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RDC引领核药行业快速崛起,开启诊疗一体化时代
China Post Securities·2025-07-04 11:38

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Viewpoints - The nuclear medicine market is expected to grow significantly, with a projected global market size of USD 10.65 billion in 2023, reaching USD 31.44 billion by 2033, indicating a compound annual growth rate (CAGR) of 11.45% from 2024 to 2033 [4][19]. - The rise of Radionuclide Drug Conjugates (RDC) is a key driver for the nuclear medicine industry, with notable products like Pluvicto showing strong sales performance, achieving USD 1.392 billion in revenue in 2024, a 42% increase [19][22]. - China's nuclear medicine market is expected to grow from CNY 22 billion in 2017 to CNY 93 billion by 2025, with a CAGR of 32.4%, and further to CNY 260 billion by 2030, maintaining a high growth rate of 22.7% [26][28]. Summary by Sections Industry Overview - The closing index for the industry is 7754.01, with a 52-week high of 8490.25 and a low of 6070.89 [1]. Market Dynamics - The nuclear medicine sector is characterized by high barriers to entry and strong regulatory oversight, with significant advantages for companies with a comprehensive industry chain layout [6][29]. - The domestic nuclear medicine application level is significantly lower than that of developed countries, with a market primarily composed of traditional generic nuclear drugs [5][24]. Key Companies and Financial Projections - China Isotope & Radiation Corporation (1763.HK) and East China Pharmaceutical (002675.SZ) are leading players in the market, with extensive nuclear pharmacy networks and product pipelines [49][50]. - The financial performance of key companies indicates a robust growth trajectory, with China Isotope achieving a revenue of CNY 75.75 billion in 2024, and East China Pharmaceutical reporting CNY 10.12 billion in nuclear medicine revenue [49][50]. Regulatory Environment - Recent policies have been implemented to promote the development of the nuclear medicine industry, including the "Long-term Development Plan for Medical Isotopes (2021-2035)" which aims to enhance technology research and industry growth [26][27]. Future Outlook - The increasing focus on nuclear medicine, particularly in the context of precision therapy, is expected to drive further investment and innovation in the sector, with more domestic products anticipated to enter the market [19][24].