降脂药行业深度：庞大患者群体，前沿靶点迎来新突破

Investment Rating - The report maintains an "Outperform" rating for the lipid-lowering drug industry [1]. Core Insights - The lipid-lowering drug industry has a large patient population with approximately 100 million individuals suffering from hyperlipidemia, indicating significant unmet medical needs [3][4]. - The current treatment rate for hyperlipidemia in China is low, with traditional statins having limitations, and there is a growing demand for innovative drugs targeting new pathways [4]. - Several innovative drug candidates are expected to catalyze data releases, particularly focusing on advanced targets such as PCSK9, CETP, Lp(a), APOC3, and ANGPTL3 [4]. Summary by Sections Industry Overview - The lipid-lowering industry is characterized by a vast patient base and a substantial market potential, with over 200 million individuals affected by lipid disorders in China [4][9]. - Cardiovascular diseases, primarily atherosclerotic cardiovascular disease (ASCVD), are the leading cause of death in urban and rural residents, accounting for over 40% of mortality [4][8]. Unmet Medical Needs - There is a significant unmet demand in the lipid-lowering sector, as current treatment rates are low and existing medications, particularly statins, have limitations such as intolerance and insufficient LDL-C efficacy [4][10]. - New drug development is focusing on lower lipid targets, earlier intervention, and long-term management [4]. Innovative Drug Development - The report highlights the emergence of multiple innovative drug candidates targeting established and novel pathways, with a strong emphasis on PCSK9 inhibitors and other new targets [4][30]. - The development of new technologies, such as RNA interference and gene editing, is expected to enhance the efficacy of lipid-lowering therapies [32][33]. Investment Recommendations - The report suggests monitoring domestic companies involved in the development of innovative lipid-lowering drugs, including HengRui Medicine, Shijiazhuang Pharmaceutical Group, and others [4]. Market Size and Growth - The market for lipid-lowering drugs in urban public hospitals is projected to reach approximately 84.3 billion yuan in 2023, with rapid growth observed in PCSK9 inhibitors and cholesterol absorption inhibitors [17][21]. - The report provides detailed sales data for leading lipid-lowering drugs, indicating a trend towards newer products gaining market share [20][24].