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国内二类苗市场快速发展，期待重磅产品放量及研发加速（更新）证 券 研 究 报告 医 药 行 业深度 研 究分析 师：贺菊 颖SAC 编号：S1440517050001SFC 编号：ASZ591分析师：刘若飞SAC编号：S1440519080003 发 布 日期：2023 年10 月27 日 2 1 2 HPV 3 4 5 6 RSV 2 RSV 7 III YWCXzQmRtQoPqOtQqNtMrQ9P9RaQpNrRpNtQfQpOmMfQnOmM9PoPoOMYoNxPuOtRyQ 3 1 HPV GSK 2 PCV13 3 PCV13 2 HPV 9 HPV III 4 2 HPV 9 HPV 5 MCV 6 7 41 2 4 53 1 20172021 277 460 13.5%2025 831 2030 1310 COVID-19 20212030 12.3%mRNA 6 2017-2030E 02004006008001000120014002017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2021 927 2030 3400 20212030 15.5%2021 877.5 2030 3316.1 15.9%7 050010001500200025003000350040002017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E二类疫苗 一类疫苗+1 2 9 HPV 2018 4 8 1 Prevnar 13 2016 9 2017 PCV13 2019 HPV-2 2019 2 65 2030 16.8%3 4 2021 8.4 65 2022 TOP10 274.2 2021 14.7%HPV PCV GSK PCV PCV20 HPV GSK 9 2022 TOP10 2022 Gardasil/Gardasil 9 69.0+22%Prevnar 63.4+20%Shingrix 35.8+60%Vaxigrip/Fluzone 29.8+2%Polio/Pertussis/Hib/Hib 22.9+3%ProQuad/MMR II/Varivax+22.4+5%Bexsero ACYW135 9.1+12%Fluarix/FluLaval 8.6-4%Infanrix/Pediarix DTaP 7.2+3%Pneumovax 23 6.0-33%2 HPV PCV13 PCV13 Hib 23 HPV WHO CDC 10 2022 2022 注：中国疫苗接种率根据 批签发 量及销 售情况 估算0%20%40%60%80%100%120%13价肺炎 轮状病毒 Hib 水痘 流感中国 美国 日本 英国0%20%40%60%80%100%23价肺炎 带状疱疹 HPV 流感中国 美国 澳大利亚 2 -VZV PHN 50 99.5%VZV 50 2.95.8/1000 40 7.7%Pain Ther BMC Infect Dis 127.7%7.1%8.4%10.6%0%2%4%6%8%10%12%合计 51-59 岁 61-69 岁 71-79 岁 VZV PHN 2020 60 39.1%2021 60 2.67 GSK Shingrix 50 0.32%CDC 13 50 注：2019-2020年 接种率 数据缺 乏60-69 岁及70 岁及以 上的统 计数据 60注：1、50岁及 以上人 口按照2020 年 人口普 查数据 推算；2、2022 年 带状疱 疹疫苗 批签发量为估计值0%5%10%15%20%25%30%35%40%45%总体 60-69 岁 70 岁及以 上0.17%0.23%0.32%0%0%0%0%0%0%0%0%0204060801001201401601802020 2021 2022批签发量（万支）50岁及以上人口渗透率 3 Shingrix 2022 3 Zostavax GSK Shingrix SK SkyZoster Shingrix 2020 6 Shingrix Shingrix 2022 36.46 Zostavax Shingrix 14 Shingrix Zostavax GSK VZV AS01B VZV 2 2-6 1 50 50 18 50-59 96.6%69.8%60-69 97.4%64.0%70-79 91.3%41.0%80 91.4%18.0%PHN 91.2%66.5%4 93.1%50 87.9 70 3 41.0%50 Zostavax Shingrix GSK Shingrix-40%-20%0%20%40%60%80%100%120%140%160%05101520253035402018 2019 2020 2021 2022销售额（亿美元）yoy 2030 126 Shingrix 2015 7 2021 24 CAGR 21.2%20212025 61 CAGR 26.8%20252030 126 CAGR 15.5%2030 281 2021 6 20212025 108 CAGR 103.8%20252030 281 CAGR 21.1%15 020406080100120140050100150200250300 2023 1 31 III 30 40 57.62%50 58.72%4050 Shingrix 16 40 50 30 