Industry perspective
In 2021, China's biological products industry generally maintained steady and rapid development. According to the batch issuance of biological products industry in 2021, the performance was differentiated in the first and second half of the year. In the blood products industry, the supply of import batch issuance was tight in the first half of 2021. Since the second half of 2021, the batch issuance of domestic and import enterprises has been picking up. The rhythm of batch issuance of some conventional vaccine varieties in the vaccine industry was affected to a certain extent in the first half of the year. Since the second half of the year, the main conventional vaccine varieties have shown a good recovery trend of batch issuance.
After April 2021, the China Inspection Institute will no longer disclose the quantity data of batches of bottles / pieces. Taking the batch data disclosed by the current China Inspection Institute as the observation index, we found that:
Blood products: albumin recovered significantly, and the prosperity of the industry continued to improve. In 2021, China issued 4261 batches of albumin (+ 11%), including 2734 batches of imported albumin (+ 14%), accounting for 64%; Jingc was issued 986 times (+ 9%); In terms of small products, the batch growth rate of eight factors, fibrinogen, PCC and other products maintained a rapid growth. From the perspective of listed companies, Beijing Tiantan Biological Products Corporation Limited(600161) human albumin was issued 327 times (- 3%); Human immunoglobulin was injected intravenously for 243 times (- 5%). Hualan Biological Engineering Inc(002007) human serum albumin was issued 214 times (+ 22%); Intravenous injection of human immunoglobulin was issued 146 times (+ 90%). Boya Bio-Pharmaceutical Group Co.Ltd(300294) human serum albumin was issued 126 times (+ 18%); Intravenous injection of human immunoglobulin was issued 61 times (+ 20%); Human fibrinogen was issued 65 times (+ 91%). Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) human albumin was issued 102 times (+ 34%); Intravenous injection of human immunoglobulin was issued 89 times (+ 25%).
Vaccine: the industry grew steadily, and large varieties such as HPV vaccine achieved high growth. In 2021, China's vaccine industry issued a total of 5704 batches, an increase of 9.2% over the same period last year and 32% over 2019. In terms of large varieties, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) HPV vaccine was issued 169 times (+ 267%); Chongqing Zhifei Biological Products Co.Ltd(300122) nine valent HPV vaccine was issued 44 times (+ 83%), and four valent HPV vaccine was issued 34 times (+ 17%); In 2021, new recruits were added to domestic heavy vaccine varieties, and Shenzhen Kangtai Biological Products Co.Ltd(300601) 13 valent pneumonia vaccine was approved and issued. In addition, some imported vaccine heavyweight varieties (such as Pfizer's 13 valent pneumonia conjugate vaccine, etc.) still show strong market demand and strong batch issuance performance.
Investment advice
The recovery trend of the blood products industry in the post epidemic era is obvious. At present, the overseas epidemic caused by covid-19 mutant strain has been repeated. We believe that the paddle picking situation of import enterprises in 2022 is uncertain, but the epidemic prevention and control situation in China is generally good, and the batch issuance supply of Chinese manufacturers continues to pick up. In the post epidemic era, the foundation for the stable development of the blood products industry is still solid. It is suggested to pay attention to the head manufacturers with greater plasma collection and supply flexibility in the future.
At present, the large-scale vaccination of covid-19 vaccine in China has been basically completed, and covid-19 oral small molecule drugs have come out one after another around the world. It is expected to build a double insurance of prevention + treatment together with the vaccine to jointly contribute to the global anti epidemic. If the impact of the follow-up epidemic situation is further weakened, the conventional vaccine is expected to be released more quickly. It is suggested to focus on the high-volume rhythm of large varieties such as HPV vaccine and 13 valent pneumonia conjugate vaccine.
Key companies
Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Beijing Tiantan Biological Products Corporation Limited(600161) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc.
Risk statement
Statistical error of data; There may be some deviation between the batch statistical data and the actual batch issued bottles / pieces; Demand recovery is less than expected; Covid-19 vaccine strain variation; The recovery of routine vaccination was less than expected; The recovery of raw plasma collection was less than expected; The demand for blood products recovered less than expected.
