静丙行业深度报告：高景气上行周期方兴未艾，静丙市场仍大有可为

Industry Overview - The intravenous immunoglobulin (IVIG) market is experiencing high growth due to its off-label applications, with global IVIG consumption reaching 253 tons in 2020 and expected to continue rising [1] - In China, IVIG sales in sample hospitals showed a significant growth premium over other blood products, with a 32% YoY increase in Q2 and Q3 2023, compared to 16% for all blood products [1] - The IVIG market in China reached RMB 10.6 billion in 2023, with a CAGR of 13% from 2017 to 2023, driven by strong demand and supply expansion [2] - China's plasma collection exceeded 12,000 tons in 2023, with steady growth expected due to new plasma station approvals [2] Market Dynamics - The global blood product market structure has shifted significantly, with immunoglobulins accounting for nearly 50% of the market in 2018, up from 24% in 1996 [2] - In China, albumin still dominates the blood product market, accounting for over 50% of hospital sales in 2023, while IVIG's share remains relatively low [2] - China's per capita IVIG usage is significantly lower than developed countries, at only 8% of the US level and 18% of Germany's level, indicating substantial growth potential [2] Product Development - Tiantan Biological launched China's first fourth-generation 10% IVIG product in September 2023, marking a significant advancement in domestic IVIG production technology [3] - Fourth-generation IVIG products offer improved safety, efficacy, and faster onset of action compared to third-generation products, with potential to reduce hospitalization time by 60% [3][117] - Multiple Chinese companies are developing fourth-generation IVIG products, with Tiantan Biological and Taibang Biological having already obtained approvals [3][120] Competitive Landscape - Tiantan Biological leads the Chinese IVIG market with a 24.1% market share in 2020, followed by Shanghai RAAS and Hualan Biological [82] - The IVIG market in China remains highly concentrated, with the top five companies accounting for over 70% of the market [82] - Domestic companies are actively expanding their plasma collection networks, with Tiantan Biological operating 80 plasma collection stations as of 2024 [137] Financial Performance - The blood products industry in China is expected to maintain high growth, with IVIG sales projected to reach RMB 13.1 billion in 2024, an 18% YoY increase [123] - Fourth-generation IVIG products are estimated to have a gross margin of 76%, significantly higher than the 53% margin for third-generation products [122] - The overall valuation of China's blood products industry is estimated at RMB 379.7 billion using DCF methodology, with a long-term growth rate assumption of 2% [133] Key Players - Tiantan Biological (600161 SH) maintains its position as the industry leader with 102 plasma collection stations and a 20% share of total plasma collection in China [137] - Hualan Biological (002007 SZ) has a diversified product portfolio, with blood products accounting for 45% of its 2023 revenue [100] - Shanghai RAAS (002252 SZ) focuses on plasma collection and blood product manufacturing, with a strong presence in the eastern China market [99]