医药生物行业定期报告：中硼硅药用玻璃产业趋势向好，成长天花板有望打开

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Viewpoints - The trend for the borosilicate pharmaceutical glass industry is positive, with potential for growth ceilings to be lifted. The market size for pharmaceutical glass in China reached 35 billion yuan in 2023, with a penetration rate of only 15% for borosilicate glass packaging, indicating significant room for growth compared to international standards [4][24][26] - The demand side is driven by the consistency evaluation of injectable drugs initiated in 2020, which has accelerated the replacement process of borosilicate glass. The number of injectable drugs passing consistency evaluations and those included in national procurement has significantly increased, suggesting a continued expansion of the borosilicate market [4][27][33] - On the supply side, the competition for molded bottles is concentrated, while the competition for tubular bottles is relatively dispersed. Leading companies have advantages in process optimization and economies of scale, which are expected to enhance market concentration [4][40] - The current prices of key raw materials such as soda ash and boric acid are at relatively low levels, which is expected to improve the profitability of companies in the sector. Additionally, overseas expansion presents new growth opportunities for relevant enterprises [4][45] Summary by Sections 1. Pharmaceutical Glass Industry Trends - The borosilicate glass market in China is projected to grow significantly, with a CAGR of 8.5% from 2023 to 2026, reaching an estimated market size of 44.2 billion yuan by 2026 [24] - The penetration rate of borosilicate glass in China is currently at 15.4%, with potential to reach 30-40% in the medium to long term [26] 2. Demand Drivers - The consistency evaluation and national procurement policies are expected to continuously release demand for borosilicate glass. The number of injectable drugs undergoing consistency evaluations has reached a historical high, with 45% of the applications being injectable drugs [27][33] 3. Supply Dynamics - The competition for molded borosilicate bottles is concentrated among a few key players, while the tubular bottle market is more fragmented. The number of A-class certified manufacturers for molded bottles is limited, indicating a concentrated competitive landscape [40] 4. Market Performance and Recommendations - The report suggests focusing on leading companies such as Linuo and Shandong Pharmaceutical Glass, which are well-positioned to benefit from the favorable market conditions and policy support [46][47] - The report highlights the importance of innovation, recovery, and policy support as the three main investment themes for the pharmaceutical sector in 2025 [4]