Research On Value Investment Of Chinese Pharmaceutical Listed Companies

With the "thirteen five" plan,"Healthy China" and other national policies have been introduced,the development of the pharmaceutical industry has been referred to the height of national development strategy,our national pharmaceutical industry,the weakest link in the pharmaceutical sector.Our country has developed into a pharmaceutical power,but it is not a pharmaceutical power,because many of the major diseases of the cure,we also rely entirely on imports.At present,China's pharmaceutical companies innovation capacity,research and development capacity is not strong,capital investment is not enough,but the overall progress is,and has made some achievements,some excellent companies are in the eve of the outbreak,the late development of full of power.In the 2015-2016 fiscal year,the global pharmaceutical business R&D investment list shows that China's pharmaceutical industry R&D investment growth rate compared with the previous fiscal year was 27.5%,far more than the global annual growth rate of 9.8%.China's pharmaceutical companies have gradually recognized that innovation is the fundamental long-term development of enterprises,only the development of the most advanced drugs in order to obtain greater profits,only the most advanced drugs in order to obtain national support and people's recognition,so many far-sighted enterprises have increased the pharmaceutical research and development,the introduction of talent input.As a result,a number of excellent enterprises have also emerged,and a national class of new drugs has been developed.From the macroscopic environment,due to the spread of environmental pollution,life stress and heavy population aging,rising in modern disease,at the same time as people pay more attention to health,all of these factors to stimulate the people desire to constantly innovative medicines to conquer new cures.Our country has also introduced a series of policies to promote the development of the pharmaceutical industry,and it has also continuously increased its financial commitment to the people's livelihood.These actions have brought great benefits to the healthy development of the industry.At the same time,numerous investors have seen a huge opportunity in the industry,pouring money into drug research and development.As pharmaceutical research and development is a high investment,high risk,high yield areas,listed pharmaceutical companies in financing,research and development,the introduction of talent has a unique advantage,so many investors choose to cooperate with listed pharmaceutical companies.Ordinary individual investors will choose to buy shares in pharmaceutical companies with research and development capabilities in the secondary market and share the dividends that pharmaceutical companies continue to innovate.Our country most of the secondary market investors is a person,such investors investment method is not perfect,imperfect investment philosophy,and the information is not comprehensive,has the larger herd mentality and strong speculative ideas,combined with China's securities market is in the process of reform to perfect,which can lead to irrational behavior in China securities market,exploded collapse phenomenon,allowing investors to obtain benefits.In 2018,A shares will be formally incorporated into the MSCI Emerging Market Index,which will promote the further integration of China's capital market and global capital markets,will further promote the continuous improvement of China's securities regulatory policy,but also strengthen the value of investors investment philosophy.The purpose of this paper is to help the value investors choose high-quality pharmaceutical growth cap and blue chip,establish the safety net of value investment,and provide reference for the sustainable and stable income.This paper first introduces the theory and method of value investment,then analyzes the industry general situation of Chinese pharmaceutical listed companies,and then analyzes the value of pharmaceutical listed companies,then analyzes the current situation and development trend of the value investment of secondary market for pharmaceutical listed enterprises,and then puts forward the criteria for the value investment of pharmaceutical listed enterprises,and finally uses these standards to carry on the practice test.In this paper,according to the characteristics and development trend of pharmaceutical listed enterprises,the pharmaceutical listed enterprises are divided into five types,and the five types of their respective representative enterprises are analyzed: 1,focus on western medicine,pay attention to independent research and development,select the leading enterprise HRH medicine(600276);2.focus on the western medicine,pay attention to the operation of capital,and select the leading enterprise fosun medicine(600196);3.the combination of Chinese and western medicine,focusing on the industry chain of pharmaceutical commerce,selected the leading enterprise east China medicine(000963);4.the western medicine preparation and the API go hand in hand,and the hundred million medicine(002019)is selected;5.the rookie of the pharmaceutical industry,Biology,chose anke biotechnology(300009).This paper also uses SWOT and five forces model to analyze the advantages and disadvantages,current threats and future prospects of five listed companies,and analyzes the profitability,operating ability,solvency and growth ability of the company from the financial point of view.