Pharmaceutical equipment industry research in pharmaceutical industry: domestic substitution space is broad

The core barrier of multi-layer co-extruded film lies in the development, selection and composite process of raw materials, while the barrier of disposable reaction bag lies in the welding process. In addition to raw materials and processes, a stable upstream and downstream supply chain is also crucial. Sartorius, for example, involves many links from the supply of raw materials to the production of final products, and a stable production supply chain is crucial to providing stable quality products. Disposable reaction bag price is higher, according to our grassroots research results, 2000L disposable reaction bag is about 150,000 yuan, 1000L is 70,000 to 80,000 yuan, 500L is 40,000 yuan, 200L is 30,000 yuan, 50L is 10,000 to 20,000 yuan.

3.2 Chromatographic fillers and chromatographic columns: The research and development and production barriers are relatively low, and domestic enterprises are expected to break through quickly

Overseas chromatographic column manufacturers mainly include GE, Millipore, Pall and Repligen and a few other enterprises, and the products can be used in the test stage and mass production stage. In contrast, GE has a wide range of products, a leading position in the world, and the largest market share. The most important qualities of chromatographic columns are reproducibility, life and selectivity, which involves the raw material selection of the column itself, bonding technology, column loading process and factory quality testing and other links, on the whole, the development and production barriers of chromatographic columns are relatively low. Domestic enterprises such as Yuexu Technology, Nano technology (19.200, -0.32, -1.64%) and other enterprises have achieved breakthroughs.

Chromatographic technology is the basic principle of the company's product production, there are two main application areas, respectively, preparative chromatography for industrial separation and purification and analytical chromatography for laboratory analysis and detection. The main application field of preparative chromatography is biomedicine, and the customers are relatively concentrated, and the single production is large. Analytical chromatography has a wide range of applications, so the number of customers is large but the single harvest is small.

It is difficult to develop chromatographic fillers as chromatographic "core". In the downstream production process in the field of biomedicine, because the structure of biomolecules is different, complex and has high requirements for the external environment, so for the R & D capability of enterprises, the requirements are extremely high. At present, the main evaluation indicators for the performance of chromatographic fillers are morphology, structure, particle size and distribution, pore size and distribution, material composition and surface functional groups.

4 Stones from Other mountains: From the growth path of Sartorius to see the core competitiveness of pharmaceutical machinery enterprises

4.1 Sartorius

Century-old pharmaceutical machinery supplier: Sartoris is the world's famous pharmaceutical machinery supplier, the company was founded in 1870, the earliest production and sales of short-arm analytical balance, the 20th century 70 years, gradually into the pharmaceutical machinery industry, through the continuous extension of the acquisition, has now become a biopharmaceutical whole process equipment supplies supplier.

Operating income and net profit entered the accelerated growth channel: Sartorius operating income increased from 6 billion yuan in 2011 to 18.74 billion yuan in 2020, with a compound growth rate of 15.5%; Net profit increased from 340 million yuan in 2011 to 1.82 billion yuan in 2020, with a compound growth rate of 20.5%. Beginning in 2018, with the gradual acceleration of the global biologics market, as well as the gradual advancement of the company's globalization strategy, coupled with the accelerated promotion of one-time reaction system applications, the company's revenue and profits have entered an accelerated growth state, 2020 revenue growth rate of more than 30%, profit growth rate of more than 45%, is expected to maintain rapid growth in the next 2-3 years.

The company's products cover the whole process of pharmaceutical process: the company's business mainly includes biological process solutions and laboratory products and services. The biological process solutions segment mainly includes filtration, fermentation, cell culture, purification, storage and other products. The laboratory products and services mainly include instruments and consumables for laboratories in the pharmaceutical industry, and provide related services.

The two business segments are moving in tandem, with significant growth in bioprocess solutions: The company's two main businesses are carried out by two subsidiaries, Sartorius Stedim Biotech S.A, which is mainly engaged in biological process solutions, and Sartorius Lab Holding GmbH, which is mainly engaged in laboratory products and services. From the revenue side, the company's two major businesses show a parallel trend, including biological process solutions segment from 550 million euros in 2013 to 1.78 billion euros in 2020, with a compound growth rate of 18.3%, laboratory products and services segment from 270 million euros in 2013 to 550 million euros in 2020. The compound growth rate was 10.7%.