Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, with a focus on undervalued stocks, overseas expansion, and essential hospital needs as key investment themes [2][8]. Core Insights - The pharmaceutical index rose by 11.15% this week, outperforming the CSI 300 index by 3.57 percentage points, ranking 8th in industry performance. Year-to-date, the pharmaceutical sector has declined by 7.18%, lagging behind the CSI 300 by 22.19 percentage points, ranking 29th [2][22]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 28 times, with a premium of 83.57% over the entire A-share market, a 35.73% premium over the A-share market excluding banks, and a 122.82% premium over the CSI 300 [2][23]. - The best-performing sub-sectors this week include hospitals, vaccines, and medical consumables, which rose by 15.6%, 15.0%, and 14.1%, respectively. Year-to-date, the top three performing sub-sectors are APIs, chemical preparations, and pharmaceutical distribution, with increases of 3.0%, 1.6%, and 1.2% [2][29]. Summary by Sections Investment Strategy and Key Stocks - The report emphasizes three main investment directions: high-dividend OTC stocks, medical device exports including IVD and respiratory products, and essential medical needs post-medical corruption [2][8]. - Recommended stocks include: - Buy: Betta Pharmaceuticals (300558), Sino Medical (688108), Shanghai Laishi (002252), Rongchang Bio (688331), Yihe Jiaye (301367), Mayinglong (600993), and Meihua Medical (301363) [9][12]. - Hold: Hengrui Medicine (600276), New Industry (300832), East China Pharmaceutical (000963), and Ganli Pharmaceutical (603087) [9][12]. Market Performance - The report notes that the recommended stock portfolio increased by 11.7% last week, outperforming the market by 3.2 percentage points and the pharmaceutical index by 0.5 percentage points [12][21]. - The stable stock portfolio rose by 8.9%, outperforming the market by 0.4 percentage points but underperforming the pharmaceutical index by 2.3 percentage points [15][21]. - The Sci-Tech Innovation Board portfolio increased by 14.8%, underperforming the market by 6.4 percentage points but outperforming the pharmaceutical index by 3.7 percentage points [18][21]. - The Hong Kong stock portfolio rose by 6.0%, underperforming the market by 3.6 percentage points and the pharmaceutical index by 1.0 percentage point [21].
医药行业周报：持续看多医药行情
Southwest Securities·2024-10-08 01:38