交銀國際:醫藥板塊有望反轉,重點推薦創新產業鏈和消費醫療行業
交銀國際發佈研究報告稱,予醫藥行業評級領先。展望2023年,隨着醫療需求反彈和針對創新產品降價的政策趨緩,板塊業績和估值有望迎來反轉,建議積極配置。重點推薦創新產業鏈和消費醫療行業。
報告中稱,在生物科技方面,隨着尾部企業出清,行業集中度提升,具有創新能力的企業將受益。個股選擇上建議重點關注未來一年催化劑豐富且執行力強的中腰部公司,包括$康方生物-B(09926.HK)$和$榮昌生物-B(09995.HK)$、$康寧傑瑞製藥-B(09966.HK)$。醫療器械方面,受益於集採邊際緩和,及今年醫療需求反彈,板塊估值有望延續上升趨勢,建議重點關注TAVR領域。
此外,在醫療服務方面,醫療服務需求有望回補,相關公司業績和估值有望得到修復。建議關注估值低於可比公司、業績增長確定性強,且經營能力強的腫瘤特色醫療服務公司$海吉亞醫療(06078.HK)$。至於創新疫苗,預計今年新冠疫苗收入貢獻繼續下降,創新疫苗需求回升,疫苗板塊有望迎來業績和估值的雙重修復。中長期看,該行建議關注帶狀皰疹疫苗。
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