20230716-西南证券-2023H1疫苗批签发跟踪（季度）_重磅品种批签发回暖_62页_5mb

2023 H1 Vaccine Batch Issuance Analysis Summary

This summary details the key findings from the Southwest Securities research report on vaccine batch issuance tracking for the first half of 2023. The analysis focuses on batch issuance data, growth rates, company performance, and broader trends in the vaccine market.

Multivalent Vaccines

• Pentavalent vaccines showed mixed trends: Safron Pasteur's pentavalent vaccine batch issuance increased by 10% year-over-year, while Minkhai Biologics' quadrivalent vaccine saw a sharp decline. Overall, pentavalent issuance declined slightly in H1 2023.
• Hexavalent vaccines, including trivalent and quadrivalent, experienced declines, with factors like product withdrawals affecting market dynamics. For instance, Zhifei Biological's withdrawal impacted trivalent vaccine issuance.

Pneumonia Vaccines

• Pneumonia vaccine issuance increased by 50% in H1 2023, driven by strong growth in both 13-valent conjugate vaccines (+27% in H1) and 23-valent polysaccharide vaccines (+95% in H1).
• 13-valent vaccines became dominant, with companies like Wuhan Institute and Maoshan Biological showing high growth, while 23-valent vaccines saw increased participation from multiple firms.

HPV Vaccines

• HPV vaccine issuance grew by 53% in H1 2023, with a significant rise in nonavalent vaccines (+44%) led by Merck's product. Duvalent vaccines maintained high volumes, but tetravalent issuance declined.

Other Key Vaccines

• Influenza and rotavirus vaccines showed declines in issuance due to lower demand and supply issues. For example, influenza vaccine batch numbers fell by 86% overall.
• Rabies vaccines experienced growth, with inactivated dry vaccines becoming主流 due to policy shifts, increasing market share.

Investment Recommendations

• Southwest Securities recommends focusing on companies like Zhifei Biological, Kangshino Biological, and Wan Tai Biological for their strong performance in human papillomavirus and combined vaccines.
• Key companies highlighted include those with proprietary products in high-demand vaccines.

Risk Factors

• Potential delays in vaccine research and development, regulatory changes, and product safety issues.
• Market uncertainties from reduced batch issuance in some categories could affect company revenues.

The full report provides detailed data sources and additional analysis for further reference.