The opportunity of mRNA industrialization is approaching, and the rise of domestic industrial chain is accelerating
\u3000\u30001. The rise of domestic mRNA and the continuous promotion of clinical approval in China
The layout of patents in mRNA related fields in China continues to accelerate, with the third number of patents in the world, and continues to obtain patent breakthroughs in key fields such as cationic lipids. The layout of domestic mRNA industry chain related companies in the fields of enzymes, uridine raw materials, purified fillers and cdmo is gradually improved, which is expected to achieve rapid industrial development with the clinical promotion of domestic mRNA vaccines or drugs.
\u3000\u30002. Innovative drug industry upgrading to find true innovation
Marked by the promulgation of the principle of clinical value oriented clinical research and development of antitumor drugs in July 2021, the innovative drug industry officially seeks a high-quality development stage, and requires a new generation of innovative drug enterprises to have (1) original innovation ability, (2) globalization and (3) new technology ability.
From the perspective of the number of ind acceptances of Q1 innovative drugs in 2022, the overall number of acceptances increased by 9% year-on-year, and the overall growth rate decreased significantly. Among them, the number of ind acceptances of chemical drugs decreased by 16%, and the number of ind acceptances of biological drugs maintained a high growth, with a year-on-year increase of 42%. Among them, the acceptance number of ADC and stem cell therapy ind increased by 83% and 75% year-on-year. The industry as a whole has developed into emerging innovative drugs with high technical barriers, showing a high-quality development trend.
Investment suggestions:
1) short and medium term: it is suggested to pay attention to the rising opportunity of mRNA industry chain. With the continuous acceleration of clinical progress of domestic mRNA vaccine and the continuous expansion of mRNA technology application, we focus on domestic mRNA vaccine targets with mature pipelines and independent intellectual property rights, such as Cansino Biologics Inc(688185) biology, stone Pharmaceutical Group, etc; At the same time, we recommend domestic mRNA upstream industry chain targets, such as Kingsley Biotechnology (plasmid production), Nanjing Vazyme Biotech Co.Ltd(688105) (enzyme), Jenkem Technology Co.Ltd(688356) (LNP material), Suzhou Nanomicro Technology Co.Ltd(688690) (purification filler), etc.
2) long term: the bottom layout is the leader of the next generation of innovative drugs. At present, the legendary biological cilta cel products of kingship biotechnology subsidiary have been successfully listed in Europe and the United States. Rongchang biological tetasip has carried out phase II Research on the first-line treatment of IgA nephritis in the United States, and Xinda biological orient-15 has carried out global multi center clinical research on the indications of esophageal squamous cell carcinoma. Considering the internationalization of innovative drug enterprises, independent R & D capability, thickness of new pharmaceutical technology pipeline and oversold degree of stock price, we recommend Kingsley biotechnology and pay attention to Rongchang biology and Cinda biology.
