Pharmaceutical August 2015 report: focus on the reform of state-owned enterprises in the pharmaceutical industry
Release time：2015-08-26
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The market plunged sharply in July, with all sectors falling sharply. Among them, the relatively small decline is the agriculture, forestry, animal husbandry and fishing, defense and military industry sector, followed by banking, leisure services and mining sector. In July, small-cap stocks fell more, while large-cap stocks fell relatively small. Although the pharmaceutical industry has a certain increase, but in view of China is about to enter an aging society, coupled with the performance support of pharmaceutical stocks, investors are still optimistic about pharmaceutical stocks, so the decline of pharmaceutical stocks is not large. And the pharmaceutical industry may have a good follow-up, investors can still be optimistic about the pharmaceutical industry.
In the pharmaceutical sub-sector, medical devices and chemical raw materials lost the CSI 300 index. Among them, medical devices fell the most. The smaller declines were in biological products and medical services.
In terms of individual stocks, the top gainers are Jiangzhong Pharmaceuticals, Shanghai Leishi, Cornbey, Zhongheng Group. Among these stocks with large gains, Jiangzhong Pharmaceutical was affected by the favorable impact of the final turnaround in cross-border development, and its stock price rose 34.33 per cent, ranking first in the list of gains. At the same time, Shanghai Laishi was affected by the good news that the medium-term net profit 0.833 billion, an increase of 380 per cent year-on-year, and its share price rose 30.70 per cent, ranking second on the list. In addition, Connbe was affected by the good news that its net profit in the first half of the year increased by more than 50% year-on-year, and its stock price rose by 15.06, ranking third in the list. At the end of the rise list are Changshan Pharmaceuticals, Jiangsu Wuzhong, Inte Group, Xinhua Medical.
From the perspective of valuation, after substantial adjustments in the previous period, the price-earnings ratio of various industries has declined, but the valuation of the ChiNext is still high. The PE of the defense and military industry stocks is relatively high, its forecast overall method is 103.81 times, the PE of the TTM overall method is 168.18 times, the TTM overall method is higher than the valuation of the pharmaceutical and biological sector is the computer, media, machinery and equipment, integrated, electronics and other sectors. Judging from the ranking, the valuation of pharmaceutical stocks is at the forefront. Although the pharmaceutical sector rose little, but the valuation is not low. The PE of the overall method is 38.66 times. From the perspective of TTM, the PE level of the pharmaceutical sector is 51.06 times, and the valuation is relatively high. The premium rate of all A shares is more than 100. From the perspective of sub-sector valuation, the top two with the highest valuation are still medical services and medical devices. In addition, chemical bulk drugs and biological products are also highly valued. The lower valuation is the Chinese medicine and pharmaceutical business.
At present, 48 of the-share pharmaceutical listed companies have the background of state-owned enterprises and generally have the advantages of resources and brands. The upcoming reform of state-owned enterprises will accelerate the release of business vitality. Pay attention to the reform of state-owned enterprises, first of all, high-quality state-owned enterprises, which have adapted to the fierce market competition and formed their core competitiveness, and are expected to become bigger and stronger in the later stage. For example, Dong A Jiao, China Resources Sanjiu. Secondly, we should pay attention to the potential state-owned enterprises, which have large income and assets, or have invisible resources, but there are certain defects in corporate governance and profit model. For example, China Resources Double Crane. In the context of the current reform of state-owned enterprises, investors can pay attention to the reform of these state-owned enterprises.
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