Zhou viewpoint update
Continuous industrial upgrading + policy encouragement to accelerate domestic substitution, China Meheco Group Co.Ltd(600056) upstream supply chain is expected to usher in rapid development during the 14th Five Year Plan period. The importance of pharmaceutical upstream supply chain was emphasized in the pharmaceutical industry development plan of the 14th five year plan, and “supply chain stability and controllability” was mentioned for the first time and many times. Focus on the investment opportunities in the supply chain, including equipment, scientific instruments, upstream reagent consumables for scientific research, upstream consumables for pharmaceutical industry and raw and auxiliary packaging materials. The end of the industrial chain is mainly in the direction of API.
Continuous industrial upgrading and domestic substitution of pharmaceutical equipment and equipment. The 14th five year plan affirmed the progress made in pharmaceutical equipment during the 13th five year plan and pointed out that “a number of high-end products in the fields of pharmaceutical equipment during the 13th five year plan fill the gap in China”. At the same time, it is emphasized that: ① strengthen the tackling of key core technologies and improve the level of industrialization technology; ② Enhance the stability and competitiveness of the industrial chain. ③ Promote the green and low-carbon development of the whole industrial chain; ④ Improve the ability of safety risk management and control.
The rise of domestic high-end scientific instruments is just at that time. “Supply chain stability and controllability” is first mentioned in the 14th five year plan: ① adhere to stability and controllability, safety and efficiency, and do a good job in the strategic design and accurate implementation of the supply chain of the pharmaceutical industry chain; ② Make up for the shortcomings of the industrial chain: benchmark the international advanced level, strengthen the support of resource elements, promote the upstream and downstream enterprises and scientific research institutions of the industrial chain to strengthen cooperation, tackle key technical products and make up for the key shortcomings of the industrial chain; ③ Cultivate specialized and special new enterprises: cultivate emerging forces for industrial development and support the development of specialized and special new “little giants” enterprises that focus on subdivided fields, have a high level of specialization and strong innovation ability.
Green, healthy and sustainable development of API. The 14th five year plan always emphasizes the green development of API industry, and points out that the current pharmaceutical industry is moving towards a new stage of development, and the problems of green production and layout of API still need to be solved. At the same time, in terms of improving the stability and competitiveness of the industrial chain, the “14th five year plan” puts forward more accurate guidelines for the development trend of API industry: ① further development and growth of characteristic API: accelerate the development of a number of new varieties of characteristic API with great market potential and high technical threshold, as well as new product types such as nucleic acid and polypeptide; ② Promote the development of patented API with cdmo: vigorously develop the contract production business of patented API and promote the extension of API industry to a higher value chain; ③ Give full play to the advantages of forward integration of APIs and preparations: relying on the basis of APIs, create the integration advantages of “APIs + preparations”.
Announcement update of key enterprises in the industry:
Beijing Labtech Instruments Co.Ltd(688056) : the performance express of 2021 was released on the 24th. During the reporting period, the company achieved an operating revenue of 369 million yuan, a year-on-year increase of 5.97%; The net profit attributable to the parent company was 70.1983 million yuan, a year-on-year increase of 7.65%; The non net profit attributable to the parent company was 63.7783 million yuan, a year-on-year increase of 9.33%.
Guangzhou Hexin Instrument Co.Ltd(688622) : the performance express of 2021 was released on the 23rd. During the reporting period, the company achieved an operating revenue of 460 million yuan, a year-on-year increase of 48.48%; The net profit attributable to the parent company was 80.9141 million yuan, a year-on-year increase of 16.50%; The non net profit attributable to the parent deduction was 45.9447 million yuan, a year-on-year decrease of 11.16%.
Sunresin New Materials Co.Ltd Xi’An(300487) : on the 21st, the company announced that it plans to sign a supply contract for adsorption equipment of brine lithium extraction project with Tibet Summit Resources Co.Ltd(600338) , with a total contract price of 650 million yuan, accounting for about 70.45% of the company’s latest audited total operating revenue.
Investment suggestions:
It is suggested to pay attention to Tofflon Science And Technology Group Co.Ltd(300171) , Sensong international, Truking Technology Limited(300358) , Focused Photonics (Hangzhou) Inc(300203) , Zhejiangtailin Bioengineering Co.Ltd(300813) , etc.
Risk tips
Covid-19 epidemic development and change risk, order less than expected risk, R & D less than expected risk, and increased competition risk; Policy supervision risk, etc.
