【行业报告】中国-医疗保健行业-中国医疗保健：PD1与PD-L1行业-2019.5.3-109页.pdf

Asia Pacific Equity Research 03 May 2019 China Healthcare Sector Biotech 101: China’s PD1/PD-L1 Sector Within China’s Pharmaceutical industry, we believe early signs of a shift from Healthcare volume-driven to innovation-driven growth are emerging. We expect this AC Ling Wang trend to intensify, driven by favorable regulatory policies and improved (852) 2800 8599 patient access to innovative drugs. We believe leading this wave is the market ling.wang@ for biologics oncology treatment/the emerging PD- 1/PD-L1 monoclonal Bloomberg JPMA LWANG <GO> antibody (mAB) market. We see this space growing 28% p.a to Rmb79.9bn Leon Chik, CFA (or US$11.6bn) revenues by 2030; big enough for multiple winners riding this (852) 2800-8590 wave. We expand our coverage of the biologics space; initiating coverage on leon.hk.chik@ Shanghai Junshi (OW, HK$37) and CStone (OW, HK$18) and assuming David XY Li coverage on BeiGene (OW, HK$93(H) US$155(N)) and Innovent (OW, (852) 2800-8546 david.xy.li@ HK$33). All have integrated platforms and broad pipeline, which we think are Sherry Yin keys to success.