人二倍体狂犬疫苗“护城河”优势深厚 康华生物有望率先受益行业扩容

Core Viewpoint - 康华生物 has demonstrated stable performance in 2024, driven by its core product, the lyophilized human rabies vaccine (human diploid cells), achieving a revenue of 1.432 billion yuan and a net profit of 399 million yuan [1][2] Financial Performance - In 2024, 康华生物 reported a revenue of 1.432 billion yuan, a net profit attributable to shareholders of 399 million yuan, and a net cash flow from operating activities of 572 million yuan [1][2] - For Q1 2025, the company achieved a revenue of 138 million yuan and a net profit of approximately 20.71 million yuan, showing a significant decline year-on-year primarily due to a high base from last year's overseas licensing income [2][3] - The bioproducts segment maintained a high gross margin of 93.74%, reflecting a year-on-year increase of 0.26% [1][3] Product Development and Pipeline - The core product, the lyophilized human rabies vaccine, had a batch release volume of 3.8976 million doses, with production expansion projects nearing completion and awaiting production license approval [2][3] - 康华生物 has seven projects in its research pipeline, including the hexavalent norovirus vaccine and the ACYW135 meningococcal polysaccharide vaccine, with three expected to enter clinical trials between 2025 and 2026 [4][5] Market Position and Competitive Advantage - 康华生物 is recognized for its advanced research and product capabilities in the rabies vaccine sector, maintaining a significant competitive edge due to its early entry into the market with the human diploid cell rabies vaccine [5][6] - The human diploid cell vaccine is considered the "gold standard" for rabies immunization, offering higher safety and immunogenicity compared to traditional Vero cell vaccines [6][7] - The market for human rabies vaccines remains substantial, with increasing public awareness and demand for rabies prevention measures due to rising pet and stray animal populations [7]