医药生物——合成生物学——未来已来,开启“造物”时代
（以下内容从天风证券《医药生物——合成生物学——未来已来,开启“造物”时代》研报附件原文摘录）
China Biopharmaceuticals 医药生物—— 合成生物学：未来已来，开启“造物”时代 Biosynthetics: the future has arrived – the era of ‘creation’ 投资要点/Investment Thesis 投资要点/Investment Thesis -合成生物学为何值得关注？ -合成生物学对于全球可持续发展至关重要：合成生物学按照特定目标理性设计、改造乃至从头重新合成生物体系，用以解决人类食品缺乏、能源紧缺、环境污染、医疗健康等各方面的问题，对于全球可持续发展至关重要，根据 CB Insights 分析数据显示，预计到 2024 年合成生物学市场规模将达 189 亿美元，2019-2024年复合增长率达28.8%。 -合成生物制造过程兼具绿色环保与降本增效优势：生物技术的应用可以降低工业过程能耗15-80%，原料消耗35%-75%，减少空气污染50%-90%，水污染33%-80%。据世界自然基金会（WWF）预估，到2030年工业生物技术每年将可降低10 亿至 25 亿吨二氧化碳排放。 -深受各国政府普遍重视：欧盟在《面向生物经济的欧洲化学工业路线图》中提出，在2030年将生物基产品或可再生原料替代份额增加到25%的发展目标；2020年国家发改委在《关于扩大战略性新兴产业投资培育壮大新增长点增长极的指导意见》中提出支持合成生物学技术创新中心建设。 Why does biosynthetics deserve our attention? -Biosynthetics are crucial to sustainable global development: biosynthetics logically design, transform and even resynthesize biological systems toward targeted objectives to resolve problems such as food and energy shortages, environmental pollution and health. They are critical to sustain global growth. According to CB Insights data analysis, the biosynthetics market could reach USD18.9bn by 2024E, implying a CAGR of 28.8% over 2019-24E. -The biosynthetic manufacturing process has the advantages that include environmental protection, lower cost and higher efficiency: biotechnology applications could reduce industrial process energy consumption by 15-80%, raw material consumption by 35-75%, air pollution by 50-90% and water pollution by 33-80%. The World Wildlife Fund (WWF) estimates that the use of biotechnology could reduce industrial carbon dioxide emissions by 1bn-2.5bn tpa by 2030E. -Global governments’ buy-in: the European Union has set a goal to increase the proportion of bio-based products or renewable raw materials substitution to 25% in 2030, based on its Roadmap for the Chemical Industry in Europe Toward a Bio-economy. Its action plan calls for investments into strategic emerging industries to raise new growth markets to support the construction of biosynthetic technology innovation centers. 为何现阶段关注合成生物学？ -多领域产品+多家公司上市：合成生物学概念提出20年来，伴随着生物学、生物信息学、计算机科学、化学等学科快速发展，实现从简单基因线路设计到基因组合成，多领域产品成功上市、以及过去一年内全球5家公司上市预示着合成生物学迎来新发展阶段。 -先进技术推动行业快速发展：高效基因组编辑技术与DNA合成技术是合成生物学核心使能技术，CRISPR技术于2020年获得诺贝尔奖，芯片合成技术实现高通量基因合成，核心技术迭代更新带来合成生物学行业加速发展。 -单季度融资创历史新高：2021年合成生物学一级市场投资热度显著上升，2021年Q1和Q2投资额快速提升，2021Q3全球合成生物相关企业融资额创单季度历史新高，投资金额高达61亿美元，比前期历史记录提高33%。从历年合成生物学投资变化可以看出，2021年已成为合成生物学领域最景气一年，有望开启合成生物学研究和发展元年。 Why focus on biosynthetics at this stage? -Multi-sector products and listing of companies: the concept of biosynthetics was proposed 20 years ago. Since then, rapid developments in biology, bioinformatics, computing, chemistry and other disciplines have led to the launch of products across multiple industries: from simple gene circuit design to gene synthesis. The listing of five global companies in the past year heralds a new stage of growth for biosynthetics. -Advanced technology spur: efficient genome editing and DNA synthesis technologies are at the core of biosynthetics. CRISPR technology won the Nobel Prize in 2020 and chip synthesis technology achieved high-throughput gene synthesis, with iterative updates of core technologies accelerating the progress of the biosynthetics industry. -Record single-quarter financing: primary market investments in biosynthetics increased significantly in 2021, increasing rapidly in 1Q and 2Q. In 3Q21, global biosynthetic companies raised record funding for a single quarter at USD6.1bn, an increase of 33% over the previous record. Tracking the changes in biosynthetic investments over the years, we see that 2021 has been the most prosperous year in the biosynthetics industry, so we expect this to be the first year of its R&D era. 