证券研究报告 2025 年 08 月 24 日 湘财证券研究所 行业研究 疫苗行业周报 6 家疫苗企业发布中报，关注中报业绩表现 相关研究： 1. 《疫苗领域创新突破 国内外 进展显著》20250810 2. 《首款疫苗产品通过商保创 新药目录审查，有望开辟创新疫 苗新支付通道》20250817 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 40 24/08 24/11 25/02 25/05 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | 3 | -12 | | 绝对收益 | 5 | 17 | 20 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 国内外疫苗动态 （1）国药集团中国生物武汉生物制品研究所研制的口服六价重配轮状病毒减 毒活疫苗（Vero 细胞）正式获得国家药品监 ...

Group 1: Company Performance - A total of 55 listed companies in the A-share market have forecasted their performance for the first half of 2025, with 39 companies expecting positive results, representing over 70% [1] - Shenzhen Hanyu Pharmaceutical Co., Ltd. anticipates a net profit of between 142 million to 162 million yuan for the first half of 2025, marking a year-on-year increase of 1470.82% to 1663.89% [1] - Chengdu Saintno Biological Technology Co., Ltd. expects a net profit of 77.03 million to 94.14 million yuan, reflecting a year-on-year growth of 253.54% to 332.10% due to strong performance in its peptide raw material business [1] Group 2: Industry Trends - The pharmaceutical sector is experiencing accelerated growth driven by "innovation + overseas expansion," with innovative drug companies enhancing their international market presence [2] - The electronic industry is benefiting from structural opportunities, particularly in hardware companies, with TaiLing Microelectronics forecasting a revenue of approximately 503 million yuan, a year-on-year increase of around 37%, and a net profit of about 99 million yuan, up 267% [2] - Anhui Xindong Lian Technology Co., Ltd. projects a net profit between 138 million to 169 million yuan for the first half of 2025, representing a growth of approximately 144.46% to 199.37% due to leading product performance and successful customer recognition [3]

Core Viewpoint - The spotlight in the global neurointervention field is shifting towards China, with significant innovations showcased by Xinwei Medical at the OCIN 2025 and WLNC conferences, highlighting the strength of "Made in China" products [1][3] Group 1: Product Innovations - Xinwei Medical introduced the first domestic intracranial aneurysm embolization assistive stent "Great Wall," which fills a technological gap in the domestic market and represents a leap in domestic neurointerventional devices [6] - The "Ruyi" coated mesh stent, as the first of its kind in China, utilizes a breakthrough phospholipid coating to enhance blood flow-directed therapy, significantly improving biocompatibility and treatment efficacy [7] - The CATCH cascade aspiration technology, based on a large-caliber aspiration catheter design, enhances thrombus removal efficiency and redefines surgical safety boundaries [8] Group 2: Market Performance - Xinwei Medical's revenue reached 277.9 million RMB in 2024, a 19.6% increase year-on-year, marking a historical high, while pre-tax losses narrowed significantly by 88.3% to 12 million RMB [11][12] - The company has seen a 45.5% year-on-year increase in sales of acute ischemic stroke treatment devices, indicating the effectiveness of its clinical demand-driven R&D strategy [13] Group 3: International Expansion - Xinwei Medical's overseas revenue surged by 684% to 8.4 million RMB in 2024, with Taiwan and India being key contributors, validating its international strategy [13] - The company has obtained CE or FDA certifications for several products and is actively pursuing registrations in over 40 countries, aiming to establish a global distribution network [14] Group 4: Industry Trends - The Chinese high-end medical device sector is experiencing a transformation driven by policy support, technological breakthroughs, and market expansion, reshaping the value growth curve for companies like Xinwei Medical [16][22] - The recent establishment of a high-end medical device industry alliance in Shenzhen aims to streamline the certification and registration process, enhancing the competitive landscape for domestic companies [18][19]

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].