福利彩票开奖结果查询

后疫情时代的两大市场选择之单抗特效药

来自粽哥2025的雪球原创专栏

LAIYUAN:XUEQIUApp,ZUOZHE: ZONGGE2025,(http://hz1070.cn/2468670980/144623682)

本文首发于微信公众号:粽哥2025。欢迎关注,一起滚雪球!

由于新冠疫情在全球范围不断推进,外围资本市场也在不断发酵和震荡。因此,继续配置防疫股就成了大资金的首选。哪怕海外市场暴跌,也不会影响到相关板块,既抗跌又利好。另外,根据相关数据显示,芯片半导体资金也要流入疫苗板块。所以,口罩股之后,最大的机会就是特效药和疫苗。

一、托珠单抗为何物?

JINRI,BEISHOUZIBENSHICHANGGUANZHUDETUOZHUDANKANG(SHANGPINMING:YAMEILUO)JINRULEDIQIBANZHENLIAOFANGAN,SHIDEYANFAQISHENGWULEISIWUDEKECHUANGBANSHANGSHIGONGSIBAIAOTAI,YIJIAGUSHICHANGDESHENGWUGUFEN(600201.SH)HELIZHUJITUAN(000513.SZ)GUJIALIANFANSHANGZHANG。

相比海正药业的法匹拉韦,这款由跨国药企巨头罗氏制药与日本中外制药公司合作研发的原研药知名度更高。要知道,罗氏的这款“重磅炸弹”,2018年的全球销售额高达22亿美元,市场规模非常大。

2005NIAN4YUE13RI,TUOZHUDANKANGSHOUCIZAIRIBENHUOPISHANGSHI;2013NIAN,ZAIZHONGGUOHUOPISHANGSHI,SHIYINGZHENGWEILEIFENGSHIXINGGUANJIEYAN(RA),2016NIANZENGJIASHIYINGZHENGWEIQUANSHENXINGYOUNIANTEFAXINGGUANJIEYAN。ZAIDIQIBANZHENLIAOFANGANZHONGXINZENGDE“TUOZHUDANKANG”MIANYIZHILIAO,SHIYINGZHENGWEI“SHUANGFEIGUANGFANBINGBIANZHEJIZHONGXINGHUANZHE,QIESHIYANSHIJIANCEIL-6SHUIPINGSHENGGAOZHE”,BEIRENWEINENGZUDUANXINGUANFEIYANYANZHENGFENGBAO。

二、生物股份vs丽珠集团

MUQIAN,GUONEITUOZHUDANKANGSHENGWULEISIYAOJINRULINCHUANGSHIYANJIEDUANDEGONGSIYOUWUJIA:BAIAOTAIDEBAT1806、SHENGWUGUFEN(JINYUSHENGWU)DECMAB806HELIZHUJITUANDELZM008DOUYIJINRULINCHUANGⅢQI;QICI,HAIZHENGYAOYEHEJIANGSUQUANXINDETUOZHUDANKANGSHENGWULEISIYAOJUNCHUYULINCHUANGIQIJIEDUAN。

金宇生物的托珠单抗是在2016年12月,以6680万元获得迈博太科的技术转让而来。丽珠集团的托珠单抗生物类似物则是子公司丽珠单抗获批的第七个产品。毫无疑问,生物股份和丽珠集团成为了资本市场追捧的热门股。我们接下来重点解读一下这两家公司的投资价值。

福利彩票开奖结果查询YOU“CHUANQIRENWU”ZHUBAOGUOLVLINGDELIZHUJITUAN,QICHANPINHANGAIZHIJICHANPIN、YUANLIAOYAOHEZHONGJIANTI、ZHONGYAOZHIJI、ZHENDUANSHIJIJISHEBEIDENGDUOGEYIYAOXIFENLINGYU。GONGSICHULEYONGYOUCANQIFUZHENG、LIANGBINGRUILINWEIQIU、NIAOCULUANPAOSU、AIPULAZUOHESHUSHENJINGSHENGZHANGYINZIDENGWUDADANPINZHIWAI,YUDAGUDONGJIANKANGYUANHEZICHENGLIDELIZHUDANKANGYONGYOU10GEZAIYANCHANPIN,MUQIANYIYOU7GECHANPINHUOPILINCHUANG,ERTUOZHUDANKANGSHIJINZHANZUIKUAIDECHANPINZHIYI。RUGUOGUANLICENGJIANGLIZHUDANKANGCHAIFENSHANGSHI,JIANGHUIJIGONGSIDAILAIFENGHOUDEYEJI。