哪些合成生物学公司值得关注？ -从产业链上下游角度来划分，上游为各类技术赋能公司，下游为各类产品应用型公司。 -技术赋能公司：为合成生物学行业提供关键的技术及产品支持，例如DNA测序、合成、基因编辑、生物信息学，以及菌株构建等生物合成所必须的生产资料与技术能力。产品应用公司：产业型企业核心能力除了主营产品所涉及的菌种和基因等技术能力以外，还包括产业化生产和商业推广能力，涵盖工业化学品、医疗、食品、材料以及化妆品/护肤品等多个领域。 Which biosynthetic companies are worth watching? -Supply chain markets: the upstream market is marked by a variety of technological empowerment companies while the downstream hosts different kinds of product application companies. -Technological empowerment companies: provide key technical and product support for the biosynthetics industry, such as DNA sequencing, synthesis, gene editing, bioinformatics and strain construction and other production materials and technical capabilities necessary for biosynthesis. Product application companies: in addition to technical capabilities in the bacteria and genes related to the main products, their core capabilities include industrial and commercial capabilities, covering industrial chemicals, medical care, food, materials and cosmetics/skin care products. 投资建议 / Investment Ideas 从投资角度来看： 对于产品应用公司来说，①首先需要重点考虑核心产品所在细分领域的市场空间，以及产品性能、成本等核心竞争优势；②其次需要判断公司是否具备核心技术与持续研发能力；③最后也需要关注公司的产业化生产与经营能力，是否具备稳定生产能力以及强大市场推广能力。 对于技术赋能公司来说，领先的技术能力与先进的技术平台是其核心竞争力，①一方面可重点关注其核心技术的应用广度与成功应用的产品案例，②另外一方面也要持续关注其技术平台的迭代研发能力。 Investment strategy For product application companies: 1) We would focus on the core products’ market segment potential, as well as their core competitive advantages in product performance and cost. 2) We would gauge the companies’ core technologies capability and R&D sustainability. 3) We would also monitor a company‘s industrialized production and management capabilities, whether it has stable production capabilities and strong market promotion capabilities. For technology empowerment companies, key competitive factors are tech leadership and advanced technology platforms: 1) Focus on the application breadth of their core technologies and the extent of their product application success. 2) Monitor the iterative R&D capability of their technology platforms. 建议关注：华东医药，金斯瑞生物科技（H），凯赛生物，华恒生物，嘉必优、弈柯莱（拟上市）、川宁生物（拟上市） Stock ideas: Huadong Medicine (000963 CH, BUY), Genscript Biotech Corporation (1548 HK, BUY), Anhui Huaheng Biotechnology (688639 CH, BUY), Cabio Biotech (Wuhan) (688089 CH, BUY) Other companies (not rated): Cathay Biotech (688065 CH) 风险提示：产品销售不及预期风险；产品开发及技术迭代不及预期风险；菌种泄露风险；市场竞争加剧风险。 Risks include: weaker product sales than expected; weaker product development and technology iteration than expected; bacteria leakage; and intensifying competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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China Biopharmaceuticals 医药生物—— 合成生物学：未来已来，开启“造物”时代 Biosynthetics: the future has arrived – the era of ‘creation’ 投资要点/Investment Thesis 投资要点/Investment Thesis -合成生物学为何值得关注？ -合成生物学对于全球可持续发展至关重要：合成生物学按照特定目标理性设计、改造乃至从头重新合成生物体系，用以解决人类食品缺乏、能源紧缺、环境污染、医疗健康等各方面的问题，对于全球可持续发展至关重要，根据 CB Insights 分析数据显示，预计到 2024 年合成生物学市场规模将达 189 亿美元，2019-2024年复合增长率达28.8%。 -合成生物制造过程兼具绿色环保与降本增效优势：生物技术的应用可以降低工业过程能耗15-80%，原料消耗35%-75%，减少空气污染50%-90%，水污染33%-80%。据世界自然基金会（WWF）预估，到2030年工业生物技术每年将可降低10 亿至 25 亿吨二氧化碳排放。 -深受各国政府普遍重视：欧盟在《面向生物经济的欧洲化学工业路线图》中提出，在2030年将生物基产品或可再生原料替代份额增加到25%的发展目标；2020年国家发改委在《关于扩大战略性新兴产业投资培育壮大新增长点增长极的指导意见》中提出支持合成生物学技术创新中心建设。 Why does biosynthetics deserve our attention? -Biosynthetics are crucial to sustainable global development: biosynthetics logically design, transform and even resynthesize biological systems toward targeted objectives to resolve problems such as food and energy shortages, environmental pollution and health. They are critical to sustain global growth. According to CB Insights data analysis, the biosynthetics market could reach USD18.9bn by 2024E, implying a CAGR of 28.8% over 2019-24E. -The biosynthetic manufacturing process has the advantages that include environmental protection, lower cost and higher efficiency: biotechnology applications could reduce industrial process energy consumption by 15-80%, raw material consumption by 35-75%, air pollution by 50-90% and water pollution by 33-80%. The World Wildlife Fund (WWF) estimates that the use of biotechnology could reduce industrial carbon dioxide emissions by 1bn-2.5bn tpa by 2030E. -Global governments’ buy-in: the European Union has set a goal to increase the proportion of bio-based products or renewable raw materials substitution to 25% in 2030, based on its Roadmap for the Chemical Industry in Europe Toward a Bio-economy. Its action plan calls for investments into strategic emerging industries to raise new growth markets to support the construction of biosynthetic technology innovation centers. 为何现阶段关注合成生物学？ -多领域产品+多家公司上市：合成生物学概念提出20年来，伴随着生物学、生物信息学、计算机科学、化学等学科快速发展，实现从简单基因线路设计到基因组合成，多领域产品成功上市、以及过去一年内全球5家公司上市预示着合成生物学迎来新发展阶段。 -先进技术推动行业快速发展：高效基因组编辑技术与DNA合成技术是合成生物学核心使能技术，CRISPR技术于2020年获得诺贝尔奖，芯片合成技术实现高通量基因合成，核心技术迭代更新带来合成生物学行业加速发展。 -单季度融资创历史新高：2021年合成生物学一级市场投资热度显著上升，2021年Q1和Q2投资额快速提升，2021Q3全球合成生物相关企业融资额创单季度历史新高，投资金额高达61亿美元，比前期历史记录提高33%。从历年合成生物学投资变化可以看出，2021年已成为合成生物学领域最景气一年，有望开启合成生物学研究和发展元年。 Why focus on biosynthetics at this stage? -Multi-sector products and listing of companies: the concept of biosynthetics was proposed 20 years ago. Since then, rapid developments in biology, bioinformatics, computing, chemistry and other disciplines have led to the launch of products across multiple industries: from simple gene circuit design to gene synthesis. The listing of five global companies in the past year heralds a new stage of growth for biosynthetics. -Advanced technology spur: efficient genome editing and DNA synthesis technologies are at the core of biosynthetics. CRISPR technology won the Nobel Prize in 2020 and chip synthesis technology achieved high-throughput gene synthesis, with iterative updates of core technologies accelerating the progress of the biosynthetics industry. -Record single-quarter financing: primary market investments in biosynthetics increased significantly in 2021, increasing rapidly in 1Q and 2Q. In 3Q21, global biosynthetic companies raised record funding for a single quarter at USD6.1bn, an increase of 33% over the previous record. Tracking the changes in biosynthetic investments over the years, we see that 2021 has been the most prosperous year in the biosynthetics industry, so we expect this to be the first year of its R&D era. 哪些合成生物学公司值得关注？ -从产业链上下游角度来划分，上游为各类技术赋能公司，下游为各类产品应用型公司。 -技术赋能公司：为合成生物学行业提供关键的技术及产品支持，例如DNA测序、合成、基因编辑、生物信息学，以及菌株构建等生物合成所必须的生产资料与技术能力。产品应用公司：产业型企业核心能力除了主营产品所涉及的菌种和基因等技术能力以外，还包括产业化生产和商业推广能力，涵盖工业化学品、医疗、食品、材料以及化妆品/护肤品等多个领域。 