Investment logic
Covid-19 mRNA vaccine showed excellent performance. At present, covid-19 vaccines with various technical paths such as mRNA vaccine, recombinant protein vaccine, recombinant adenovirus vector vaccine and inactivated vaccine have been approved for marketing all over the world. Among them, the clinical data on the protective efficacy of basic immunity of mRNA covid-19 vaccine are excellent, and the protective power of variant strains has also been significantly improved after three booster injections. Pfizer / biontech and Moderne’s covid-19 mRNA vaccines have been approved in the United States and the European Union.
China has made continuous progress in mRNA vaccine. No mRNA vaccine has been approved for marketing in China, but the research and development of mRNA vaccine has made continuous progress recently, and many mRNA vaccines have entered the clinical stage:
The mRNA vaccine arcov jointly developed by Walvax Biotechnology Co.Ltd(300142) and Aibo biology is in two clinical phase III trials, which are two vaccination tests for non vaccinated people and enhanced vaccination tests for vaccinated people. On January 24, 2022, the phase I clinical data of Arbo / Watson’s covid-19 mRNA vaccine arcov were published in the lancet microorganism. Arcov was safe, well tolerated and strongly induced immune response at all five doses.
The mRNA vaccine ptx-covid19-b of Providence introduced by Yunding Xinyao is currently in phase II in the world, and has joined the who’s covid-19 vaccine solidity trial. Phase I clinical data showed that the serum of subjects treated with ptx-covid9-b showed neutralizing activity on day 28, while none of the subjects treated with placebo produced neutralizing antibodies. Two weeks after the second injection, the neutralizing antibody titer increased with the increase of dose and time. The neutralization titer on day 42 was more than 10 times higher than that of covid-19 rehabilitated patients. Genting Xinyao and Providence are also developing the next generation mRNA vaccine against Omicron.
The covid-19 mRNA vaccine lvrna009 was developed by levanda, a subsidiary of Amy vaccine holdings. The phase I clinical data of lvrna00 shows good preliminary efficacy and safety, and it is currently in phase II clinical trial.
The second-generation covid-19 mRNA vaccine of Sri Lanka microorganism against the mutant strain is undergoing phase I / II clinical trial in Laos. In Brazil, Sri Lanka microorganism has obtained approval documents for phase I, II and III clinical trials.
The mRNA vaccine of Shijiazhuang Pharmaceutical Group was approved by ind on April 4, 2022 Cansino Biologics Inc(688185) biological mRNA vaccine was approved by ind on April 4, 2022.
We are optimistic about the large demand for mRNA vaccine and related products in its upstream supply chain. The “14th five year plan” for the development of pharmaceutical industry clearly points out that we should closely follow the development trend of vaccine technology, support the construction of mRNA vaccine and improve the guarantee level of vaccine supply chain. Support vaccine enterprises to cooperate with important raw and auxiliary materials, consumables, production equipment and packaging materials enterprises to improve the quality and technical level of various products. With the continuous progress of domestic mRNA vaccine research and development, the demand for upstream supply chain is increasing. Therefore, we are optimistic about the investment opportunities of mRNA vaccine and its upstream supply chain.
Investment advice
It is suggested to focus on mRNA vaccine and key targets of its upstream industrial chain: Kingsley biotechnology, Nanjing Vazyme Biotech Co.Ltd(688105) , Cansino Biologics Inc(688185) biology, Jenkem Technology Co.Ltd(688356) , stone Pharmaceutical Group, etc.
Risk tips
There are risks such as the risk that the R & D progress is less than expected, the risk of adverse reaction or safety of mRNA vaccine, the risk that the progress of listing approval is less than expected, the risk of intensified market competition, the shortage of raw material supply chain and so on.
