Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.5, while the current share price is HKD 5.4 [4][6]. Core Insights - The company is a leading private vaccine enterprise in China, with 8 commercialized products and 22 vaccines in development, expecting 1-2 new products to be launched each year over the next three years [1][2]. - The company has a strong pipeline covering the world's top ten vaccine varieties, with three products in the final stages of approval: PCV13, PPSV23, and an updated rabies vaccine [3][4]. - The Chinese vaccine market is experiencing rapid growth, projected to reach CNY 215.7 billion by 2030, driven by increased policy support and innovation [4][55]. Summary by Sections Company Overview - The company is a major private vaccine manufacturer in China, holding four wholly-owned licensed vaccine production enterprises and three central vaccine research institutes, making it one of the two human vaccine companies with P3 laboratory resources in China [2][13]. - The company is the largest supplier of hepatitis B vaccines globally and the second-largest supplier of human rabies vaccines in China, with a market share of 45.4% and 18.1% respectively [2][29]. Product Pipeline - The company has 22 vaccines in development across 14 disease areas, with 9 products having obtained 17 clinical approvals [3][33]. - Key products nearing market approval include PCV13, expected to be approved by Q4 2025, and PPSV23, anticipated for 2026 [3][36]. Market Dynamics - The Chinese vaccine market is growing faster than the global market, with a CAGR of 20.3% from 2015 to 2021, and is expected to continue expanding due to rising vaccination awareness and new product introductions [4][55]. - The market is characterized by high entry barriers and stable competition, with only 34 vaccine manufacturers in China, of which 28 have approval records [57][61]. Financial Projections - Revenue forecasts for 2024-2026 are CNY 1.25 billion, CNY 1.34 billion, and CNY 3.06 billion respectively, with net profits projected to turn positive by 2026 [4][64]. - The company is expected to see significant revenue growth driven by new product launches and increased market penetration [4][64].
艾美疫苗：中国领先民营疫苗企业，近三年在研产品陆续上市