疫苗行业周报：行业Q3业绩承压明显，价格下降短期内未实现以价换量

Investment Rating - The industry rating is maintained at "Overweight" [7] Core Views - The vaccine industry is currently under pressure due to high base effects, price declines from competitive pressures, and excess capacity. However, long-term drivers such as policy support, increasing demand, and technological advancements remain intact, suggesting a positive outlook for the industry [10][19] - The overall performance of vaccine companies in Q3 2024 was poor, with a revenue growth rate of -31.83% and a net profit growth rate of -53.36% for the industry [9][18] Summary by Sections Market Performance - The vaccine sector experienced a significant decline of 6.82% last week, the largest drop among sub-sectors. Year-to-date, the vaccine sector has seen a cumulative decline of over 30% [3][12] Valuation - The vaccine sector's PE (ttm) is 37.06X, with a PB (lf) of 2.05X. The PE is at the 17.94% percentile and the PB at the 3.44% percentile over the past decade. The sector has a valuation premium of 197.8% relative to the CSI 300 index [5][16] Industry Dynamics and Company Announcements - Notable announcements include: - Kangtai Biological received clinical trial reports for its quadrivalent influenza vaccine, indicating readiness for production application [6][17] - Kanghua Biological reported a revenue of 1.06 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.1% [18] - The overall performance of vaccine companies in Q3 2024 was disappointing, with significant declines in revenue and net profit across the board [9][18] Investment Recommendations - The report suggests focusing on innovative vaccines and companies with strong overseas expansion capabilities. The long-term outlook remains positive due to supportive policies, rising demand, and ongoing technological innovations [10][19][20]