Shen Yuan Hong – pharmaceutical biological 2016 annual report performance review-kairui

Shenwan Hong – 2016 interim results review of biological medicine Shenwan Hong bio pharmaceutical industry research report released in September 9th, the report is as follows: this investment tip: the first half of 2016 the industry performance growth bottoming out, the two quarter growth rate: the first half of 2016 the industry earnings growth bottomed out in the two quarter to accelerate the growth of Medicine: the first half of 2016 segment operating income of 415 billion 100 million yuan, an increase of 14.4%; net profit of 35 billion 800 million yuan, an increase of 15.9%, the main achievement of net profit of 31 billion 600 million yuan, an increase of 20.4%. In the two quarter of 2016, the single quarter pharmaceutical sector achieved operating income of 212 billion 300 million yuan, an increase of 14.4%; net profit of 18 billion 600 million yuan, an increase of 12.2%, net profit of 16 billion 600 million yuan to achieve the main industry, an increase of 22.4%, compared with the same period in 2015 has improved significantly. Quarterly view, in 2016, 1Q, 2Q revenue growth rate was 14.5%, 14.4%, net profit growth rate was 20.1%, 12.2% (affected by the traditional Chinese medicine plate influence the two quarter growth rate is lower), after deducting non recurring gains and losses of net profit growth rate was 18.3%, 22.4%. In the first half of 2016, the differentiation of sub sectors and stocks was obvious: (1) the performance of medical service was the best, the national health reform promoted the development of medical service industry, the private capital entered the medical service industry, and the medical service price reform promoted the high growth of medical service industry. (2) bio pharmaceutical industry: high prosperity of blood products, benefit from the price increase of blood products as well as the increase of pulp throughput, resulting in high speed and sustained growth. Vaccine industry, due to the impact of the Shandong poison vaccine incident, the industry in the standard period of analgesia, the company’s business has been greatly affected. Monoclonal antibody, recombinant protein and other fields are still the focus of R & D investment in biopharmaceutical enterprises. (3) the steady growth of pharmaceutical business, the two ticket system to accelerate the change in the pattern of industry, leading companies benefit, mergers and acquisitions and integration of the main line throughout the development of the industry. (4) medical equipment revenue growth faster than profit growth, platform enterprise mergers and acquisitions integration, subdivision instrument areas, such as IVD, high-value consumables (Department of orthopedics, Department of Cardiology, etc.) breakthrough development is the main driving force for the development of the industry. (5) the chemical raw material medicine plate has periodic attribute, because of environmental protection tends to go to, production capacity, raw material prices and other factors, the plate performance growth is huge, related company performance and share price performance is excellent. (6) the chemical plate differentiation is obvious, and the generic pharmaceutical enterprises are under pressure in the environment of price reduction, while the specialized prescription drugs with good competition pattern and the export of pharmaceutical preparations keep high prosperity. (7) the growth rate of traditional Chinese medicine plate is slow, the controlled cost of traditional Chinese medicine injection is slowing down, and the positive change of Chinese patent medicine industry is concerned. (8) affected by the second child policy, the income of some products in children’s medicine industry has been greatly improved. Heavy policy frequency "sword", "health care medicine to really change the new deal". (1) the National Conference on health and health was held in Beijing in from August 19th to 20th. President Xi Jinping and Premier Li Keqiang attended and delivered an important speech, emphasizing the priority of people’s health in the strategic position of development, and making efforts to ensure the all-round and full cycle protection.

