Industry perspective
In the first quarter of 2022, the issuance batches of major varieties of blood products in China increased rapidly. A total of 887 batches were issued in the vaccine industry, a year-on-year decrease of 5%, and HPV vaccines and other varieties still maintained rapid growth.
Blood products: albumin and propofol increased rapidly. From January to March 2022, China's albumin was issued 965 times (+ 26%) and imported albumin 596 times (+ 34%); Jing C was issued 250 times (+ 33%) in total. From the perspective of listed companies, Beijing Tiantan Biological Products Corporation Limited(600161) human albumin was issued 99 times (+ 10%); Intravenous injection of human immunoglobulin was issued 66 times (+ 14%) Hualan Biological Engineering Inc(002007) human serum albumin was issued 53 times (+ 152%); Intravenous injection of human immunoglobulin was issued 30 times (+ 275%) Shanghai Raas Blood Products Co.Ltd(002252) human serum albumin batch issued 31 times (+ 7%); Intravenous injection of human immunoglobulin was issued 31 times (+ 210%) Boya Bio-Pharmaceutical Group Co.Ltd(300294) human albumin batch issued 27 times (+ 8%); Intravenous injection of human immunoglobulin was issued 18 times (+ 100%); Human fibrinogen was issued 14 times (+ 27%) Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) human albumin batch issued 16 times (- 16%); Intravenous injection of human immunoglobulin was issued 11 times (- 45%) Shenzhen Weiguang Biological Products Co.Ltd(002880) human albumin batch issued 7 times (+ 40%); Intravenous injection of human immunoglobulin was issued 8 times (+ 60%).
Vaccine: HPV vaccine still shows a rapid upward trend. From January to March 2022, China's vaccine industry issued a total of 887 batches Chongqing Zhifei Biological Products Co.Ltd(300122) nine valent HPV vaccine was issued 21 times (+ 320%); Tetravalent HPV was issued 9 times (+ 29%) Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) bivalent HPV vaccine was issued 86 times (+ 406%) Walvax Biotechnology Co.Ltd(300142) 13 valent pneumonia conjugate vaccine was issued 19 times (+ 46%) Changchun Bcht Biotechnology Co(688276) varicella live attenuated vaccine was issued 25 times (- 19%) Chengdu Olymvax Biopharmaceuticals Inc(688319) tetanus vaccine was issued three times (- 79%) Chengdu Kanghua Biological Products Co.Ltd(300841) human diploid rabies vaccine was issued 19 times (+ 280%). Pfizer13 valent pneumonia conjugate vaccine was issued once (- 93%).
Investment advice
Since March 2022, the number of albumin and static C batches has increased significantly, and the supply side of the industry has warmed up. At present, the situation of epidemic prevention and control in China is generally good, with some repetitions in some areas. If the impact of the subsequent epidemic is weakened, the foundation for the stable development of the blood products industry will still be solid. In the medium and long term, it is suggested to pay attention to the head manufacturers with greater plasma supply elasticity.
In the first quarter, the National Health Commission has begun to deploy sequential immunization, which is expected to promote the further control of the epidemic in China. It is suggested to pay attention to the follow-up epidemic prevention and control situation and the terminal vaccination of covid-19 vaccine and conventional vaccine. In terms of conventional vaccine, we should focus on the large-scale rhythm of large varieties such as HPV vaccine and 13 valent pneumonia conjugate vaccine. In addition, in April, the mRNA covid-19 vaccine developed by Shijiazhuang Pharmaceutical Group and Cansino Biologics Inc(688185) biology for the mutant strain was approved to carry out clinical trials, and pay attention to the pipeline progress of enterprises related to the development of subsequent covid-19 vaccine variants.
Key companies
Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Chongqing Zhifei Biological Products Co.Ltd(300122) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , etc.
Risk tips
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.