福利彩票开奖结果查询HUAXUEZHIJISHILIZHUJITUANDEZHUYAOSHOURULAIYUAN,ZHANBIWEI53.33%,BAOKUOCUXINGJISUXILIECHANPIN、XIAOHUADAO、KANGWEISHENGWUYAOWUHEXINNAOXUEGUANDENG。QICISHIYUANLIAOYAOHEZHONGJIANTI,ZHANBI24.80%。

LIZHUJITUAN2018NIANCHANPINJIEGOU LAIYUAN:GONGSICAIBAO

作为中国动物疫苗龙头的生物股份,产品种类涵盖猪用、禽用和反刍类系列动物疫苗。生物股份的销售模式分为政府招标采购和客户直销两种。受口蹄疫和高致病性禽流感等疫病强制免疫计划消息影响,2019年生物股份以将近30%的涨幅,一扫贸易战以及非洲猪瘟所带来的颓势。

CONGZHENGTIYEJIQINGKUANGLAIKAN,LIZHUJITUANDEZENGZHANGBIJIAOWENJIAN。SHENGWUGUFENZI2018NIANFEIZHOUZHUWENBAOFAYILAI,YEJILIANXUDAFUXIAHUA。

2014-2018年,丽珠集团的总营收年均复合增速为9.83%,净利润为15.96%,业绩增长非常靓丽。不过,由于近年来受到医保控费、招标降价等行业政策的影响,公司的一些主打产品出现明显的增速放缓情况,比如中药板块的参芪扶正注射液2018年同比下降了36.31%,使得公司的整体业绩并不理想。

福利彩票开奖结果查询WEICI,GONGSIGUANLICENGJINXINGLECHANPINJIEGOUDIAOZHENG,SHIXINGJINGXIHUAGUANLICELVE,SUIZHEHUAXUEZHIJIYEWUYIJIGAODUANTESEYUANLIAOYAOYEWUDEKUAISUZENGZHANG,2019NIANDEYEJIBIAOXIANBUCUO。1YUE10RI,LIZHUJITUANFABUGONGGAOXIANSHI,YUJI2019NIANSHIXIANJINGLIRUN12.445YIYUAN-13.53YIYUAN,TONGBIZENGZHANG15%-25%。CIWAI,KOUFEIJINGLIRUNTONGBIZENGZHANG20%-30%。GUOQULIUNIANJIAN,FUZHAILVCONG44.10%XIAJIANGDAO26.89%,CHANGZHAINENGLICHIXUTISHENG。

福利彩票开奖结果查询SHENGWUGUFENZAI2014-2017NIANDEDEYEJIBIAOXIANBUCUO,YOUYUZHUROUZHOUQIXINGQINGDELIHAO,GONGSIDEJINGLIRUNCONG5.16YIYUANZENGZHANGZHI44.29YIYUAN,DUANDUANSINIANBIAOSHENGLE8.58BEI。ZAIYINGLINENGLIDEBUDUANTISHENGXIA,GONGSIDEFUZHAILVYECONG22.28%XIAJIANGDAO11.01%。

DANSHI,CONG2018NIANKAISHIYEJIFASHENGLEZHUANBIAN。GENJUSHENGWUGUFENPILUDE2019NIANYEJIYUGAOXIANSHI,YUJIBENNIANDUGUISHUYUSHANGSHIGONGSIGUDONGDEJINGLIRUNYINGLI2.1YIZHI2.5YIYUAN,TONGBIXIAJIANG66.86%ZHI72.17%。ZUIGENBENDEYUANYIN,JIUSHILAIZI2018NIANFEIZHOUZHUWENBAOFADEYINGXIANG。

