醫藥生物2020年1-11月血製品批簽發：11月人白，靜丙等出現明顯下滑
機構：西南證券
分品種來看：人血白蛋白（規格換算/10g）：2020年1-11月，人血白蛋白批簽發總量為5363萬瓶(+14%)，其中國產人血白蛋白批簽發總量為1948萬瓶(+2%)，佔比為36%；進口人血白蛋白批簽發總量為3415萬瓶(+28%)，佔比為64%。免疫球蛋白：2020年1-11月，靜丙（規格換算/2.5g）批簽發總量為1156萬瓶，同比增長5%；其中，2020年11月靜丙批簽發量為80萬瓶，同比下降34%。其他品種如狂免（規格換算/200IU）1055萬瓶(-5%)、破免（規格換算/250IU）566萬瓶(+2%)；免疫球蛋白（規格換算/150mg）331萬瓶(+94%)。凝血因子類：PCC（規格換算/200IU）139萬瓶(+47%)、凝血因子VIII（規格換算/200IU）183萬瓶(+4%)、纖原（規格換算/0.5g）113萬瓶(+36%)。
分公司來看：華蘭生物：破免獲批145萬瓶(+31%)，PCC獲批50萬瓶(+17%)，人白獲批234萬瓶(+10%)，凝血因子VIII獲批45萬瓶(-30%)。雙林生物：靜丙獲批56萬瓶(+33%)，狂免獲批101萬瓶(-16%)，人白獲批98萬瓶（+11%）。衞光生物：狂免獲批183萬瓶(+76%)，人白獲批105萬瓶（+23%），破免獲批11萬瓶(-46%)，免疫球蛋白獲批27萬瓶(-45%)。天壇生物：狂免獲批67萬瓶(-15%)，靜丙獲批289萬瓶(+2%)，人白獲批416萬瓶(+1%)；破免獲批96萬瓶(-23%)，乙免獲批33萬瓶(-17%)。博雅生物：人白獲批132萬瓶(+104%)，狂免獲批82萬瓶(+57%)，靜丙獲批58萬瓶(+13%)，纖原獲批23萬瓶(-16%)。
投資建議：2020年1-11月人白、靜丙等出現明顯下滑。新興事件過後，監管趨嚴，同時今年疫情導致上半年採漿減少，下半年供給有望趨緊，中長期來看，集中度有望提升，整體未來發展值得看好。重點推薦華蘭生物（002007.SZ）、雙林生物（000403.SZ）、衞光生物（002880.SZ）、天壇生物（600161.SH）等，建議關注博雅生物（300294.SZ）。
風險提示：政策變化風險；企業產品質量風險；新品種研發不及預期。
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