Chen Heng, manager of Huashang Pharmaceutical Medical Fund
On March 15, Chen Heng, manager of The Chinese Pharmaceutical Medical Fund, said in an interview with China Securities News that after the epidemic, the medical equipment sector is expected to usher in a sustained long boom cycle. In the future, it will focus on three subdivisions, such as high-end medical devices and equipment, featured APIs and medical informatization.
The valuation advantage of a share is obvious
In Chen Heng's view, investors do not have to worry too much about the volatility of the A-share market, and the anti-fall resistance of A-shares is obvious. "Although the A-share market is driven by the periphery and has also fallen to a certain extent, the resistance to falling is more obvious." This first benefits from the effective control of the domestic epidemic. In addition, from the overall point of view, the valuation of the A-share market still has advantages in the world. ”
For the pharmaceutical sector, Chen Heng believes that China's prevention and control measures are effective and timely, but the public health field in the process of prevention and control has also exposed some shortcomings and deficiencies. Chen Heng judged that "making up for shortcomings" after the epidemic will be the main direction, and it is expected that the medical equipment industry is expected to usher in substantive policy support, and leading companies will continue to benefit. At the same time, after the epidemic, China is expected to usher in the construction of intensive care departments and primary medical care, and the medical equipment sector is expected to usher in a sustained long boom cycle.
Focus on three pharmaceutical segments
Chen Heng said that in the future, more research resources will be invested in three subdivisions, such as high-end medical devices and equipment, globally competitive featured APIs and medical informatization.
Chen Heng said that from the situation of the medical device equipment industry itself, in the past decade, China's medical devices are mainly low-end products, of which massage health care equipment, medical consumable dressings and other categories account for a relatively large proportion. After 2010, the growth rate of low-end equipment exports has declined due to fierce price competition, gradual satisfaction of demand, domestic industrial structure and cost changes. Chen Heng said, "In the future, we judge that the export of low-end device consumables has gradually entered a stable period, and the overall growth is expected to be close to the growth rate of the industry; but as some head device enterprises gradually have strong competitiveness in technology and products, China's medical device exports will rely more on high-end varieties to break through to obtain market share in the future, and technical barriers and product added value will be improved." While domestic medical device companies carry out import substitution in the domestic market, they will gradually increase their international market share and move towards overseas markets. ”
In addition, Chen Heng believes that China's global competitive advantage in the field of advanced pharmaceutical manufacturing such as bulk APIs, specialty APIs exports, cro/cdmo and so on has also been fully established. "Under the current global supply and demand pattern, many high-quality specialty drugs and APIs grow rigidly and rapidly every year, while quality standards are improved and environmental protection is remediated, and the supply-side reform is obvious." The change in the supply and demand structure makes the future direction of China's advanced pharmaceutical manufacturing will be a certain high boom. The competitiveness of Chinese enterprises in these fields is based on the comprehensive system of our strongest chemical industry chain foundation, chemical synthesis talent reserve and advanced manufacturing capabilities in the world, and there is almost no possibility of subversion and replacement by other regions in the short term. The recent epidemic has further improved the prosperity. ”
Chen Heng said that medical informatization is also a direction worth paying attention to. "From a policy point of view, encourage the use of digital technologies such as big data, artificial intelligence, and cloud computing to play a better supporting role in epidemic monitoring and analysis, virus traceability, prevention and control and treatment, and resource allocation." Medical informatization technology can help the construction of public health system and the implementation of hierarchical diagnosis and treatment in multiple dimensions. ”