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1、ChinaHealthcareDeutscheBankMarketsResearchAsiaIndustryDateJapan17November2017ChinaHealthcareHealthCareForecastChangeHealthCareMonthlyHospitalRxTracker,September2017JackHu,PhDGrowthpickedupinSeptemberResearchAnalystTotalhospitaldrugsalesrecordedaslightrecovery,with3.6%YoYgrowthinSeptember17,vs.2
2、.4%inYTD8m17and7.3%in2016.OncologydrugsAiTan+852-22036208(apatinib)andDuomeisucontinuedstronggrowthin3Q17,postingYoYgrowthMeganXuof80%and61%respectively.FlagshipdrugsAiTan,KaiTeLi,Runzhong,EPIAO,ResearchAssociateTPIAOandNBPregisteredgrowthof80%,-8%,-1%,-14%,26%and15%in3Q17,+852-22035928vs.141%,
3、21%,9%,-6%,9%and18%in1H17,vs.637%,25%,26%,5%,33%and33%in2016.Inthisnote,weaddJointowntoourTopPicklistduetoitsKeyChangescompellinggrowthpro?leandvaluation.CompanyTargetPriceRating1530.HK17.00to17.80-Hengrui:apatinibledthegrowth,whileKaiTeLilagged1093.HK15.90to17.90-SalesofAiTan,AiLi,AiSu,AiHeng,
4、theatracuriumseriesandKaiTeLigrew2196.HK36.80to39.20-80%,20%,10%,-2%,10%and-8%YoYin3Q17,vs.141%,15%,1%,0%,8%and600867.SS25.40to26.80-21%in1H17,vs.637%,13%,4%,0%,5%and25%in2016.Onathree-month0460.HK3.25to3.00-rollingbasis,averagegrowthforAiLiandAiSuwas18%and8%in3Q17,vs.600196.SS31.50to33.50-13%a
5、nd-1%in1H17,vs.15%and6%in12M16.600998.SS27.30to30.00-6869.T8,600.00to-SBP:Runzhongslowed;Kaifensolid9,400.00GrowthofmajordrugsRunzhong,Ganmei,KaishiandKaifenregisteredat-1%,Source:DeutscheSecuritiesInc.-2%,-14%and21%in3Q17,vs.9%,0%,-9%and21%in1H17,vs.26%,1%,-1%Toppicksand31%in2016.Onathree-mont
6、hrollingbasis,theaveragegrowthofRunzhongHengruiMedicineBuyandGanmeiwas2%and-1%in3Q17,vs.8%and-1%in1H17,vs.34%and(600276.SS),CNY69.875%in12M16.SinoBiopharmaceuticalBuy(1177.HK),HKD10.86UniversalMedical(2666.HK),HKD7.65Buy3SBio:Yisaipurecovered;SEPOmaintainedstronggrowthJointownPharmaceuticalsBuy
7、EPIAOandTPIAOshowedmixedperformances,recording-14%and26%YoY(600998.SS),CNY20.14growthin3Q17,vs.-6%and9%in1H17,vs.5%and33%in2016.Yisaipu'sSource:DeutscheSecuritiesInc.growthacceleratedto9%YoYin3Q17,vs.-2%in1H17and2%in2016.SEPOconti
