Equity Snap: Sartorius (SRT3 GY): Pre-close call feedback

研报英文原文证据摘录

Equity Snap: Sartorius (SRT3 GY): Pre-close call feedback

23 June 2026

Equity Snap: Sartorius (SRT3 GY) Equities Health Care Equipment &

Supplies

Pre-close call feedback Germany

◆ Focus to be on visibility for equipment and consumables Shubhangi Gupta*, PhD

driving growth GlobalHSBC SecuritiesLife Sciencesand Capital& HealthcareMarketsAnalyst(India) Private

Limited

shubhangi.gupta@hsbc.co.in

Sartorius (SRT3 GY, EUR213.10, Buy, TP EUR300.00) +91 80 4555 2143

(Priced as of 22 Jun 2026) Rajesh Kumar*

Senior Global Life Sciences & Healthcare Analyst

Key debates: Key debate on Sartorius is the timeline of instrument recovery, and HSBC Bank plc

how it balances against tough comps from strong growth in consumables. Some rajesh4kumar@hsbcib.com

+44 20 7991 1629

might argue that The Statutory Health Insurance Contribution Stabilisation Law

Sidharth Sahoo*

(GKV-BStabG) in Germany acts as a significant indirect headwind Global Life Sciences & Healthcare Analyst

for Sartorius and Sartorius Stedim Biotech (DIM FP, EUR161.90, Buy, TP HSBC Securities and Capital Markets (India) Private Limited

EUR230.00) by depressing the capital expenditure (CapEx) and R&D budgets of their sidharth.sahoo@hsbc.co.in

+91 77 3813 4135

primary pharmaceutical and biotech customers as it aims to save the German

healthcare system EUR20bn by 2027.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

Equipment recovery: Equipment was soft in Q1 and H1 is expected to be flat year-

on-year, but Q2 is improving and H2 is expected to be stronger, supported by better

visibility from longer equipment lead times versus consumables. Management is

seeing more brownfield expansion and customer discussions increasingly converting