Investment Rating - The report maintains a "Strong Outperform" rating for the industry, indicating an expectation that the overall industry performance will surpass the market in the next six months [15]. Core Insights - The report highlights the increasing support for the development of substitutes for rare and endangered traditional Chinese medicine (TCM) materials, which is expected to accelerate the research and market introduction of new products [1][2]. - The announcement from the National Medical Products Administration and the National Administration of Traditional Chinese Medicine emphasizes collaboration between industry, academia, and research institutions to enhance the development of substitutes for endangered TCM materials [1][2]. - The report identifies key characteristics of TCM companies that are likely to perform well, including those with capabilities in producing and researching substitutes for endangered materials, strong brand positioning, and a comprehensive supply chain [3]. Summary by Sections Industry Valuation - The current valuation of the TCM industry is at a relatively low level, with the median PE (TTM) at 30.21X and the current PE (TTM) at 27.57X, indicating potential for growth [6]. - The PE ratio of the TCM industry compared to the CSI 300 is currently at 2.12, which is below the median level of 2.58, suggesting that the industry is undervalued [6][9]. Market Trends - The TCM material price index has seen a week-on-week decrease of 1.05%, with the latest index at 2094.75 [9]. - The report notes that the development of artificial substitutes for endangered animal-derived TCM materials has made significant progress, which could lead to a broader range of products available in the market [2][3]. Company Focus - The report suggests focusing on companies such as Jianmin Group, Dong'e Ejiao, and Taiji Group, which possess the necessary capabilities and resources to thrive in the evolving TCM landscape [3].
中药Ⅱ行业动态点评：珍稀中药材替代品研制获支持，新品研发上市有望提速
Great Wall Securities·2024-10-30 05:10