医药行业：第十批集采：降价幅度较大但上市药企影响有限，腾笼换鸟方向不改

Industry Investment Rating - The report rates the pharmaceutical industry as "Leading," indicating that the industry is expected to perform attractively compared to the benchmark index over the next 12 months [1]. Core Insights - The results of the tenth batch of centralized procurement were released, with significant price reductions but limited impact on listed pharmaceutical companies. The procurement will be implemented starting April 2025, involving 439 companies and 778 products, with an average of 12.5 companies per product, the highest in history [1][2]. - The average price reduction for the selected products is substantial, with some products experiencing reductions of up to 97% compared to previous prices. However, the overall revenue impact on major listed companies is expected to be limited, particularly for companies like Shiyao and Keren, with the exception of Shiyao's Doxorubicin Liposome Injection, which may see a revenue decline of approximately 1 to 1.5 billion RMB [2]. - The report emphasizes the ongoing trend of "tenglong huan niao" (腾笼换鸟), which refers to the government's strategy of reallocating funds saved from generic drug procurement to support innovative drugs, thereby benefiting the overall healthcare system [2]. Summary by Sections Section: Procurement Results - The tenth batch of centralized procurement includes 62 successful products, with an average of over 6 companies winning bids per product, promoting a more stable and diverse supply of selected products [1][2]. - The procurement process has successfully saved patients approximately 182 billion RMB annually since 2018, with a cumulative payment of over 350 billion RMB for negotiated drugs benefiting 830 million patients [2]. Section: Company Valuation Overview - The report provides a detailed valuation overview of various pharmaceutical companies, with several companies rated as "Buy," including AstraZeneca (target price 93.30 RMB), BeiGene (target price 159.00 RMB), and others, indicating strong potential upside [3][13]. - Companies like Heng Rui and Shi Yao are rated as "Neutral," reflecting a more cautious outlook on their future performance compared to their peers [3][13]. Section: Market Trends - The report includes a year-on-year trend analysis of the pharmaceutical industry compared to the Hang Seng Index, indicating the industry's performance trajectory [4]. - The report highlights the competitive landscape of the pharmaceutical sector, with a focus on the implications of the latest procurement results on market dynamics and company strategies [2][9].