In the past year, dozens of mergers and acquisitions, innovative technologies and capital alliances have been launched in the IVD field worldwide, and the upstream and downstream chains of the industry have gradually opened up. The broad market space and high-speed growth of the IVD industry have been highly favored by the capital market. In the hot environment, where are the growth points and investment hotspots of the IVD industry? Recently, the 4th China IVD Industry Investment and M&A CEO Forum, Yu Wenxin, chief analyst of Haitong Securities, said that the IVD industry actually entered the capital market is relatively late. The rise of this industry should be ushered in after 2010. The relatively large development, especially after 13 years, after the government's new medical reform was invested 850 billion yuan, the pharmaceutical companies broke out in those years. It coincided with 13 years of encouraging medical services, IVD, etc., which led to 13 years of capital market, the industry has ushered in a new round of vigorous development opportunities, and companies continue to land in the capital market, and the growth is very fast, so IVD becomes A very hot sector of the capital market. The growth of China's IVD industry is definitely higher than the global level. The overall size of the IVD market is between 60 million and 70 billion. The overall terminal market is around 140-150 billion, with an industry growth rate of 20% year-on-year, which is higher than the global level. In the long run, we are very optimistic about the future development of the IVD industry, including urbanization, aging, and various new technological advancements. In the next three to five years, the IVD industry will still be able to maintain a rapid growth of 15-20%. At present, the market structure of IVD, foreign-funded enterprises occupy an absolute advantage, the international market is currently 4+X pattern, including Roche's top four companies accounted for a very high proportion, like Roche accounted for nearly 20% of the world. In terms of the Chinese market, foreign brands currently occupy a very dominant position. The number of companies with annual sales of over 100 million yuan should be around 30, including the import substitution space currently reserved for the domestic market is very large. At present, according to the subdivided categories, they are divided into biochemical, immunological, microbiological, molecular diagnostic, and POCT. Many of these five categories have already or are about to land in the capital market. Companies that have already landed in the capital market are familiar with each other, including the recently listed China. Big, Berry and Kang are all very fast. Some companies that used to be old are also sneaking into these areas. As we all know now, we are most optimistic about the three areas of chemiluminescence and molecular diagnosis, including POCT. The competition in the traditional biochemical field is very fierce, basically the state of the Red Sea, so the valuation that the capital market may give is relatively Lower. Current trends in the IVD industry For the current trend of industry development, from technology to market, from the market to technology. In fact, the development of the entire POCT domestic enterprise began with biochemical and enzymatic immune diagnosis and quickly occupied the domestic blank market. With the advancement of technology and the rapid development of various companies, the domestic molecular diagnosis has undergone a great expansion, but the problem is that the core sequencing equipment and sequencer still need to be imported. Therefore, at present, we believe that for large IVD companies, it is not like medicine. A large pharmaceutical company can sell 2 billion yuan and 5 billion yuan, but it is difficult for IVD companies to do so. The industry is different, it determines the IVD company we see, the capital side always hopes that you can launch new products very quickly, the old generation products are iterative and technical upgrade. Therefore, this will not be the same as the investment strategy of a traditional pharmaceutical company. Therefore, a moat sold by a pharmaceutical company is particularly important. For IVD companies, sales are relatively less focused. Many companies are agents. We are most interested in the speed of technology replacement and update. One of the development trends of technology is the automation and closure of biochemical immunity, especially the path adopted by many foreign-funded enterprises. It also forces many domestic enterprises to move toward this path, especially the closure of equipment, including Roche, etc. Many companies make open-ended The shortened platform cycle makes the competition pattern very fierce, which is also a big challenge for us. In fact, the technical barriers of the entire industry have been rising, and we have seen many companies have made a lot of layouts in this regard. The second is that inspections are increasingly demanding high precision and low cost. Whether in the traditional field or in the field of gene sequencing, we are increasingly demanding precision. While meeting the accuracy, the hospital is reducing costs, and the company is also developing