Workflow
医药行业周报：医药反弹，看好后续行情
Southwest Securities·2024-09-02 05:44

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1]. Core Viewpoints - The pharmaceutical sector has rebounded, with a 2.02% increase in the pharmaceutical index, outperforming the CSI 300 index by 2.19 percentage points. However, the sector has seen a decline of 23.51% year-to-date, underperforming the CSI 300 by 20.31 percentage points [2][11]. - The current valuation level for the pharmaceutical industry (PE-TTM) stands at 23 times, with a premium of 78.70% relative to the entire A-share market [2][11]. - Key investment themes include low valuation stocks, overseas expansion, and domestic rigid demand in healthcare [2][11]. Summary by Sections 1. Investment Strategy and Key Stocks - The report highlights three main investment directions: 1. Dividend stocks including high-yield OTC stocks and state-owned enterprise reform-related sectors. 2. Medical device exports, particularly IVD, respiratory devices, and coronary stents. 3. Domestic healthcare needs post-medical corruption, focusing on blood products, orthopedics, and anesthetics [2][11]. - Recommended stocks include: - Betta Pharmaceuticals (300558) - Sino Medical (688108) - Shanghai RAAS (002252) - Rongchang Bio (688331) - Yihua Jiaye (301367) - Mayinglong (600993) - Darentang (600329) [2][12]. 2. Market Performance - The pharmaceutical sector's performance is ranked 16th among industries, with the best-performing sub-sector being offline pharmacies, which rose by 6.7% [2][11]. - Year-to-date, the top three sub-sectors with the smallest declines are blood products, chemical preparations, and raw materials, with declines of 8.4%, 13.4%, and 13.8% respectively [2][11]. 3. Recommended Combinations - A stable combination includes: - Heng Rui Medicine (600276) - New Industry (300832) - East China Pharmaceutical (000963) - Gan Li Pharmaceutical (603087) - En Hua Pharmaceutical (002262) - Ji Chuan Pharmaceutical (600566) - Kui Hua Pharmaceutical (002737) - Yi Fan Pharmaceutical (002019) [3][12]. - The Sci-Tech Innovation Board combination includes: - Shouyao Holdings-U (688197) - Zexing Pharmaceutical-U (688266) - Meihua Medical (301363) - Shengxiang Bio (688289) - Borui Pharmaceutical (688166) - Pumen Technology (688389) - Aohua Endoscopy (688212) [3][12]. - The Hong Kong stock combination includes: - Hutchison Whampoa (0013) - CanSino Biologics (9926) - Kelun-Botai Bio (6990) - Xiansheng Pharmaceutical (2096) - Ascentage Pharma-B (6855) - Zai Lab (9688) - Innovent Biologics (9969) - Aikang Medical (1789) [3][12].