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中信建投:创新药企目前依旧为高价值投资赛道 看好处方药、医疗器械等细分领域

CITIC Construction Investment: Innovative pharmaceutical companies are still optimistic about segments such as prescription drugs and medical devices on the high-value investment track

Zhitong Finance ·  Sep 21, 2023 20:05

The Zhitong Finance App learned that CITIC Construction Investment released a research report stating,uponThe week focused on reviewing the mid-term operations of pharmaceutical companies and innovative pharmaceutical companies. In the context of hospital recovery,Both H-share and A-share pharmaceutical companies have experienced a recovery in performance, while innovative pharmaceutical companies have maintained a state of rapid revenue growth. At present, pharmaceutical companies are still in the transition stage of gradually shifting from generic pharmaceuticals and other businesses to innovative drug businesses. Overall, revenue is growing steadily, and various cost rates are under stable control. Innovative pharmaceutical companies have gradually moved from a pipeline expansion strategy to an efficient development strategy with the goal of improving profits. The average cost rate of each pharmaceutical company is showing a downward trend with product revenue growth and strategy changes, and some pharmaceutical companies have already achieved profits.Overall, the industry is still a high-value investment racetrack due to its high barrier properties and immediate needs.

CITIC Construction Investment's main views are as follows:

What are you optimistic about in the second half of the year:

Prescription drugs: technology-driven, innovation and upgrading; policy bottoming out, traditional transformation.Technological innovation is driving changes in drug forms. Many ASCO companies have released the latest developments, and many domestically produced data on dual antibodies, ADC, immunotherapy, and cell therapy are worth paying attention to. Judging from the treatment field, the non-oncology sector is in full bloom, and weight loss has become an important growth pole. Policy signals have bottomed out, and the risk of collection has gradually been released. Innovative and transformed generic drug companies are moving into a positive valuation cycle.

Medical devices: Select structural opportunities around hospital recovery, policy clarification, and landscape changes.Medical equipment: New medical infrastructure remains booming, and we are optimistic about investment opportunities in endoscopy, rehabilitation, and online equipment. High-value consumables: Collecting promotes strategic adjustments of listed companies, and focuses on performance inflection points of the variety collected and implemented. IVD: Focus on the recovery of routine diagnosis and treatment and implementation of policies. Low-value consumables: Domestic beneficiary treatment volume recovery and product upgrades, and continuous acquisition of orders from major overseas beneficiaries.

Medical services: Optimistic about segments such as ophthalmology and serious medical care.Terminal demand will continue to recover in 2023, and ophthalmology services are highly flexible.

The traditional Chinese medicine industry chain: it is only small that it is showing sharp points.On the supply side: Special regulations on the registration and management of traditional Chinese medicines have been introduced to promote the long-term high-quality development of the industry; the collection of proprietary Chinese medicines is progressing steadily, and the overall progress is in line with expectations; adjustments to the basic drug catalogue are imminent, and traditional Chinese medicine varieties are expected to benefit; payment side: Policies continue to increase, and health insurance strongly supports the inheritance, innovation and development of traditional Chinese medicine.

Segment industry performance review and progress update: Medical device sector:On June 29, 2023, the National Health Commission issued the “14th Five-Year Plan” large-scale medical equipment allocation plan. The “Plan” clarifies the planned number of large-scale medical equipment allocations and entry standards during the “14th Five-Year Plan” period.Medical service sector:Valuations have been adjusted, and the fundamentals of related companies are normal.Traditional Chinese medicine sector:The market is beginning to pay attention to the impact of the repeated epidemic and the performance of related companies in the second quarter.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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