药用玻璃行业报告：中硼硅药玻行业持续扩容，国产厂家快速放量

Investment Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical glass industry [1] Core Insights - The pharmaceutical packaging materials in China have a significantly lower value proportion compared to developed countries, indicating substantial growth potential for the pharmaceutical glass industry [3][17] - The demand for pharmaceutical glass is expected to grow steadily due to rigid medical expenditures and an aging population, with a projected CAGR of 3.8% over the next five years [3][35] - The penetration rate of borosilicate glass in China is currently low, at about 7-8%, but is expected to increase significantly as the industry transitions from lower-grade glass types [3][34] Summary by Sections 01: Low Value Proportion of Pharmaceutical Packaging Materials - The production value of China's pharmaceutical packaging industry accounts for over 10% of the total packaging industry, but it still lags behind developed countries where it exceeds 30% [3][17] - In 2021, the market size of pharmaceutical glass reached 28.6 billion yuan, with a CAGR of 13% from 2017 to 2021 [3][17] 02: Demand Side: Policies Promoting Borosilicate Glass Replacement - The consistency evaluation policy requires that the packaging materials for generic drugs meet or exceed the standards of reference formulations, which predominantly use borosilicate glass [3][42] - The national centralized procurement has led to an increase in the adoption of borosilicate packaging materials, with injection drugs making up 60% of the latest procurement batch [3][42] - The association review system increases the cost for downstream clients to switch suppliers, thereby enhancing industry concentration [3][42] 03: Supply Side: Competitive Landscape of Borosilicate Glass Molding Bottles - The market for borosilicate molded bottles is characterized by fewer A-class qualified manufacturers, leading to a more favorable competitive environment [3][79] - Major companies like Shandong Pharmaceutical Glass and Linuo Pharmaceutical are expanding their production capacities significantly, indicating a robust market demand [3][79] - The current production capacity for borosilicate molded bottles is projected to be insufficient to meet the anticipated market demand of 7.4 billion units by 2027 [3][79] 04: Stock Recommendations - The report continues to recommend Shandong Pharmaceutical Glass and highlights Linuo Pharmaceutical and Zhengchuan Co., Ltd. as key companies to watch in the industry [3][80]