Hualan Vaccine is an innovative biopharmaceutical enterprise integrating vaccine research and development and production. Hualan Vaccine is based on the main industry of human vaccine, focusing on the needs of prevention and control of infectious diseases, focusing on human preventive vaccine products with large market demand or urgent need for disease prevention and control, constantly innovating and developing new technologies and developing new vaccine products.

The penetration rate is low, the driving force is strong, and the market potential of influenza vaccine is promising. At present, the influenza vaccination rate in China is less than 5%, which is much lower than that in developed countries, and is less than 1 / 10 in the United States, which has a broad space for growth. With the gradual restoration of influenza vaccination order, and public health events are expected to greatly enhance public awareness of influenza vaccination, promote the upward trend of influenza vaccination, coupled with the country's continuous policy support for influenza vaccination, influenza vaccine coverage in China is expected to increase. According to the current domestic population of 1.4 billion, the market size of priority vaccination groups recommended in the influenza vaccination guidelines is 350 million, and the market demand is very huge. If the subsequent influenza vaccination rate reaches 10%, the market size can reach 14 billion.

Hualan vaccine ranks first in the influenza vaccine industry. The company occupies a leading position in the research, development, production and sales of influenza vaccines. The company is the first domestic manufacturer to obtain the tetravalent influenza virus cleavage vaccine approved on the market, and the first manufacturer to obtain the tetravalent influenza vaccine (children's dosage form) "Drug Registration Certificate". Build an industry-leading advantage in large-scale production.

In recent years, the company's influenza vaccine batch delivery, batch issuance batches are ranked first in the industry.

Profit forecast and rating: the operating income from 2023 to 2025 is expected to be 2.754 billion yuan, 3.684 billion yuan and 4.282 billion yuan respectively, an increase of 50.9%, 33.8% and 16.2% respectively over the same period last year, and the net profit of returning home is 941 million yuan, 1.239 billion yuan and 1.527 billion yuan respectively, an increase of 81.1%, 31.7% and 23.3% over the same period last year. Corresponding to the closing price on October 16, PE is 19.1x, 14.5x and 11.8x For the first time, coverage gives an "overweight" rating.

Risk hints: technology and innovation risk, influenza virus strain acquisition risk, relatively single product structure risk, industry competition intensification risk, marketing model risk, supplier relative concentration risk, sales volume and unit price decline risk.