Group 1 - The core viewpoint of the report is that Aimei Vaccine (06660.HK) is expected to achieve profitability by 2026, which will lead to a revaluation of its stock price due to its leading position in the pneumonia and rabies vaccine segments [1][2] - Aimei Vaccine's current stock price is at a 56% discount compared to its peers' projected sales for 2026, indicating it is at the lower end of the valuation range among competitors [1] - The report predicts a significant reduction in R&D expenses by 39% after the completion of major clinical trials in 2025, contributing to the expected profitability in 2026 [1] Group 2 - Aimei Vaccine is anticipated to achieve a compound annual growth rate (CAGR) of 45% in sales from 2025 to 2027, driven by the expected launch of the 13-valent pneumococcal conjugate vaccine (PCV13) and a serum-free rabies vaccine [1] - The company is projected to capture approximately 20% and 10% market shares in the rabies and pneumonia vaccine markets in China by 2026, respectively [1] - Aimei's vaccines are reported to have superior efficacy compared to Pfizer's products, and the rabies vaccine's serum-free formulation is expected to result in fewer side effects [2] Group 3 - Aimei Vaccine's stock rose by 9.96% to close at HKD 5.74 per share, reflecting the ongoing enthusiasm for vaccine stocks in the Hong Kong market [2] - The report highlights the recent bullish trend in the Hong Kong innovative drug sector, exemplified by the significant market performance of Zhonghui Biotechnology-B, which saw its stock price increase by over 162% on its first trading day [2] - Multiple institutions have indicated that the Hong Kong innovative drug market is entering a bull market, suggesting that Aimei Vaccine will also experience a value revaluation as its fundamentals improve [2]
星展：予艾美疫苗(06660)目标价8.3港元 料2026年盈利好转将推动股价重估