities

Responsible editor: 6

Original title: Pharmaceutical Industry Weekly Report (9th week of 2022): The pharmaceutical sector continues to rebound, focusing on high-growth segments