CITIC Securities: Maintains "outperform" rating on the GLP-1 peptide industry chain

On August 9th, Jinshidata reported that CITIC Securities pointed out that the improvement in the supply of original formulations has led to an update in the FDA's shortage catalog, which has not affected the medium- to long-term logic of GLP-1 raw material demand. Compouding is expected to account for a relatively low proportion in the medium- to long-term market. On the other hand, the long-term logic of oral semaglutide promoting GLP-1 raw material demand is gradually strengthening. The continuous increase in sales of original research, smooth clinical progress, and relatively tight supply. At the same time, generic injectable formulations in multiple regions around the world are welcoming commercialization opportunities, and formulation equity sharing is expected to bring profit flexibility and sustainability. Based on the above, we maintain a "outperform the market" rating for the GLP-1 peptide industry chain.