SDIC Securities has released a research report indicating that the pharmaceutical equipment industry is experiencing stable growth in scale. The bioprocess sector, driven by rapid advancements in monoclonal antibodies, vaccines, CGT cell and gene therapy, GLP-1 peptides, and synthetic biology, has become a key engine for the industry's expansion. Policy support, growing demand, and market dynamics are collectively propelling domestic pharmaceutical equipment companies into a new wave of growth opportunities, with leading domestic firms poised to benefit. SDIC Securities' key viewpoints are as follows:

The pharmaceutical equipment industry is steadily growing in scale and is on the cusp of a new quality upgrade cycle. From a regional perspective, Europe and North America remain core areas for high-end demand, while the Asia-Pacific region is emerging as a new growth center. According to relevant data, from 2024 to 2026E, the global and Chinese pharmaceutical equipment industry is in a phase characterized by "continued expansion in total volume, a shift in regional focus to the East, an upgrade in demand structure, and parallel development of domestic substitution and overseas expansion." From an industrial structure standpoint, the bioprocess sector, fueled by the rapid development of monoclonal antibodies, vaccines, CGT cell and gene therapy, GLP-1 peptides, and synthetic biology, has become a major driver of scale growth in the pharmaceutical equipment industry.

Three key drivers are fueling a new growth phase for domestic pharmaceutical equipment companies. On the policy front, continuous support is fostering high-quality development in the industry. On the demand side, growing investment and financing volumes both domestically and internationally are signaling robust demand. On the market side, localized production capacity is being built in Asia and Europe, where Chinese companies, with their competitive product pricing and superior service quality, are well-positioned to secure high-quality orders. Leading domestic pharmaceutical equipment firms are entering a promising new era. 东富龙 (Tofflon) has leveraged its advantage in freeze-drying engineering solutions to expand into bioprocess, formulation, engineering, and food equipment sectors, forming a comprehensive platform focused on "systematization, internationalization, and digitalization." Additionally, its overseas business has grown steadily in recent years. 楚天科技 (Truking) has simultaneously deployed in liquid formulations, solid formulations, and biopharmaceuticals, and has acquired the mature brand ROMACO, giving it global project delivery capabilities. Starting in 2025, the company is prioritizing high-margin projects, with a strategic transformation yielding results and a steady improvement in profitability.

Investment recommendations focus on companies with strong capabilities in high-end domestic substitution and global commercial layout. Key firms to watch include 东富龙 and 楚天科技. Risk warnings include: cyclical fluctuations in downstream capital expenditure, increased industry competition and margin pressure, regulatory and GMP compliance risks, supply chain and cost volatility, technological iteration and R&D risks, and cash flow and accounts receivable risks.