China's pharmaceutical equipment industry has ushered in a new round of rapid development
At present, China's pharmaceutical equipment industry has ushered in a stage of rapid development, and the industry has broad growth space: 1) China's pharmaceutical machinery industry has large import substitution space, and the localization rate of biological pharmaceutical equipment is less than 20%. After years of accumulation, Chinese pharmaceutical machinery enterprises have gradually achieved technological breakthroughs and are expected to continue to replace the market share of imported products in the future. On the other hand, Chinese pharmaceutical machinery enterprises have significant product price advantages and are expected to quickly open the international market in the future. 2) China's pharmaceutical industry has ushered in a new round of fixed asset investment cycle since the end of 2019, driving the development of China's pharmaceutical machinery industry. 3) China's biopharmaceuticals have entered the outbreak stage, the investment in related fixed assets has continued to accelerate, and the scale of biopharmaceutical front-end equipment is close to 20 billion yuan, which has become a new growth point for the development of pharmaceutical machinery industry.
Equipment consumables: Chinese enterprises have made breakthroughs in the field of equipment consumables, and the import substitution can be expected
The R & D and production equipment of biological drugs are complex. On the whole, the barriers of reactors, liquid distribution systems and separation and purification systems of stainless steel system are low. The relevant technologies of Chinese enterprises are relatively mature. The product strength has been verified in the production of covid-19 vaccine, but some key consumables such as ultrafiltration membrane still need to be imported. In the field of disposable reaction system equipment, Chinese enterprises have gradually made breakthroughs. The key barrier of disposable reaction system is disposable reaction bag. At present, Chinese enterprises are still in the initial stage.
Biopharmaceutical consumables mainly include fillers and disposable reaction bags. The Chinese market is basically monopolized by overseas enterprises. At present, Chinese enterprises have emerged Suzhou Nanomicro Technology Co.Ltd(688690) , and Jiangsu Bosheng (membrane), Lechun biology and other disposable reaction bags have emerged in the field of fillers. From the perspective of localization, the substitution rate of biological consumables is about 10 billion yuan, and the overall market is about 10 billion yuan in the future.
Stone from another mountain: viewing the core competitiveness of pharmaceutical machinery enterprises from the growth path of saidoris
Sedolis is a global leading enterprise in biopharmaceutical equipment, which can provide the whole process equipment from R & D to production. Throughout its 150 years of development, sedolis has continuously expanded its product line through extensive acquisition and independent research and development, accelerated its global layout, and finally grew into an international pharmaceutical equipment leading enterprise with an annual income of more than 2 billion euros, with a market value of more than 20 billion euros.
Referring to the development history and experience of saidoris, we believe that we should closely follow the development of pharmaceutical technology and constantly launch new equipment; Enrich product types and enhance the ability to provide integrated equipment; Realizing international layout and enjoying the broad global market are the inevitable trend of the development of Chinese pharmaceutical machinery enterprises, and they are also the key to casting competitiveness.
Investment advice
The UVL incident highlights the importance of independent control of the industrial chain. Affected by this incident, the import substitution process of China's biopharmaceutical industrial chain is expected to accelerate, which is good for China's pharmaceutical equipment enterprises. It is recommended to arrange Truking Technology Limited(300358) , Tofflon Science And Technology Group Co.Ltd(300171) and Suzhou Nanomicro Technology Co.Ltd(688690) , the leaders of Chinese pharmaceutical machinery industry, and it is recommended to pay attention to Shinva Medical Instrument Co.Ltd(600587) , Zhejiang Canaan Technology Limited(300412) , Zhejiangtailin Bioengineering Co.Ltd(300813) , Sensong international and Aoxing life technology.
Risk tips
Industry competition intensifies risks, product R & D is less than expected risks, product price reduction risks, and other pharmaceutical industry policy risks.
