疫苗行业周报：前三季度业绩仍处低谷，业绩向好有待行业竞争格局改善

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Views - The vaccine industry is currently under pressure due to high base effects, price declines of major products, and excess capacity. However, long-term drivers such as policy support, increasing demand, and technological advancements remain intact, which will promote the industry's growth [9][19] - The industry is characterized by a "variety is king" feature, where companies with technological innovation advantages will have stronger product capabilities. It is recommended to focus on leading companies with technological and platform advantages, as well as a rich pipeline of key products [9][19] Market Performance - The vaccine sector saw a 2.69% increase last week, while the overall pharmaceutical sector rose by 3.11%. Year-to-date, the vaccine sector has declined by 30.15% [3][11] - The vaccine sector's PE (ttm) is 30.4X, with a PB (lf) of 2.22X, indicating a valuation premium of 136.3% relative to the CSI 300 index [5][9] Company Performance - Among 14 listed vaccine companies, only Kanghua Bio achieved positive growth in both revenue and net profit in the first three quarters. Most companies' performance was negatively impacted by price declines in vaccine products [8][18] - Notable companies with strong performance last week included Jindike, Wantai Bio, and Olin Bio, while companies like Zhifei Bio and Liaoning Chengda performed poorly [4] Industry Dynamics and Announcements - Olin Bio received clinical trial approval for its trivalent influenza virus split vaccine, marking a significant development in the domestic market [6][17] - Watson Bio's subsidiary received a product registration certificate for its 13-valent pneumococcal polysaccharide conjugate vaccine in Oman, enhancing its international market presence [6][17] - Zhifei Bio's quadrivalent influenza virus split vaccine received clinical trial approval, and its application for production registration was accepted [8][18]