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疫苗行业周报：2024疫苗批签发批次整体下降，带状疱疹疫苗增幅最大
Xiangcai Securities·2024-09-26 04:07

Investment Rating - The industry rating is maintained at "Overweight" [5][8][17] Core Viewpoints - The vaccine industry is currently under short-term pressure due to high base effects, price declines of certain major products, and the need for capacity clearance. However, long-term drivers such as policy, demand, and technology remain unchanged, which will promote the industry's long-term growth [8][17] - The approval of innovative vaccines and increased investment in vaccine research and development are expected to accelerate the growth of the vaccine industry in China [8][17] - The demand for vaccines is expected to grow due to increased consumer willingness and an aging population, along with opportunities for vaccine exports [8][17] Market Performance - The vaccine sector saw a 1.14% increase last week, outperforming other sub-sectors in the pharmaceutical industry [2][10] - Year-to-date, the pharmaceutical sector has declined by 27.56%, with the vaccine sector experiencing a decline of over 40% [2][10] Valuation Metrics - The vaccine sector's PE (ttm) is 22.54X, which has increased by 0.23X week-on-week, while the PB (lf) is 1.64X, up by 0.01X [3] - The PE is at the 7.88% percentile over the past decade, and the PB is at the 0.16% percentile, indicating a significant valuation premium of 106% relative to the CSI 300 index [3] Industry Dynamics and Company Announcements - AstraZeneca's FluMist, a needle-free nasal spray flu vaccine, has been approved by the FDA for use in individuals aged 2 to 49 [4][13] - The first domestic clinical trial for a recombinant U-VLP-RSV vaccine by Pino Biotech has been accepted, marking a significant milestone for domestic vaccine development [4][14][16] Product Performance - As of September 18, 2024, the total number of HPV vaccine batches approved has decreased by 63.16% year-on-year, with the four-valent vaccine seeing the largest decline of 94.75% [5][7] - The shingles vaccine has shown the most significant growth, with a year-on-year increase of 225% [5][7]