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Pharmaceutical industry overall growth stable patience layout next year's Market

2019-03-04 11:40:39
Industry income and profit continued to slow down slightly in 19 months. In 19 months , the overall sales revenue of pharmaceutical manufacturing industry increased 13.15% year-on-year. Income growth rate decreased by 0.45 percentage points compared with 18 months. Total profits increased by 12.50% year-on-year. Profit growth rate decreased by 0.25 percentage points compared with 18 months. Industry growth rate did not accelerate as expected by the market, but still maintained stable growth. Quarterly industry data are not significantly different from the first three quarters, and the industry growth is expected to remain stable at about 10% and 15% for the whole year.

Various sub-industries run smoothly, and the growth rate of chemical agent revenue continues to improve: the income growth of API sub-industry is 10.70%, the profit growth is 14.77%, and the growth rate of income and profit continues to slow down; the income growth of chemical agent is 13.01%, the profit growth is 14.29%, and the profit keeps steady growth; the income growth of Chinese patent medicine is 13.74%, the profit growth is 11.06%, and the profit growth rate benefits from the decline of the price of Chinese patent medicine. Income of biopharmaceuticals increased by 13.05%, profit increased by 10.77%, and income continued to grow steadily and steadily. Income of Chinese herbal medicines increased by 16.64%, profit increased by 9.11%, and income continued to grow rapidly in the high base. Overall, all sub-industries continue to operate smoothly, with few bright spots.

Industry viewpoint: The overall growth rate of the three-quarter report of the pharmaceutical sector is basically the same as that of the medium report, which is in line with our previous expectations. As far as valuation level is concerned, we expect that the dynamic valuation of the pharmaceutical sector in 2014 will be about 36 times, and the overall valuation switching space will be limited in the short term. On the basis of the fundamentals and valuation, we believe that the follow-up pharmaceutical sector is still dominated by structural market and individual stock opportunities. Although it is still difficult to judge the overall style and preferences of the market next year, we believe that there are still many investment opportunities for some companies whose performance growth is determined and expected to be upward next year. From the perspective of midline layout, we are optimistic about companies whose performance growth is determined, bidding benefits and operational inflection point are next year. In addition, some new or sub-new shares listed this year deserve close attention and may be able to tap new investment opportunities. From the perspective of the midline, we are optimistic about the following three main lines of investment: 1. Firstly, companies benefiting from bidding for non-basic drugs and essential medicines are expected to have high growth performance this year and next year, and growth stocks are expected to increase upwards, such as East China Pharmaceutical, Hengrui Pharmaceutical, Jingxin Pharmaceutical, Yuheng Pharmaceutical, Xinhua Medical, Er Ophthalmology, Hongri Pharmaceutical, Xiangxue Pharmaceutical, etc. 2. Looking forward to next year, companies benefiting Ke, Lizhu Group, etc. 3. Industrial capital is dominant, the company's fundamentals are expected to change upward. Beilu Pharmaceutical Industry and Modern Pharmaceutical are optimistic, and Huarun Wandong, Lepu Medical, Wuhan Jianmin and so on are concerned. In the short term, it is suggested to pay attention to the strong market value appeal of Qianhong Pharmaceutical Management and the asset revaluation expectation of Taiji Group.