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1、ChinaHealthcareDeutscheBankMarketsResearchAsiaIndustryDateChina23June2017ChinaHealthcareHealthCarePharmaceuticals/IndustryUpdateBiotechnologyMonthlyplasmatracker:May2017JackHu,PhDAlbumingrowthmoderatedinQTD2Q17;MNCsoutperformedBasedonYTDMay17data,Albuminapprovalvolumegrew10%
2、YoYinResearchAnalystQTD2Q17,comparedwith22%/20%in1Q17/2016respectively.MNCsachieved+852-22036208mildacceleration,with20%YoYgrowthinQTD2Q17vs.18%/15%in1Q17/2016respectively.Incomparison,domesticcompaniessawgrowthdecelerateto-6%LincYiuYoYinQTD2Q17,from30%/28%in1Q17/2016.Bellwe
3、thersCBPOandHualanResearchAssociategrew-2%and57%YoYrespectivelyduringQTD2Q17,vs.22%/9%in1Q17.+852-22036248MNCsoutperformed,HualanachievedgrowthaccelerationCompaniesfeaturedBothGrifolsandBaxaltaachievedgrowthaccelerationduringQTD2Q17withChinaBiologicProductsBuy68%/28%YoYgrowt
4、h,vs.14%/-5%in1Q17.Ontheotherhand,CSLand(CBPO.OQ),USD112.40Octapharmalaggedtheindustry,registeringYoYgrowthof-1%and1%2016A2017E2018Erespectively,inQTD2Q17,comparedwith38%/6%in1Q17.WeattributetheP/E(x)25.822.319.5growthdivergencetovolatilitiesincustomreleases,approvaltimeline
5、andtimingEV/EBITDA(x)19.219.515.4ofplasmacollection/fractionation.DuringAprilandMay,domesticbellwetherPrice/book(x)6.255.454.55Hualanrecorded57%growthinalbuminapprovals,whileCBPO/RAAS/CNBGHualanBiologicalBuyEngineerislowedto-2%/-18%/-26%respectivelyinQTD2Q17.(002007.SZ),CNY3
6、5.832016A2017E2018EIVIGapprovalgrowthsteadyinQTD2Q17P/E(x)44.036.128.2Theoverallindustrycontinuedthesolidmomentumwith28%YoYgrowthinEV/EBITDA(x)31.026.320.7QTD2Q17vs.29%in1Q17.HualanandCBPOrecordedrespectivegrowthofPrice/book(x)7.886.845.75169%and21%,inQTD2Q17,comparedwith58%
7、and43%in1Q17.GrowthSource:DeutscheBankfluctuatedto-73%/-23%forRAASandCNBGduringQTD2Q17,duetorelativesmallbaseandvolatileapprovaldata.Onmarketdynamics,wehighlightthatthemarketshareofCBPOexpandedby7%induringYTD5M17,whileHualanremainedunchangedat16%.Weremindinvestorsthatapproval
8、datahasastrongcorrelationwithreportedsalesdataforalllistednames.Maintaining
