[China pharmaceutical network market analysis] The pharmaceutical sector is one of the most profitable sectors under the trend of population aging, and has attracted much attention in the market. At the same time, the pharmaceutical sector is also a sector affected by the policy, making the company's performance not It fully reflects the company's research and development strength. The pharmaceutical index has been running in a large box for the past two years. Maybe in the future, with the release of heavy new drugs from some listed companies, the pharmaceutical index may break through the box. The body reopens a round of ascending channels.

Let's take a look at some of the pharmaceutical giants one by one.

1 Hengrui Medicine

As the domestic pharmaceutical company with the largest number of R&D personnel, the number of R&D personnel of Hengrui Medicine exceeds 2,000, accounting for about 17% of the total number of employees. The emphasis on R&D and R&D strength can be seen. Hengrui Pharmaceutical's share price is from the 37 of the beginning of the year to the current 58 and its market value exceeds 160 billion. It is the highest pharmaceutical company in the world.

Hengrui Medicine clearly stated more than ten years ago: “Innovative medicine and internationalization are two core strategies.” As one of the first domestic pharmaceutical companies to participate in global competition, December 16, 2011, irinote hydrochloride for injection Kang became the first ANDA variety that Hengrui Medicine obtained in the United States, and also opened the curtain of Hengrui Medicine's overseas market in the true sense. In June and October 2014, Hengrui Medical's two heavy anti-tumor Osaliplatin for injection and cyclophosphamide for injection were also approved. After years of accumulation, Hengrui Medicine has accumulated more than 20 innovative medicines such as ericoxib and apatinib.

According to the 2016 annual report, Hengrui's overseas revenue in 2016 was 432 million yuan, an increase of 21.47% compared with 2015, and the growth rate in 2015 was 592.55%. Earlier, some insiders analyzed that in 2017, their overseas revenues will usher in a new round of outbreaks, reaching a level of about 1 billion yuan. After years of concentrating on the layout of Hengrui, although the number of approved products is relatively small, almost all approved products are heavy products that can bring a lot of profits.

Brokers expect net profit of the company to return to 3.939 billion, 3.725 billion, 4.577 billion in 2017-2019, up 21.23%, 18.75%, and 22.76%, respectively. The company's current PE (TTM) is 57 times, which seems to be overestimated. The status, but we need to pay close attention to the development of new drugs in the company's research and development pipeline, once the new heavy products are approved or listed, the performance will be relatively large changes.

2 Huahai Pharmaceutical

Unlike Hengrui Pharmaceutical, which focuses on the original drug, Huahai Pharmaceutical is a company specializing in generic drugs and overseas markets. In the context of the sharp fall in the RMB exchange rate last year, the company’s performance and stock price both rose, and this year’s RMB appreciation is to a certain extent. It offset the company's performance growth. The company's stock price has been at the bottom of the bottom stage since this year. The company's market capitalization is currently 22.6 billion.

Among the many Chinese pharmaceutical companies in the United States, Huahai Pharmaceutical is one of the most in-depth companies in the US market. Huahai Pharmaceutical is a well-deserved pioneer in the opening up of European and American battlefields by Chinese pharmaceutical companies. After 13 years of solid and solid layout, Huahai has established a mature high-tech solid preparation generic drug research and development, registration and registration platform, and perfected the US market business development and sales platform, which has grown into a standardized, efficient and international professional. Generic drug company.

As a generic drug company, although the growth space is far less than that of innovative pharmaceutical companies, the domestic backward generic drugs still give Huahai Pharmaceutical a huge growth potential. Brokers predict that the EPS of the company in 2017-19 will be 0.58/0.72/0.89 yuan respectively. As a leading exporter of domestic preparations, the overseas generic drug market has a broad space, and overseas counterfeiting of domestic generic drugs is expected to overtake.

3 Yiling Pharmaceutical

The main business of Yiling Pharmaceutical in Shijiazhuang is the research and development, production and sales of proprietary Chinese medicines. The company guides the research on the treatment of refractory diseases with the theory of collateral disease, systematically studies the prevention and treatment of various refractory diseases such as cardiovascular and cerebrovascular diseases, cold respiratory diseases, tumors, diabetes and its complications, and promotes new drugs with independent intellectual property rights. Research and development. Cardiovascular and cerebrovascular diseases are chronic diseases, and it is relatively easy to give birth to large-scale medicines.

At present, the pharmaceutical policy is more favorable to Chinese medicine companies, but the company's share price has been in the bottom of the market in the past year, mainly because the company's performance is lower than expected, because the implementation of the two-vote system led to the adjustment of the company's marketing channels. In the past, some products were delivered to hospitals through multiple channels. The implementation of the two-vote system forced the reform of the pharmaceutical circulation chain. Manufacturers must abandon the channels that did not control the hospital terminals, thus losing some of the end-users, resulting in lower-than-expected product sales. The company actively adjusted the sales channels to cope with the change of the two-vote system. As the company actively docked the distributors who controlled the hospital terminals, the sales channels were gradually rebuilt, and product sales are expected to gradually recover.

Due to the damage of the marketing channel, the performance of the interim report was lower than expected, and the company's profit forecast was lowered by the brokerage. The EPS of 2017-2019 is expected to be 0.52 yuan, 0.65 yuan and 0.78 yuan respectively.