Gelonghui, May 9 | CITIC Construction Investment Securities Research Report indicates that the 23-year results of Zhifei Biotech (300122.SZ) are in line with expectations, and the results of the 241 quarterly report are lower than previous expectations. The results achieved rapid growth in 2023, mainly due to the rapid release of the 9-valent HPV vaccine. In 2024, the company will continue to promote the release of the HPV vaccine and increase the domestic vaccination rate. At the same time, in the first year of sales of the GSK recombinant shingles vaccine as an agent, the company will actively complete the promotion goals for the whole year, providing new impetus for performance growth. In terms of independent products, the volume of microcard and IKA products is expected to accelerate as promotion and admission gradually advance; the R&D pipeline continues to advance, which will help the company's performance continue to grow over the long term. In addition, the company will actively promote the acquisition of Chenan Biotech, integrate high-quality pharmaceutical companies incubated by the Group, so that the product line and business can gradually expand to cover the field of therapeutic pharmaceuticals, and help the company develop in the long term. Maintain a “buy” rating.