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2024Q1疫苗行业跟踪报告（附批签发）
Southwest Securities·2024-05-23 05:30

Investment Rating - The report does not explicitly provide an investment rating for the vaccine industry Core Insights - The vaccine industry experienced mixed performance in Q1 2024, with some products showing growth while others declined. Overall, the majority of vaccine batches saw a decrease in approvals compared to the previous year [3][4][10] Summary by Category Multi-Component Vaccines - In Q1 2024, the five-component vaccine saw a year-on-year decline in batch approvals, while the four-component vaccine experienced growth. Specifically, the four-component vaccine from Minhai Biological had 6 batches approved (+50%), while the five-component vaccine from Sanofi Pasteur had 17 batches approved (-23%) [3][6][8] Pneumonia Vaccines - Pneumonia vaccines showed significant growth in Q1 2024, with total batch approvals reaching 33, a 106% increase year-on-year. The 13-valent pneumonia vaccine had 19 batches approved (+138%), while the 23-valent pneumonia vaccine had 14 batches approved (+75%) [10][12][21] HPV Vaccines - The HPV vaccine sector saw a substantial decline in batch approvals, with a total of 35 batches approved in Q1 2024, representing an 80% decrease year-on-year. The two-component HPV vaccine faced the most significant drop, with only 9 batches approved (-93%) [28][31] Influenza Vaccines - Influenza vaccines had a mixed performance in Q1 2024, with a total of 8 batches approved, reflecting a 33% increase year-on-year. The three-component influenza vaccine had 5 batches approved (+150%), while the four-component vaccine had 3 batches approved [37][45] Rabies Vaccines - The rabies vaccine sector remained stable in Q1 2024, with a total of 163 batches approved, unchanged from the previous year. The market is shifting towards freeze-dried products, which accounted for all approved batches [58][62] Varicella Vaccines - The varicella vaccine saw a decline in batch approvals in Q1 2024, with 60 batches approved, representing a 17% decrease year-on-year. The largest contributor was Baike Biological, with 16 batches approved (-53%) [68][71]