瑞銀:2022年看好創新藥股 看好角膜塑形鏡行業
瑞銀證券研究部醫療行業分析師陳晨表示,醫藥股走勢在去年上半年強、下半年受美國制裁等負面消息影響走弱,指創新藥和研發外包廠(CRO)業績有保證、其市值不高、且受國策支持,對這類醫藥股2022年走勢樂觀。
陳晨說,在醫療器械板塊中,看好角膜塑形鏡行業,該行業或成為眼科高值耗材中增長最快的品類,而且國家近視防控政策護航行業發展,角膜塑形鏡近視治療的優勢明顯。該行指,該行業目前滲透率低,估計2025年國內角膜塑形鏡行業的滲透率可達3.4%,對應2021年至2025年複合年增長率為22%。
陳晨指,新冠檢測盒競爭激烈,認為研發能力高、提供居家檢測技術、而且產品能在美國銷售的檢測盒商業績較正面。她又說,PD-1抑制劑在內地價格被壓得很低,競爭白熱化,因此要投資一些進軍海外預期公司。
陳晨稱,對中成藥股持「中性」看法,指中藥板塊近來股價上漲,主要因為早前估值低,中醫醫療機構可暫不實行按疾病診斷相關分組(DRG)付費,不過其目前估值已不低,若高追要謹慎,而且大多數中成藥療效難以判斷,相信消費品屬性、非治療性及有品牌加持的中成藥,較有優勢。
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