Investment Rating - The industry rating is maintained at "Overweight" [2] Core Viewpoints - The coverage of grassroots traditional Chinese medicine (TCM) continues to expand, and the demand growth driven by the increase in grassroots penetration is promising [8] - The TCM sector has shown a slight increase of 0.8% last week, while the overall pharmaceutical sector continues its rebound [4][5] - The TCM price index has slightly decreased due to the impact of the Spring Festival, with a total index of 255.65 points, down 0.2% from the previous week [7] Summary by Sections Market Performance - Last week, the TCM sector rose by 0.8%, while the overall pharmaceutical sector increased by 2.71% [4][5] - The relative performance over the past 12 months shows a decline of 17% compared to the CSI 300 index [3] Valuation - The TCM sector's PE (ttm) is 26.87X, up 0.22X week-on-week, with a one-year maximum of 30.13X and a minimum of 22.58X [6] - The PB (lf) is 2.32X, also up 0.02X week-on-week, with a one-year maximum of 2.65X and a minimum of 1.99X [6] - The TCM sector has a valuation premium of 110.86% compared to the CSI 300 index [6] Industry Trends - The number of TCM clinics has increased from over 3,000 in 2015 to 42,000 in 2024, achieving nearly full coverage in community health service centers and township hospitals [8] - The demand for TCM is expected to grow due to the aging population and ongoing policy support for TCM promotion [8] Investment Suggestions - The industry is expected to experience both price governance and consumption recovery in 2025, presenting both pressures and opportunities [9] - Key investment opportunities include focusing on price reductions, market share in hospital sales, and strong R&D capabilities [10][11] - The recovery of consumption is anticipated to be driven by macroeconomic improvement and increased domestic demand, particularly for consumer TCM products [10][11]
中药行业周报：基层中医药覆盖面持续扩展，看好基层渗透率提升带来的需求增长
Xiangcai Securities·2025-02-20 02:26