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敬请参阅最后一页特别声明 -1- 证券研究报告 2018 10 13 医药生物 医保局 首次抗癌药谈判 落地，创新药放量提速 “大医保 ”动 态跟踪系 列报告之四 行业动 态 18 10 10 17 17 11 1 17 2 17 11 17 3 57% 44% 2 5 4 ALL 17 2 5 4 CRO 1 2 EPS PE X 17A 18E 19E 17A 18E 19E 600276 55.55 0.87 1.07 1.39 64 52 40 300347 44.19 0.60 0.89 1.22 73 50 36 002773 36.42 0.96 1.20 1.56 38 30 23 Wind 2018 10 11 增持（维 持） 分析师 ( S0930517110003) 021-22167311 linxiaoweiebscn ( S0930518060001) 021-22169338 songshuoebscn 联系人 wangmingruiebscn -20% -8% 5% 18% 30% 09- 17 11- 17 12- 17 02- 18 04- 18 05- 18 07- 18 08- 18 医药生物 沪深300 Wind 相关研 报 2018-09-17 2018-08-26 2018-08-13 2018-10-13 敬请参阅最后一页特别声明 -2- 证券研究报告 1 17 . 3 2 . 4 2.1 . 4 2.2 . 6 3 . 6 3.1 . 7 3.2 . 8 3.3 . 8 4 . 8 5 . 9 6 . 9 国投瑞银2018-10-13 敬请参阅最后一页特别声明 -3- 证券研究报告 1 17 2018 10 10 17 17 11 1 2 1 17 12 5 56.7% 36% 2020 11 30 2018 10 11 2018 2019 2 17 1 DNMT1 1. IPSS -2 MDS) 2. - CMML) 3. WHO AML 20-30% 2 EGFR RAS 3 EGFR/HER2/HER4 1. EGFR EGFR-TKI 2. 4 VEGFR (RCC) 5 VEGFR 2 6 EGFR EGFR TKI EGFR T790M 7 ALK ALK ROS1 8 ABR-BCL Ph+ CML Ph+ CML 9 VEGFR 10 VEGFR 1. 2. 3. 11 ALK ALK NSCLC 2018-10-13 敬请参阅最后一页特别声明 -4- 证券研究报告 12 VEGFR 1. RCC) 2. GIST) 3. pNET 13 BRAF CFDA BRAF V600 14 BTK 1. MCL ;2. / CLL/SLL 15 Proteasome 1. 2 ;2. ;3. 16 ASN 17 SSTR/GHRF 2 2.1 3 2 2017 8 5 70-80% 4 17Q2 17Q3 17Q4 18Q1 18Q2 17Q2 17Q3 17Q4 18Q1 18Q2 55% 26% 62% 96% 134% 93% 164% 136% 123% 160% 111% 54% 14% 29% 46% 53% 45% 95% 82% 83% 71% 69% HIV-1 67% 168% 152% 113% 119% 111% 535% 257% 162% 135% 118% 65% 33% 27% 0% 3% -1% 48% 79% 156% 164% 139% 62% 50% 23% 33% 50% 52% 61% 69% 225% 266% 269% 60% 11% -6% 78% 432% 488% 13% 26% 358% 1173% 1502% 58% -18% -10% -47% -30% -23% 8% 35% 30% 65% 80% 2018-10-13 敬请参阅最后一页特别声明 -5- 证券研究报告 56% 54% 47% 121% 182% 210% 52% 98% 403% 543% 601% 53% 81% 136% 602% 1241% 1217% 81% 285% 1391% 2841% 2696% 52% 30% 52% 64% 54% 41% 46% 104% 209% 187% 180% 50% 31% 24% 3% 10% 12% 33% 58% 90% 108% 109% 50% -7% -8% 35% 57% 51% 12% 25% 152% 197% 144% 50% 27% -15% 28% 66% 57% 28% 15% 148% 424% 295% 49% 17% 5% 72% 68% 110% 22% 44% 225% 218% 291% 49% 154% 165% 154% 379% 345% 146% 183% 345% 754% 689% 43% -5% 15% 74% 101% 158% -5% 44% 199% 253% 352% 42% 44% 44% 33% 78% 114% 45% 76% 133% 210% 279% 41% 65% 7% 18% 107% 144% 61% 17% 102% 256% 319% 40% -6% -7% 5% -12% 23% -5% 11% 76% 49% 106% 39% 2% 21% 16% 42% 36% 4% 42% 87% 149% 130% 37% 20% 14% 2% 7% 4% 72% 65% 122% 114% 93% 37% 131% 94% 59% 64% 54% 114% 140% 157% 163% 146% 36% 108% 221% 522% 556% 491% 108% 421% 958% 926% 816% 35% 17% 20% 17% 17% 27% 22% 38% 60% 61% 71% 34% -6% -2% -15% -98% 2% -2% 2% -11% -98% 8% 31% 202% 623% 740% 681% 1274% 198% 670% 483% 396% 859% 30% 2982% 19688% 1765% 4133% 28500% 2623% 27% 236% 2695% 2451% 4775% 2469% 226% 3011% 3081% 6173% 3223% 26% 11% 20% 24% 56% 73% 12% 34% 62% 108% 131% 23% 15% 16% 13% 4% 11% 18% 20% 16% 7% 11% 20% 8% 0% 7% -3% 2% 47% 6% 33% 22% 27% 17% 46% 61% 26% 31% 33% 46% 68% 48% 58% 61% 15% 27% 135% 80% 78% 105% 28% 153% 111% 109% 140% a 9% 55% 16% 6% 24% 5% 55% 20% 17% 37% 16% 65% 33% 27% 0% 3% -1% 48% 79% 156% 164% 139% 62% 50% 23% 33% 50% 52% 61% 69% 225% 266% 269% 60% 11% -6% 78% 432% 488% 13% 26% 358% 1173% 1502% 58% -18% -10% -47% -30% -23% 8% 35% 30% 65% 80% PDB 2018-10-13 敬请参阅最后一页特别声明 -6- 证券研究报告 2.2 3 5 2016 5 2017 7 2018 10 3 36 17 2 18 17 59% 44% 57% 6 17 17 2017/4 / 100mg 5 2625 1055 60% 2017/12 2.24 100mg (20mL) 31 4432.3 1295 71% ;
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