诺如病毒疫苗适用于预防诺如病毒感染及其引起的急性肠胃炎。诺如病毒是全球范围内引起全年龄段人群急性肠胃炎流行及暴发的主要病原体之一，目前全球范围内尚无对症治疗药物或预防疫苗产品获批上市。The Norovirus vaccine was approved by the FDA and entered the clinical stage
On September 7, 2023, the company received a notice from the FDA agreeing to enter clinical research on the company's recombinant hexavalent norovirus vaccine in the US. The launch of the recombinant hexavalent norovirus vaccine in the FDA clinical registration is an important development in the company's follow-up clinical pipeline.
The company's recombinant hexavalent norovirus vaccine uses genetic engineering technology to construct virus-like particles (VLPs) based on virus-likeparticles (VLPs). It includes six major norovirus genotypes. Theoretically, it can prevent more than 90% of norovirus infections and acute gastroenteritis caused by norovirus.
Norovirus vaccine is suitable for preventing norovirus infection and acute gastroenteritis caused by it. Norovirus is one of the main pathogens causing the spread and outbreak of acute gastroenteritis in people of all ages worldwide. Currently, no symptomatic treatment drugs or preventive vaccine products have been approved for sale worldwide.
The increase in the penetration rate of the human rabies vaccine has driven the company's performance growth. As the first diploid somatic rabies vaccine company in China, the company benefits from the advantages of good immunogenicity, safety, and long duration of immunity of the human rabies vaccine, and there is plenty of room for long-term replacement for the Vero cell rabies vaccine. The sales volume in 2022 was more than 5 million. Compared with the demand for 60 to 80 million rabies vaccines, the market share is less than 10%, and there is still plenty of room for increase in penetration.
Profit forecasting and valuation
We expect the company's revenue for 2023-2025 to be 1,376/16.62/1,992 billion, up -4.92%/20.81%/19.90% year on year; net profit of 538/6.42/782 million, respectively, up -10.00%/19.30%/21.81% year on year; corresponding to current PE of 18.26x/15.31x/12.57x; maintaining the “increase in holdings” rating.
Risk warning
The progress of clinical research and development is uncertain, and sales are uncertain
