Events
On February 8, the US Department of Commerce included two subsidiaries of YaoMing biology into the "unverified list" to restrict the supply of bioreactor and ultrafiltration membrane manufacturers to them. Although the list can be removed through negotiation, with the increase of Sino US trade uncertainty, the independent and controllable supply chain has also become a key consideration for the company. Not long ago, the guiding ideology of the 14th five year plan for the development of pharmaceutical industry pointed out that it is necessary to comprehensively improve the modernization level of pharmaceutical industry chain, realize the stability and controllability of supply chain, and accelerate the transformation of innovation driven development. Under the resonance of internal and external factors, upstream materials and equipment are expected to stand out.
Key investment points
Bioreactor refers to a device used for in vitro culture of microorganisms and cells and obtaining products through biochemical reaction or fermentation process. It is one of the key equipment in biopharmaceutical. According to the application field and production technology, bioreactors can be divided into microbial bioreactor, mammalian cell suspension culture bioreactor, mammalian cell adherent culture bioreactor, photobioreactor and other bioreactors. In addition to stainless steel, the bioreactor system also has disposable bioreactor systems, such as disposable bioreactor system, disposable bioreactor bag, disposable filtration system, etc. According to the data of Huajing Industrial Research Institute, the global disposable bioreactor consumables market will be US $1.2 billion in 2020, which is expected to reach US $3.5 billion by 2027, and the CAGR can reach 16.6% from 2020 to 2027. In 2020, the market scale of disposable bioreactor consumables in China was 1.47 billion yuan. It is expected that the market scale will reach 5.135 billion yuan by 2027, and the CAGR from 2020 to 2027 will be 21.1%, which is higher than the global growth rate.
Import enterprises have the absolute right to speak, and domestic substitution is in the early stage. In the field of stainless steel bioreactor, at present, imported enterprises such as sedolis, semefi, GE and Merck almost monopolize and occupy most of the market share. In the field of consumables required by the whole biological reaction system, such as disposable culture bag / liquid storage bag, chromatography filler, culture medium and ultrafiltration membrane package, Chinese enterprises are gradually emerging, such as Lechun biology, duoning biology, Tofflon Science And Technology Group Co.Ltd(300171) , Truking Technology Limited(300358) and other enterprises. Taking the bioreactor system of Tofflon Science And Technology Group Co.Ltd(300171) as an example, the gap between it and foreign mainstream products is not large. For domestic manufacturers, domestic substitution is an opportunity to further polish products, which is expected to achieve customer breakthrough with characteristic functions, and then catch up with equipment strength.
Other consumable directions also deserve attention. For a long time, most of the key consumables used in biopharmaceutical production in China, such as chromatographic packing and chromatographic column system, have also been basically imported. Chromatographic fillers in the international market are mainly supplied by some large enterprises, which have a high market share. GE Healthcare, TOSOH and bio rad are the main manufacturers of chromatographic fillers, with complete product pipelines and strong product R & D strength. According to the market data of marketsandmarkets, GE Healthcare ranked first in 2018, accounting for 35%; TOSOH has a global market share of about 8%; BioRad accounts for about 7% of the global market. In addition to the above enterprises, the main chromatographic filler suppliers in the market also include Merck, Danaher, Agilent, etc. Overall, the localization rate is not high, and relevant enterprises still need to make a breakthrough.
Investment suggestion: under the double resonance of internal and external factors, the domestic upstream research equipment, reagent materials, pharmaceutical equipment and other collectives in bioscience usher in greater development opportunities. Due to the direct connection to the b-end, it is less under the pressure of fee control, and the pharmaceutical companies are more likely to choose high-quality and low-cost domestic products. It is recommended to pay appropriate attention.
Risk factors: product sales are less than expected; Policy changes; Business risk