new products to achieve this goal, which can quickly detect and meet the requirements. In the past two years, the special fire in the capital market has been in the field of circulation, especially in the field of IVD circulation, and the concentration has increased rapidly. At present, the competition in this field has just begun. We have listed many mergers and acquisitions in the capital market over the past year and more, and they all exist in this field. To sum up, the whole high-value consumables and IVD circulation, its industrial characteristics are very similar, just like high-value consumables. There are three common characteristics of high-value consumables and IVD preparations, which are high profit margins, high industry concentration, and large capital requirements. At the same time, it also brought a lot of challenges, including the accounting period, which is very stressful. Recently, we have investigated a lot of companies that are doing well in the pharmaceutical field, and clearly stated that we should not enter this field, it is too dirty, and the billing period is too Long, so many big companies are not willing to touch this one now. But this objectively also gives many SMEs the opportunity to cut into the IVD that large companies are not willing to do, including the integration of medical devices. After 14 years and 15 years, many companies have done this, and many companies like Runda have also cut into this field. In the future, since the beginning of the 13 years, there have not been as strong companies in the pharmaceutical field as the first-line state-owned companies, including many private companies that have seized the trend of IVD and medical device distribution integration, so a large number of companies began to deploy in the circulation field. After the two-vote system, we saw changes in industry trends. We think this may be an event that has a huge impact on the IVD industry. Compared with drugs, there is still much room for improvement in the overall high-value consumables and IVD concentration. The top three market share in the pharmaceutical industry accounts for 32%, but for the IVD industry, the first few at least look from now on. The relatively large state control, Runkang, Runda, Dean, these companies add up to about 10% of the market share, so the market upgrade rate is still very large, especially the current two-vote system implementation, objectively Bringing opportunities to the industry. But at the same time it also brought challenges. The challenge is divided into two parts. The first is the challenge of the production enterprise. We tracked some companies in the first half of the year. First, the companies that opened the company and took the agency approach, the performance has shrunk to varying degrees, or It is the decline in growth rate. However, in fact, there has not been much change in business operations. It is true that the two-vote system has an impact on low-opening companies. The second is that for a large number of listed companies that are currently cutting into this integration, because of the big trend of the whole market, the regulations for increasing and reducing the holdings, such a regulation will make it difficult for companies to integrate money, because these enterprises need more money and circulation. The enterprise is the most expensive enterprise in this industry. If you want to cut into the IVD, the circulation period is very long, and the requirements for capital and profit rate are very large. At present, the entire new policy of fixed growth, the market is not expected to adopt a large number of equity financing channels as before, and more ways to adopt debt financing are very challenging for the company's financing ability, so the impact on these companies is still very large. of. The current product richness is improving. It is very obvious that in the IVD industry, in order to cope with the trend of technology-side inspection automation and closure, major listed companies, such as Kehua, Mike, Antu, and Diru, continue to supplement IVD categories through mergers and acquisitions. Improve the abundance of IVD products and prepare for the development of inspection line products. The quality requirements of the products are gradually improved, and the consistency evaluation of the inspection is expected to be launched. Because medicines are in full swing in the capital market, the current implementation of the SFDA is extremely strong, never lower than expected, basically every Friday is policy time. Therefore, we believe that many policies and regulations have been continuously copied into the IVD industry, both in the pharmaceutical industry and in the integration of distribution companies. Therefore, we believe that in the future of this industry, no matter for production companies or sales companies, everyone faces great challenges and opportunities. Future investment hotspots in the IVD industry For the future investment hotspots of the IVD industry, from the perspective of the capital market, we believe that the traditional diagnostic field is now a process of comparing the Red Sea. We believe that many non-listed companies have no chance, and the technology in the field of innovation is still the core