血液制品行业市场分析

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1、渐飞研究报告-http://bg.panlv.netFeb16,2012SectorReportPlasmaProductGovernmentisencouragingtosolvetheproblemofplasmashortageSectorBUYInvestmentHighlights：Plasmaproductisalife-savingmedicine.PlasmaproductHealthcareSectorcouldbewidelyusedindifferentareas.Itisonlylife-savingAnalyst：HelenaQi

2、umedicineforsomedisease.ChinesegovernmenthasappliedSFCCENo.:AOX910tightcontrolinplasmaproduct.00852-28998328MedicineshortageforpatientwithHemophiliaB.Atthehelena.qiu@guosen.com.hkbeginningofDecember2011,25outof31HemophiliapatienttreatmentcentersaidthattheywereshortofmedicineforHem

3、ophiliaBpatient.RelatedReports：PlasmaproductiscontinuallynotsatisfiedforitsdemandplasmaproductsupplyisincreasingwithincreaseofplasmaDecember30,2011supply;however,thesupplyisstillnotstab

4、le.Therehasbeenstillshortageforsomeproductfromtimetotime.WeexpectthattheclosingofplasmacollectionstationinGuizhouProvincewouldleadthetightsupplyofplasmaproductin2012.Governmentisencouragingtoincreasingplasmasupply.20Jan2012,MOHissuedanannouncementtoencouragelocalgovernmenttoapprov

5、altobuildupnewplasmacollectionstation.Wewouldexpectthattherewouldbemorenewplasmacollectionstationincomingyears.Chineseplasmaproductmakerslistedoverseasisattractive.WerecommendtolookatHongKonglistedWinteamPharmandUSlistedChinaBiologicproductInc..Winteampharmenteredintoplasmaproduct

6、sectorbyacquiringaplasmaproductmakerin2012whileCBPOisaleadingplayerinthissector.Riskfactors.1.Uncertaintyingovernmentpolicy;2.Unexpectedissue;3.Marketcompetition.ValuationComparisonLastMarketEPS(HKD)CompanyP/E(X)TickersPriceCapRatingNames2008A2009A2010A2010A(HKD)(HK$mn)CBPO.USChin

7、aBiologic78.312,0004.3680.54610.4527.49BUY0570.HKWinteamPharm1.362,4250.0250.0280.03538.86BUY002007.CHHualanBiologic31.2017,9800.9591.9241.25623.86-600161.CHBeijingTiantan18.969,7730.3050.4670.40245.32-002252.CHShanghaiRAAS29.918,1360.8460.9680.80335.75-Source：GuosenSecurities(HK),

8、Bloomberg,Wind,CompanyData