\u3000\u3000 Hualan Biological Engineering Inc(002007) (002007)
The subsidiary company of influenza vaccine (002007) has obtained the four price {vaccine registration certificate for children. Hualan Biological Engineering Inc(002007) vaccine subsidiary will be listed on February 18, 2022.
China’s first tetravalent influenza vaccine for children has been approved, which will gradually replace the trivalent influenza vaccine. The vaccination scope of tetravalent influenza vaccine has been expanded to people under the age of 3. According to the announcement, the subsidiary Hualan Biological Engineering Inc(002007) vaccine company has obtained the drug registration certificate of tetravalent influenza virus split vaccine (children’s dosage form), and the Hualan Biological Engineering Inc(002007) children’s tetravalent influenza virus split vaccine has been approved for listing. It is suitable for people aged from 6 months to 3 years to prevent relevant types of influenza. It is the first registration certificate of tetravalent influenza vaccine for children in China, Trivalent influenza vaccine will be gradually replaced, and the vaccination scope of tetravalent influenza vaccine will be expanded to people under the age of 3, basically covering all age groups. The company will produce and provide tetravalent split influenza vaccine suitable for people aged 6 months to 3 years in China in 22 years. At the same time, the company’s awareness of influenza vaccine in China will gradually improve. At the same time, more regions will incorporate influenza vaccine into immunization planning or medical insurance coverage, and the penetration rate is expected to continue to increase. According to public information, at the same time, the company has also passed the on-site inspection of the company’s influenza vaccine in Ukraine and Turkey. After the expansion of the company’s influenza production capacity, it will be able to supply more regions and countries. After the listing of Hualan Biological Engineering Inc(002007) vaccine subsidiary, it is expected that the company will accelerate the development of enriched vaccine pipeline.
The company’s blood products business is expected to achieve stable growth and benefit from plasma stations in many provinces
In the 14th five year plan, the growth of pulp volume is further opened. The company’s blood products revenue in the first three quarters of the year was the same as that in the same period last year. In the first half of the year, the blood products revenue decreased year-on-year (the static C decreased more year-on-year), mainly due to the supply problem. The company’s static C inventory was almost digested in 2020. In addition, the plasma collection in 2020 was basically the same as that in 2019 due to the impact of the epidemic, resulting in a year-on-year decrease in the static C supply in 2021h1. According to the batch issuance data of the Central Inspection Institute, the issuance of batches recovered rapidly in the second half of the year, the number of static C batches increased significantly and the supply increased. We expect the blood products business to achieve stable growth.
Investment suggestions:
China’s first tetravalent influenza vaccine for children has been approved, which will gradually replace the trivalent influenza vaccine. The vaccination scope of tetravalent influenza vaccine has been expanded to people under the age of 3, basically covering all age groups. People’s awareness of prevention is expected to continue to accelerate the penetration of influenza vaccine, and the demand for tetravalent influenza is expected to continue to be strong. It is expected that the supply of blood products will not be a problem in 2021, and the blood products business is expected to achieve stable growth. Throughout the year, old pulp + pulp collection in 2021. It is expected that Hualan’s blood product supply will not be a problem in 2021, and the blood product business is expected to achieve stable growth. In the medium and long term, Hualan Biological Engineering Inc(002007) as a leading company, is expected to benefit from the 14th five year plan of pulp station and further open the growth of pulp volume. We expect the company’s net profit of 1.81 billion / 2.2 billion in 2021 / 22, corresponding to eps0.2 billion 99 / 1.21, corresponding to 26 times / 22 times of valuation, continue to recommend.
Risk tips: the supply of slurry is less than expected, the demand of tetravalent influenza is less than expected, the release of production capacity is less than expected, the risk of price fluctuation and the risk of safe production.