申万宏源-医药生物2016年中报业绩回顾 申万宏源9月9日发布医药生物行业研究报告,报告摘要如下:  本期投资提示:2016 年上半年行业业绩增速触底回升,二季度增速加快:2016 年上半年行业业绩增速触底回升,二季度增速加快:2016 年上半年医药板块实现营业收入4151 亿元,同比增长14.4%;实现净利润358 亿元,同比增长15.9%,实现主业净利润316 亿元,同比增长20.4%。2016年二季度单季医药板块实现营业收入2123 亿元,同比增长14.4%;实现净利润186 亿元,同比增长12.2%,实现主业净利润166 亿元,同比增长22.4%,与2015 年同期相比有明显提升。分季度来看,2016 年1Q、2Q 收入增速分别为14.5%、14.4%,净利润增速分别为20.1%、12.2%(受中药板块影响二季度增速较低),扣除非经常性损益后的净利润增速分别为18.3%、22.4%。2016 年上半年子行业与个股分化明显:(1)医疗服务业绩表现最好,国家医改促进医疗服务行业大发展,民营资本进入医疗服务行业,医疗服务价格改革等促进医疗服务行业高增长。(2)生物制药行业中:血制品景气度很高,受益于血制品提价以及采浆量提升带来的业绩高速持续增长。疫苗行业由于山东毒疫苗事件影响,行业处于镇痛规范期,相关公司业务受到较大影响。单抗、重组蛋白等领域仍是生物制药企业研发投入重点。(3)医药商业稳健增长,两票制加速行业格局的变革,龙头公司受益,并购和整合主线贯穿整个行业的发展。(4)医疗器械收入增速快于利润增速,平台型企业的并购整合、细分器械领域如IVD、高值耗材(骨科、心内科等)的突破发展是行业发展的主要动力。(5)化学原料药板块具有周期品属性,由于环保趋严、去产能、原料药提价等因素,板块业绩增幅巨大,相关公司业绩及股价表现出色。(6)化学制剂板块分化明显,仿制药企业在降价大环境下承压,而竞争格局较好的专科处方药以及制剂出口保持较高的景气度。(7)中药板块增速较慢,中药注射剂受控费影响增速放缓,关注中成药行业的积极变化。(8)受二胎政策影响,儿童药行业部分产品收入业绩大幅提升。重磅政策频“亮剑”,医改药改新政“来真的”。(1)全国卫生与健康大会8 月19 日至20日在京召开,习近平主席与李克强总理出席并发表重要讲话,强调把人民健康放在优先发展战略地位,努力全方位全周期保障人民健康。(2)新一任药监局局长毕井泉大力推进药品、医疗领域的改革和整顿,我们看到自2015 年至今,重磅新政频出,执行力度坚决。(3)一致性评价是今年非常重要的药政改革举措,推动产业规范升级、优胜劣汰。(4)医药流通两票制推动行业进一步规范和整合;处方外流是大势所趋。(5)医疗服务的关键词是“放”,三明模式受到广泛关注;政策向社会化办医倾斜,分级诊疗及县级公立医院改革使整个医疗体系面临重构,医疗大健康养老康复领域受益于改革红利,未来成长空间巨大。板块表现回顾:本周医药板块下跌0.9%,表现排名第24,跑输大盘0.5 个百分点;2016年年初至今医药板块下跌11.2%,表现排名第10,跑赢大盘2.5 个百分点。目前医药板块2015 年预测市盈率38.7 倍,医药板块重点公司2015 年预测市盈率31.91 倍;扣除金融服务后,分别相对市场溢价43%、110%,二季度板块发力总体跑赢大盘,个股演绎趋势明显。投资策略:业绩为王,关注政策变革带来的投资机会。(1)化学药看好推荐:恒瑞医药、华海药业、华东医药、人福医药等。(2)生物制药看好:血制品(华兰生物、博雅生物、天坛生物)、疫苗(智飞生物)、生物制药(康弘药业、长春高新、通化东宝)。(3)医疗服务看好:爱尔眼科、复星医药、信邦制药、益佰制药、江苏三友、澳洋科技、宜华健康、泰格医药、迪安诊断等。(4)医疗器械看好:科华生物、乐普医疗、鱼跃医疗、尚荣医疗、润达医疗、凯利泰等。(5)医药流通看好:瑞康医药、国药一致、老百姓、柳州医药、鹭燕医药等。(6)中药及OTC 看好:东阿阿胶、天士力、康美药业、羚锐制药等。(7)关注二胎政策及基因检测 精准医疗行业的投资机会。相关的主题文章: