Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the successful convening of the National Medical Security Work Conference, which aims to explore multi-payment mechanisms for innovative drugs and gradually expand the list of Class B drugs to include other eligible commercial health insurance [4][41] - The results of the tenth batch of national drug procurement were announced, with 62 drugs successfully procured amid intense competition, leading to instances of low bidding [4][55] - The report suggests continuous attention to the innovative drug and device sector, particularly focusing on companies with original innovation capabilities and those with an international perspective [9][110] Industry Review - The pharmaceutical and biotechnology industry index increased by 0.67%, ranking 28th among 31 primary industries, outperforming the CSI 300 index, which rose by 0.42% [4][26] - Sub-industries such as offline pharmacies and medical research outsourcing saw significant gains of 3.75% and 3.36%, respectively, while other biological products and chemical preparations experienced declines of 3.30% and 2.46% [4][26] Valuation - As of December 13, 2024, the pharmaceutical and biotechnology industry's PE (TTM overall method, excluding negative values) was 27.86x, slightly up from 27.83x in the previous period, and remains below the average [5][33] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are diagnostic services (93.83x), hospitals (42.92x), and medical consumables (35.23x), with the median at 29.67x, while pharmaceutical distribution has the lowest valuation at 17.38x [5][33] Important Industry News - The National Medical Security Bureau and the National Health Commission issued a notice to improve the centralized procurement and execution mechanisms for medicines and medical consumables, aiming to enhance the benefits for more patients [50][51] - The Shanghai Municipal Government has established a 10 billion yuan biopharmaceutical industry merger and acquisition fund as part of its action plan for 2025-2027 [4][59] Company Dynamics - Heng Rui Pharmaceutical plans to issue H shares and list on the Hong Kong Stock Exchange to support its international business development [4][79] - The report notes significant shareholder net reductions totaling 39.15 billion yuan across 20 listed companies in the pharmaceutical and biotechnology sector, with only two companies seeing slight increases [4][104]
医药生物行业双周报2024年第25期总第123期：全国医疗保障工作会议在京顺利召开
长城国瑞证券·2024-12-17 08:23