Core Viewpoint - Guohai Securities initiates coverage on Zhonghui Biological-B (02627) with a "Buy" rating, predicting the company will achieve profitability by 2027, leading to a dual boost in performance and valuation known as the "Davis Double Play" [1] Group 1: Company Overview - Zhonghui Biological focuses on innovative vaccine upgrades and has entered the commercialization phase [1] - The company was established in 2015 and is dedicated to the research, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies [1] Group 2: Product Pipeline - The company's core product, Huiliankangxin (Quadrivalent Influenza Virus Subunit Vaccine), has been launched and is expected to generate revenue of 260 million yuan in 2024, a 398% increase year-on-year [2] - The 23-valent pneumococcal polysaccharide vaccine and freeze-dried human rabies vaccine (human diploid cells) have completed Phase I clinical trials [1] Group 3: Market Potential - The domestic influenza vaccine market has significant growth potential, with split vaccines currently dominating market share [2] - The rabies vaccine market is substantial, with approximately 18 to 20 million people in China receiving rabies vaccinations annually [3] Group 4: Technological Advancements - The company has developed a leading core technology platform that supports both traditional vaccine upgrades and innovative vaccine development, with a pipeline of 11 vaccines under research [4] - The in-development human diploid cell rabies vaccine has shown good safety in Phase I trials and is designed for convenient administration [3]