1, API pharmaceutical industry
This sub-industry has obvious cyclical characteristics, mainly because its products belong to low-tech primary products, and the price adjustment mechanism of supply and demand is extremely obvious, which is greatly influenced by market factors. In recent years, China's raw materials have grown rapidly, and the international transfer of vitamins, fermented antibiotics, antipyretic and analgesic drugs has basically been completed, and China has a market share of 40-70. Judging from its development trend, China's raw material prices have obvious signs of decline. Among bulk APIs, VC and penicillin are key products related to listed companies in A-share market. Although the demand for them has increased, it is far from enough to make up for the loss of falling prices. The key of its investment strategy is to intervene in leading enterprises in the industry when the price is at the bottom, and can focus on Huabei Pharmaceutical.
2. Characteristic API industry
Characteristic API is a sub-industry with very broad development potential. Different from bulk APIs, characteristic APIs have no obvious price cycle, but their prices show an irreversible and continuous decline throughout the product cycle. In recent years, the research and development of new drugs in the world has suffered many setbacks, but patented drugs are growing at a high speed, and many patents will expire in the next five years. In China, some enterprises get involved in the research of existing patents earlier, and when the patent period is about to expire, they quickly launch their own characteristic APIs and drugs. Through drug registration in Europe and America, they cut into the standardized market in Europe and America and the non-standardized market in Asia, Africa and Latin America through various combinations, and also showed strong profitability and growth ability. For example, Haizheng Pharmaceutical and Huahai Pharmaceutical, which perform well in this industry, and Zhongke Hechen, which has similar business.
3. Chemical pharmaceutical industry
Although chemicals are the most important part of the pharmaceutical industry, accounting for 32% and 34% of China's pharmaceutical sales revenue and profits in 2003, most chemicals in China have low technical content, which seriously exceeds supply, and the capacity utilization rate is about 50%. On the other hand, chemicals are the main prescription drugs in hospitals, and about 80% of the sales are completed in hospitals. Therefore, in the prescription drug market, the penetration and sustained impact on hospital terminals is the key to successful operation and sustained growth. Therefore, enterprise products often have high gross profit, and high profit can make enterprises survive. However, the current national policy orientation is to control the abuse of antibiotics and reduce their inflated prices, so the medium-term observation is not optimistic about this sub-industry. However, the dominant enterprises in this sub-industry are still worthy of attention, such as Hengrui Pharma and Tianyao Pharmaceutical Co., Ltd..
4. Traditional Chinese Medicine and Chinese Patent Medicine Industry
With the expansion of OTC market and the improvement of living standards, the consumption of Chinese patent medicines shows a rapid growth trend. Because in recent years, China's OTC market has grown at a rate of about 20% every year, Chinese patent medicines account for nearly 75% of OTC varieties, and the sales amount also accounts for more than half. It can be seen that the growth of this industry belongs to a stable growth industry. Because Chinese patent medicine has the dual attributes of medicine and health care products, it has the same consumption attributes as consumer goods in the market. As a result, consumers rely too much on brands in the process of consuming proprietary Chinese medicines. In recent years, the European Union has relaxed the access standards for botanical drugs, and the dominant enterprises in the industry, such as Tongrentang, represented by enterprise brands and health care Chinese medicine brands, Yunnan Baiyao, represented by product brands and therapeutic Chinese medicine brands, and Tasly, represented by Chinese medicine at present, will benefit in the medium and long term.
5, biopharmaceutical industry
Generally speaking, the biotechnology industry is still in a new growth stage. Due to the lack of effective R&D platform and industrialization ability in China's biopharmaceutical industry, most biological products are imitation, and the competitive situation and technical content are relatively low. However, epidemic diseases and people's concern for health have stimulated the accelerated development of vaccines and immunomodulators. Some enterprises in the biopharmaceutical industry will receive preferential measures such as taxation, financing and loans to carry out vaccine production and scientific research, which will also bring huge business opportunities for biopharmaceutical listed companies. For example, according to the plan of China Biotechnology Group Company, the vaccine business of six biological products institutes under the former Ministry of Health will be concentrated in Tiantan Biological Company, which will obviously make it gain greater growth opportunities under the integration of industrial vaccine industry in the future.
Xinhecheng, tonghua dongbao, Huabei Pharmaceutical, Tian Fang Pharmaceutical.