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医药健康行业:溯源而上,掘金创新-年度策略
医药工业利润2021 年受新冠检测与疫苗带动高速增长,展望2022 年,我 们预计随着全球疫情的缓解,新冠相关支出大幅下降,医药工业则随着医院 诊疗恢复而全面复苏。医药生物板块2021 年预期市盈率为34.9x (2021-11-24),处于历史较低水平,低估值映射市场担忧集采无序且激进 扩大。展望2022 年,我们看好流动性更佳的A 股尤其是二线龙头的估值修 复,细分赛道看好医疗服务与CDMO,同时中期继续看好创新药械、消费 医疗与政策免疫等相关主题。
2022 年度策略:诊疗相关业务全面复苏,坚守景气长坡 ............................................................................................. 4
政策展望:趋于稳定,趋于能见 ................................................................................................................................... 7
制药:审评边际趋严,创新药国谈常规化,仿制药集采范围扩大 ......................................................................... 7
医疗器械:降幅边际缓和,范围推进扩大 ........................................................................................................... 10
医疗服务:迎接扩张机遇 .................................................................................................................................... 12
制药:机遇挑战并存,出海以破局 ............................................................................................................................. 15
中国企业趋势之一:创新 .................................................................................................................................... 15
中国企业趋势之二:出海 .................................................................................................................................... 17
中国企业趋势之三:合纵 .................................................................................................................................... 17
消费医疗:新时代下的高景气赛道 ............................................................................................................................. 18
医疗美容:供需全面双升 .................................................................................................................................... 18
脱发诊疗:营销赋能渗透率提升 ......................................................................................................................... 20
隐形矫正:潜在市场庞大 .................................................................................................................................... 21
疫苗:供给周期叠加新冠增量 .................................................................................................................................... 22
医疗器械:关注海外业务占比高、新基建受益及政策免疫赛道 ................................................................................. 25
医药外包:高景气度持续,拥抱CDMO 及平台型CXO 企业 .................................................................................... 27
医疗服务:政策驱动行业高景气度,业绩为王方可脱颖而出 ..................................................................................... 30
眼科板块:量价齐升,逐步向消费眼科升级 ....................................................................................................... 33
口腔板块:高附加值业务全面开花 ...................................................................................................................... 33
辅助生殖:高行业景气度,民营准入壁垒高 ....................................................................................................... 34
肿瘤医院:刚需驱动,放疗为重要切入口 ........................................................................................................... 35
康复医院:重疾下游,叠加患者意识提升 ........................................................................................................... 35
体检板块:大健康产业人口,具有发展潜力 ....................................................................................................... 36
医药零售:集采加速行业分化,线下线上长期共存 .................................................................................................... 37
医药流通:集采、疫情双重承压,诊疗量尚未恢复 .................................................................................................... 39
重点公司推荐 .............................................................................................................................................................. 41
天境生物(IMAB US,买入,目标价101.34 美元) .......................................................................................... 41
康诺亚(2162 HK,买入,目标价82.13 港币) ................................................................................................ 42
健友股份(603707 CH,买入,目标价42.99 元) ............................................................................................ 45
通化东宝(600867 CH,买入,目标价13.63 元) ............................................................................................ 46
华东医药(000963 CH,买入,目标价44.29 元) ............................................................................................ 46
华熙生物(688363 CH,买入,目标价217.82 元) .......................................................................................... 48
云南白药(000538 CH,增持,目标价118.66 元) .......................................................................................... 49
片仔癀(600436 CH,买入,目标价479.9 元) ................................................................................................ 50
康泰生物(300601 CH,买入,目标价155.49 元) .......................................................................................... 51
迈瑞医疗(300760 CH,买入,目标价546.22 元) .......................................................................................... 52
南微医学(688029 CH,买入,目标价344.09 元) .......................................................................................... 52
新产业(300832 CH,买入,目标价60.49 元) ................................................................................................ 53
安图生物(603658 CH,买入,目标价64.15 元) ............................................................................................ 54
鱼跃医疗(002223 CH,买入,目标价45.52 元) ............................................................................................ 54
开立医疗(300633 CH,买入,目标价40.20 元) ............................................................................................ 55
药明康德(603259 CH,买入,目标价212.33 元) .......................................................................................... 56
康龙化成(300759 CH,买入,目标价233.48 元) .......................................................................................... 57
凯莱英(002821 CH,买入,目标价533.93 元) .............................................................................................. 58
九洲药业(603456 CH,买入,目标价79.95 元) ............................................................................................ 58
海吉亚医疗(6078 HK,买入,78.96 港币) ..................................................................................................... 59
锦欣生殖(1951 HK,买入,17.68 港币) ........................................................................................................ 61
行业内重点公司 .......................................................................................................................................................... 62
恒瑞医药(600276 CH,未评级) ..................................................................................................................... 62
先声药业(2096 HK,未评级) .......................................................................................................................... 63
信达生物(1801 HK,未评级) .......................................................................................................................... 64
康方生物(9926 HK,未评级) .......................................................................................................................... 66
司太立(603520 CH) ........................................................................................................................................ 67
风险提示.............................................................................................................................................................. 68