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There are great opportunities in the field of polypeptide cro and generic API.

We believe that polypeptide cro has great development opportunities, and Chinese enterprises are becoming the world manufacturing center by virtue of their cost advantages; while the generic API field needs to be treated dialectically. According to our analysis model, we believe that enkephalin, bivalirudin and kepasone are the largest API varieties in the near future. Among the three, the competitive structure of kepasone is the best and the scale is large.

Patent medicine CMO is still monopolized by European and American countries, and the short-term pattern is difficult to change.

CMO is the most profitable part of the whole peptide API, which is about 580 million US dollars. European and American enterprises are in a monopoly position by virtue of policies and regulations, customer relations and rich experience in new drug projects. Domestic enterprises can follow the example of boten and gradually cut into the field of patent medicine CMO through a certain link of OEM industry chain.

Investment strategy.

We believe that Chinese enterprises have obvious competitive advantages in cro field. We suggest that we should pay attention to Hanyu Pharmaceutical (300199), which has customer peptide business, and Tianma Jinghua (002453), which provides amino acid raw materials. In the field of generic pharmaceutical raw materials, the scale of the industry is limited by the drug dosage and the number of generic drug users, and there are few varieties in scale, It is suggested that we should actively track the export of ketazone API; in the field of patent medicine CMO, the market space is large, but the short-term pattern is difficult to change. It is suggested to pay attention to Shuangcheng pharmaceutical industry (002693) which has OEM cooperation with American Ambio.

Risk tips.

  1. Macroeconomic fluctuations 2. Vicious competition among Indian enterprises 3. Technological breakthroughs (such as fermentation technology).