ZAIFEIZHOUZHUWENYIQINGDUISHENGZHUYANGZHIYEDEPOHUAIZHIXIA,GUIMOHUAYANGZHICHANGDESHENGZHUCUNLANLIANGDAFUXIAJIANG,DAOZHIZHUYONGYIMIAOZHANGONGSIBIZHONGJIAODADESHENGWUGUFENYEJIYANZHONGSHOUSUN。WEICI,GUANLICENGYEKAISHIDUICHANXIAOJIEGOUJINXINGDIAOZHENG,JIADAQINYONGYIMIAOHEFANCHUYIMIAODENGLINGYUDEXIAOSHOULIDU。

在研发投入方面,生物股份的研发费用率最高(7.08%),近年来也一直保持平稳上升态势。反过来,丽珠集团虽然注重研发投入,但是销售费用支出更高。

GENJULINIANDECAIBAOXIANSHI,ZUIJIN5NIANLIZHUJITUANDEXIAOSHOUFEIYONGPINGJUNDADAO25.8YIYUAN,QIZHONG,2016HE2017NIANDEXIAOSHOUFEIYONGFENBIEGAODA30.7YIYUAN、32.6YIYUAN。TEBIESHI2016NIAN,XIAOSHOUFEIYONGLVGAODA40.13%。ERQIE,2017NIANDEYANFAFEIYONGJINYOU5.7YIYUAN,YUANYUANDIYUXIAOSHOUFEIYONG。RUCIGAOEDEFEIYONGZHICHU,WUYITUOLEILEGONGSIDEZHENGTIYANFASHUIPING。

福利彩票开奖结果查询BUGUO,HAOZAISUIZHELIZHUJITUANYANFATOURUDECHIXUTUIJIN,XIAOSHOUMAOLILVYIZHIBAOCHIZAI64%DEWENDINGSHUIPING。LINGWAI,SUIZHEFEIZHOUZHUWENYIQINGDEYINGXIANG,SHENGWUGUFENDEMAOLILVZI2018NIANKAISHIZHUBUJIANGDI,CONGZUIGAO79.37%XIAJIANGDAO62.83%,WUYIJIADALEGONGSIDEJINGYINGYALI。

三、何时入手?

目前,丽珠集团的总市值为317.19亿,市盈率为26.84倍,低于医药生物行业平均水平(52.24倍),估值处于中等合理水平。展望未来,由于公司在优秀管理层的带领下业绩比较稳健,布局的研发管线基本属于与目前医药市场差异性比较大的品种,而且单抗药物的研发进展也比较顺利,再加上公司回购计划的刺激,有利于股价的稳步提升,适合长线投资者配置的品种。

福利彩票开奖结果查询ERSHENGWUGUFENDEPEWEI65.64BEI,PBWEI4.41BEI,JUNGAOYUXINGYEPINGJUNSHUIPING。ERQIE,CONGLISHIGUZHIZOUSHILAIKAN,CUNZAIGUZHIPIANGAODEFENGXIAN。

ZAICONGJISHUFENXILAIKAN,YOUYUGONGSIBEIZIBENSHICHANGQINGLAI,GAINIANCHAOZUOBIJIAOMINGXIAN。YINCI,BUJIANYITOUZIZHEZHUIGAO。BUGUO,SUIZHEFEIZHOUZHUWENDEZHUJIANJIESHU,YIJIZHUZHOUQIDEDAOLAI,GONGSIDEYEJIYOUWANGZAI2020NIANHUINUAN,RUGUOGUZHIYOUSUOXIAYI,NEIMETOUZIDEJIHUIJIUHUIZAICILAILIN。

#2019年报解读#

$生物股份(SH600201)$ $丽珠集团(SZ000513)$ $海正药业(SH600267)$

@今日话题 @雪球达人秀

·  已收录至专栏  ·
粽哥2025的专栏
193篇文章, 13215人关注
进入专栏