欢迎访问行业研究报告数据库

行业分类

当前位置:首页 > 报告详细信息

找到报告 1 篇 当前为第 1 页 共 1

医药健康行业:溯源而上,掘金创新-年度策略

加工时间:2021-11-30 信息来源:EMIS 索取原文[68 页]
关键词:医药健康行业;年度策略;创新药械
摘 要:

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。


目 录:

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


© 2016 武汉世讯达文化传播有限责任公司 版权所有
客服中心

QQ咨询


点击这里给我发消息 客服员


电话咨询


027-87841330


微信公众号




展开客服