of the king. Including the company that originally made the production company, at present, in order to control the channel itself, it is also carrying out many channels of acquisition. But the attitude of the capital market to this matter is more subtle, because the uniqueness and scarcity of any capital market is a very important indicator of your high valuation, and of course the high growth of the product. These companies that make channels enjoy a relatively high valuation. When everyone goes up and sells to drive the company’s performance growth, the market will give these markets a lower valuation in the future, until you prove it in the channel. You have a very strong moat. No company can do anything. When we look at a company, we still focus on seeing what is the core competitiveness of this enterprise. What is its moat? At least for now, capital markets are increasingly biased towards innovative technology-based companies. If you have continuous R&D or product development capabilities, we will give you a relatively high valuation. Therefore, we believe that at present, especially in terms of innovative technologies, in the two fields of molecular and immunodiagnosis, we feel that there are a large number of technological innovations that can be developed and expanded. In fact, they are mainly based on clinical needs and can be more accurate, faster and lower. Patient services, such companies will get very high attention from the capital market. At present, from the revenue of 12 listed companies IVD, it is indeed strong and strong. In terms of equipment, IVD is still very dependent on foreign-funded enterprises. This import channel has a huge space. Therefore, there are very good companies in the R&D side of the reagents, but it is more optimistic about companies with R&D capabilities. Investing in the field of IVD, testing new medical technology and new projects. New technologies in the IVD field are emerging one after another. New technologies have always been the subject of investment in the industry. One of the core drivers of industry growth is the continuous listing of new technologies and new products. Finally, regardless of the secondary market or the current primary market investment, although the pharmaceutical stocks are better than the 50, the fact that in the past, the investment in pharmaceutical stocks has been said to buy growth instead of buying cheap, and to grasp the trend of the industry. Upward sub-areas, including the current biochemistry, have entered the stage of comparing the Red Sea. However, looking at the next 3-5 years, I believe that the core of investment in pharmaceutical stocks is whether the products and technologies, channels and moats are deep enough to maintain the high growth of the company's performance in the trend-oriented segment, which can be determined at present. The era of storytelling has passed, and the capital market is very fond of the moat that is very deep in product development and sales technology. Therefore, for the investment in the in vitro diagnostic industry, the first point is to grasp the trend-oriented segmentation. The second point of investment, the company's core competitiveness is a group of core members of the company's management, a good entrepreneur may give the company the entire market value, including the entire team can increase by 20% to 30%. The third point is that a good company buys a reasonable valuation, like the US 50 has also experienced a long decline, because any valuation is too high when the capital is fearful. Therefore, for the entire IVD industry, whether it is from the primary market or the secondary market, the current valuation has cooled down, but it has not yet fallen to a particularly cheap time. In the future, with more market-competitive and better-looking companies, including the more outstanding companies such as Huada, Berry and Kang, which we just talked about, we believe that the industry investment will be hot again. But in the next 3-5 years, the core is still the growth of the company. Can it match the valuation of your company? I believe that companies with such competitiveness will definitely bring good returns to investors. Source: SUNLAND Shanlan Capital (WeChat SUNLAND20162015)
Hologram Labels & Stickers which symbolizes the originality of a brand.
The hologram labels can be in different thickness inclue 25#,36#,50# or 80gsm/150gsm as customized. The purpose of using a hologram is for Anti-counterfeit and Brand protection.
Hologram labels,Hologram labels for food,Hologram labels for fruits,2D laser labels,3D laser labels Wenzhou Haoshi Light Industrial Products Co., LTD , https://www.economicseals.com
The hologram labels are produced by using premium grade materials and advanced printing techniques. The hologram labels has appealing appearance and offer security protection to the brand.
The Hologram labels are provided with unique identity eradicating the possibility of duplicity and imitation of the novel brand.
We produce the Hologram labels and stickers in customized designs, shapes, colors and patterns according to the requirements of our customers.
Two major trends in the future development of IVD industry technology and analysis of investment hotspots
:2017-07-18