Which biosynthetic companies are worth watching? -Supply chain markets: the upstream market is marked by a variety of technological empowerment companies while the downstream hosts different kinds of product application companies. -Technological empowerment companies: provide key technical and product support for the biosynthetics industry, such as DNA sequencing, synthesis, gene editing, bioinformatics and strain construction and other production materials and technical capabilities necessary for biosynthesis. Product application companies: in addition to technical capabilities in the bacteria and genes related to the main products, their core capabilities include industrial and commercial capabilities, covering industrial chemicals, medical care, food, materials and cosmetics/skin care products. 投资建议 / Investment Ideas 从投资角度来看： 对于产品应用公司来说，①首先需要重点考虑核心产品所在细分领域的市场空间，以及产品性能、成本等核心竞争优势；②其次需要判断公司是否具备核心技术与持续研发能力；③最后也需要关注公司的产业化生产与经营能力，是否具备稳定生产能力以及强大市场推广能力。 对于技术赋能公司来说，领先的技术能力与先进的技术平台是其核心竞争力，①一方面可重点关注其核心技术的应用广度与成功应用的产品案例，②另外一方面也要持续关注其技术平台的迭代研发能力。 Investment strategy For product application companies: 1) We would focus on the core products’ market segment potential, as well as their core competitive advantages in product performance and cost. 2) We would gauge the companies’ core technologies capability and R&D sustainability. 3) We would also monitor a company‘s industrialized production and management capabilities, whether it has stable production capabilities and strong market promotion capabilities. For technology empowerment companies, key competitive factors are tech leadership and advanced technology platforms: 1) Focus on the application breadth of their core technologies and the extent of their product application success. 2) Monitor the iterative R&D capability of their technology platforms. 建议关注：华东医药，金斯瑞生物科技（H），凯赛生物，华恒生物，嘉必优、弈柯莱（拟上市）、川宁生物（拟上市） Stock ideas: Huadong Medicine (000963 CH, BUY), Genscript Biotech Corporation (1548 HK, BUY), Anhui Huaheng Biotechnology (688639 CH, BUY), Cabio Biotech (Wuhan) (688089 CH, BUY) Other companies (not rated): Cathay Biotech (688065 CH) 风险提示：产品销售不及预期风险；产品开发及技术迭代不及预期风险；菌种泄露风险；市场竞争加剧风险。 Risks include: weaker product sales than expected; weaker product development and technology iteration than expected; bacteria leakage; and intensifying competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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Ratings Definitions Investment Ratings Category Description Ratings System Stock investment ratings within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Stock in the same period Buy Expected relative return over stock price above 20% Accumulate Expected relative return over stock price between 10% and 20% Neutral Expected relative return over stock price between -10% and 10% Sell Expected relative return over stock price below -10% Industry investment ratings within 6 months from the report issuance date, increase or decrease relative to the Index of the jurisdiction of the Industry in the same period Outperform Expected increase of industry index over 5% Neutral Expected increase of industry index between -5% and 5% Underperform Expected increase of industry index below -5% Jurisdictions Index Used for Ratings Definitions China Mainland CSI 300 Index China-Hong Kong Hang Seng Index China-Marco Hang Seng Index USA Standard & Poor’s 500 Index Copyright of the publications belong to TFGroup. 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