HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (Dec.1) - Medical Device VBP, Biotech to Breakeven Soon, Orient Gene Biotech

Wuxi Biologics (2269.HK) - The Business Update Has Torn Away the Last Fig Leaf

Fu Shou Yuan (1448.HK) - Magic Is About to Disappear, but Is Still Undervalued

China Traditional Chinese Medicine (570.HK) - The Privatization Rumor and the Outlook

Equity Bottom-Up

Shijiazhuang Yiling Pharmaceutical / Equity Bottom-Up

Shijiazhuang Yiling Pharmaceutical (002603 CH)

<ul>
<li>Now that the pandemic has passed, Yiling’s performance has to face a sharp decline due to the high base before, but in our view, the situation is not so bad.  </li>
<li>According to the management,sales of cardiovascular and cerebrovascular products would gradually increase to make up for the sales decline of Lianhua Qingwen, which would still be higher than pre-pandemic level.</li>
<li>About 15-20% performance growth is still reachable in the future. PE of 20-30 is a reasonable range for Yiling. Being included in CSI 300 Index helps to improve the liquidity.</li>
</ul>


Now that the pandemic has passed, Yiling’s performance has to face a sharp decline due to the high base before, but in our view, the situation is not so bad.  
According to the management,sales of cardiovascular and cerebrovascular products would gradually increase to make up for the sales decline of Lianhua Qingwen, which would still be higher than pre-pandemic level.
About 15-20% performance growth is still reachable in the future. PE of 20-30 is a reasonable range for Yiling. Being included in CSI 300 Index helps to improve the liquidity.


Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX EQUITY)

Shijiazhuang Yiling Pharmaceutical (002603.CH) - Valuation Rebound Is Worth Looking Forward To