國證國際：給予中國頭部疫苗企業艾美疫苗(06660.HK)買入評級
國證國際發佈研報稱，艾美疫苗作為我國頭部疫苗企業，擁有 8 款商業化產品和 22 款在研疫苗，且未來三年預計每年將有 1-2 款產品上市。若在研產品陸續成功獲批上市，同時產品出海進展順利，有望為公司帶來新的業績增長點並打開市場天花板。研報給予公司2026年3.6倍PS的估值，並給予"買入"評級。
研報指出，艾美疫苗生產的乙型肝炎疫苗及凍幹人用狂犬疫苗在中國處於領先地位。艾美疫苗擁有四家全資控股的持證疫苗生產企業，以及三家中央疫苗研究院，是中國唯二擁有P3 實驗室戰略資源的人用疫苗企業。根據 2021 年乙肝疫苗和狂犬疫苗的批簽發量計，公司是全球及中國最大的乙肝疫苗供應商和第二大人用狂犬疫苗供應商。
研報認為，艾美疫苗目前擁有8款商業化產品和22款在研疫苗，管線覆蓋了世界前十的疫苗品種。其中，三款在研產品已進入上市衝刺期。13價肺炎結合疫苗(PCV13)已正式提交藥品上市註冊，預計最快將於2025年四季度獲批；23價肺炎多糖疫苗(PPSV23)已完成III期臨牀試驗現場工作，預計在2026年上市；迭代無血清狂犬疫苗也已提交上市註冊預申請，同樣有望在2026年上市。這些在研產品的陸續上市，有望為艾美疫苗帶來新的業績增長點，並打開市場天花板。
此外，艾美疫苗在mRNA疫苗領域也取得了顯著進展。作為國內第一批取得mRNA技術自主專利的疫苗企業和最早開發mRNA疫苗平台的企業之一，艾美疫苗目前已取得9個mRNA疫苗臨牀批件。這一領域的突破，進一步彰顯了公司在疫苗研發方面的創新能力和領先地位。
研報分析認為，中國疫苗市場正處於高速發展期，多重因素驅動行業發展。政策加大支持力度、更多創新疫苗湧現、商保加速推進以及技術的迭代升級，都推動了市場對疫苗需求的不斷擴大。根據灼識諮詢的預測，中國疫苗市場規模有望在2030年達到2157億元。相較於發達國家，中國疫苗市場存在極大的提升空間，人均疫苗支出遠低於日本和美國。隨着帶狀皰疹疫苗、九價HPV等海外領先疫苗的引進和國產疫苗的崛起，創新優質疫苗在中國市場具有很大的市場潛力。
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