In the first half of the year, the overall performance of pharmaceuticals increased by 40% in the second half of the year.

Business Club September 7 News last week, with the last 14 pharmaceutical listed companies announced the 2010 interim results report, the medical sector officially announced the completion of this year's mid-year report.

Statistics from China Investment Securities show that the first half of 138 pharmaceutical listed companies experienced rapid growth in net profit of pharmaceutical stocks. The overall operating income increased by 22.53% year-on-year, total profit increased by 38.29%, and net profit attributable to parent company increased by 40.46% year-on-year. .

A number of senior analysts in the pharmaceutical industry told the reporters of the “Medicine Economic News” that the 2010 medical mid-year performance was better than all A-shares. However, due to policy adjustments in the second half of the year, the growth rate of performance may continue to fall. The future is optimistic about medical devices, hospitals, biological agents and listed companies of Chinese medicine.

The best performance of APIs and bio-blocks

According to the statistics of the aforementioned CIC Securities, in the first half of 2010, the performance of chemical raw materials and biologics was the best among the various sub-sectors of the pharmaceutical sector. In terms of chemical raw material, although VCs and other varieties suffered price down cycles, the overall situation remained the same. Maintained rapid growth, and the sub-industry’s net profit attributable to the parent company grew by 59.41% year-on-year in the first half of the year. The newly listed Haipurui, as well as the old pharmaceutical raw material companies Zhejiang Pharmaceutical, Xinhecheng, etc. contributed to the profit growth of the sub-sector. Larger. In the bio-subsector sector, revenue in the first half of the year increased by 46.68% year-on-year, and total profits increased by 92.07% year-on-year.

In addition, the growth rate of chemical drug preparations also accelerated. Excluding a year-on-year increase of only 14.03% in the sales of Chinese medicines, the medical device and pharmaceutical business maintained a 20% or so year-on-year increase in revenue.

Overall, there was a significant amount of profit growth in the pharmaceutical sector in the first half of 2010. Among them, the profit growth of 65 pharmaceutical listed companies exceeded 30%, and the profits of 35 companies increased by more than 50%, and most of the results were due to growth in the main business. .

The new pharmaceutical stocks are favored by the fund

"Medicine Economics" reporter noted that from the Fund's interim report, the pharmaceutical sector is obviously favored by the fund, especially the sub-new stocks, it has become the fund's position.

Statistics from Wande Information show that among the top 25 companies in the fund's mid-2010 report, 7 were pharmaceutical companies. Among the seven companies, except Beijing Jingxin Pharmaceutical, Coron Pharmaceutical, Yuheng Pharmaceutical, Guizhou Braun, Kangzhi Pharmaceutical, Haipu Rui, and SINBON are all new shares. Coron Pharmaceuticals' shareholdings accounted for 49.76% of the A-shares in circulation. The number of shares held by Haipu Rui, the first high-priced unit in the pharmaceutical sector, reached 69.

The recent research report of brokerage securities believes that the above situation is mainly due to the high growth of the pharmaceutical industry's performance and its defensive characteristics, which promotes the flow of institutional funds into the pharmaceutical sector and makes the pharmaceutical sector stronger than the broader market. However, the current valuation has approached the previous high, reminding investors to pay attention to the risks brought about by short-term valuation pressures.

According to report, as of the end of August, the overall valuation of the pharmaceutical industry has been nearly 40 times. Judging from the historical valuation trend of the pharmaceutical industry, the current valuation is at a high level: the premium rate of the pharmaceutical sector to A-shares has exceeded 100%, and the premium rate to the CSI 300 is as high as 160% or more.

It is also worth noting that from the 2010 interim report, the overall performance of medical stocks over the medium term has slowed compared with the first quarter of 2010, and the year-on-year growth of operating income and net profit of the entire sector compared to the previous three months. Have come back down. At the same time, a number of listed companies, such as Haiwang Biology and Lianhuan Pharmaceutical, have been selected to reduce their holdings of their own stocks when the stock price of the company has reached a record high.

The policy will be about the second half of the market

A senior analyst from a securities company in Shanghai told reporters that in the second half of this year, the pharmaceutical industry will have many major policies introduced, and the uncertainty of a series of policies may be the motive for major shareholders to reduce their holdings.

The reporter learned from Niu Zhengqian, vice president of the China Pharmaceutical Industry Association, that the Ministry of Commerce has held a meeting recently to discuss amendments to the “2010-2015 National Pharmaceutical Distribution Industry Development Plan”. Niu Zhengqian said that the amendment was carried out after the completion of consultations with industry associations. The "plan" has already completed the formulation of the draft. It is still uncertain when it will be issued, and the second half of the year will be an important time for the introduction of the policy.

And another heavy New Deal that will prompt the industry to reshuffle the new GMP has already been officially completed. It will then be submitted to the Ministry of Health and the State Council for approval.

"The introduction of the above new policy will further promote the slowdown in the growth of the pharmaceutical industry," said the senior analyst.

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In the second half of the year, the pressure on the pharmaceutical sector is not large.

In the second half of the year, A-shares will usher in the peak of non-embarrassment in October and November. However, according to the incomplete statistics of the “Pharmaceutical Economic News”, the overall pressure on the medical sector from September to December is not significant.

During this period, in September and December, the non-lifting of the medical plate size was relatively concentrated. In September, it will be Human Wealth Medicine, Huadong Medicine, Jilin Aodong, Conba, and Rheinland; in December, it will be Jiangsu Wuzhong, Jiaying Pharmaceutical, Zhongheng Group, Connbay, Jiangsu Wuzhong, and Guangyu. Group, Southwest synthesis. In addition, there are non-lifting bans in October and November, namely China Shenhua and Tianmao Group.