20230902-浙商证券-医药行业2023年9月月报_把握低估值_强消费属性板块_8页_1mb

报告摘要

August saw significant declines: CSI 300 dropped 62.1%, CSI Pharmaceutical Index fell 47.6%, placing the pharmaceutical sector 10th among 29 CSI industries.
Sub-sectors: Medical devices and chemical formulations experienced severe losses, with declines of 78% and 57%, while traditional Chinese medicine and medical services showed relatively lesser declines, around 18% and 16% respectively.
Individual stocks: Top gainers included 开开实业 (+732%), 通化金马 (+351%), and ST太安 (+317%); top losers were 万泰生物 (-280%), 欧普康视 (-224%), and 联影医疗 (-223%).
Valuation decreased overall; pharmaceutical sector's average PE dropped to 26.14x.

Recommended stocks: 药明康德, 东阿阿胶, 羚锐制药, 济川药业, 科伦药业, 百诚医药, 大参林, 华特达因.
Focus on low-valuation, strong consumption attributes; performance for August combination average losers.
Reasoning: Based on H1 performance, target Q3 potential exceed expectations; emphasize sectors like OTC and CXO for stable H2 performance.

Recent policy impacts: National anti-corruption campaign in pharmaceuticals (July 2023) and concentrated procurement for Chinese medicine formulas (August 2023).
Risks: Policy changes, R&D progress delays, and potential performance misses are highlighted.

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