10%1%10%1%1.59%1.24%5.94%2.38%1.10%5.21%2.06%0.1%1%0.1%0.92%0.44%0.22%0.57%0.64%0.79%155147666202040608010012014016018040 岁及以上人群 50 岁及以上人群对照组 疫苗组 57.62%58.72%mRNA 2023 9 III I/I/II 2022 12 mRNA 2023 1 2023 7 I Insight 17 I II III CHO CHO CHO/REC610 JCXH-105 mRNA CHO mRNA/mRNA 50 1 2030 5%2 23 II 3-4 3 40-49 50 100%40-49 II 4 1 1369 50 50%40 18 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E50 487 505 522 536 550 564 578 591 605 619 633 0.1%0.2%0.3%0.6%1.0%1.5%2.2%2.8%3.5%4.2%5.0%0%0%0%20%30%40%45%50%50%45%40%0.0 0.0 0.0 0.3 0.7 1.2 1.8 2.1 2.3 2.2 2.1 1 1 1 1 1 1 1 1 1 1 1 0.0 0.0 0.0 33.0 68.5 118.3 178.3 213.0 225.2 222.2 210.140-49 207 201 195 188 181 175 169 165 160 158 155 0.0%0.0%0.0%0.1%0.3%0.6%1.0%1.5%2.1%2.8%3.5%0%0%0%100%100%100%100%95%90%85%80%0.0 0.0 0.0 0.2 0.3 0.5 0.6 0.8 0.9 0.9 0.8 1 1 1 1 1 1 1 1 1 1 1 0.0 0.0 0.0 15.0 31.9 49.2 64.5 77.5 85.3 88.6 80.1 0.0 0.0 0.0 48.0 100.4 167.5 242.8 290.5 310.5 310.8 290.2 1369 1369 1369 1369 1369 1369 1369 1369 1369 1369 1369 0.0 0.0 0.0 638.2 1334.7 2226.3 3226.7 3860.7 4126.8 4131.2 3857.1 HPV HPV HPV HR-HPV 99%HPV HPV HPV HPV 16/52/58 HPV 16 18 31 33 35 39 45 51 52 56 58 59 68 HPV 16/18 2014-2016 13.8 HPV HPV 16 4.4%HPV 52 3.5%58 2.6%HPV 13.9%11.1%8.3%HPV 52/58 HPV 18 HPV 16 52/58 HPV Frontiers in Oncology 19 HPV 4.4%3.5%2.6%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%HPV 5 HPV 2016 HPV HPV HPV-4 9 2017 2018 2 2019 2022 5 HPV 9 2022 8 9-45 9 HPV 20 HPV 2 2 2 4 9 9 HPV 16 18 16 18 16 18 16 18 6 11 16 18 31 33 45 52 58 6 11 9-45 9-45 9-30 9-45 9-45 0 1 6 1 0 1 6 1 9-14 2 0 2 6 1 0 2 6 1 0 2 6 1 580/330/329/798/1298/HPV HPV HPV 2021 13-17 76.9%HPV 2018-2020 HPV 341.7 675.3 1227.9 9-45 HPV 0.9%2.0%3.6%2020 HPV CDC 21 13-17 HPV HPV 注：2021-2022 年 批签发 量为估 计值60.4%65.5%68.1%71.5%75.1%76.9%0%10%20%30%40%50%60%70%80%90%2016 2017 2018 2019 2020 20210.2%0.9%2.0%3.6%6.8%13.2%0%2%4%6%8%10%12%14%010002000300040005000600070002017 2018 2019 2020 2021 2022批签发量（万支）累计渗透率 HPV HPV HPV HPV HPV The Lancet GlobalHealth 15 1/3 HPV 1/5 HPV HPV HPV HPV HPV HPV 9 HPV CDC 9-26 HPV HPV 2023 9 9 HPV CDC 22 13-17 HPV 2018 18-26 1 HPV 0%20%40%60%80%100%2016 2017 2018 2019 2020 2021 20221 针接种率（女性）1 针接种率（男性）0%10%20%30%40%50%60%1 针接种率（男女合计）1 针接种率（女性）1 针接种率（男性）HPV HPV HPV HPV 9 HPV 1 III 5 9 HPV III I/II 1/HPV HPV Insight 23 HPV HPV I II III 14 HPV 6/11/16/18/31/33/35/39/45/51/52/56/58/59 11 HPV/6/11/16/18/31/33/45/52/58/59/68 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 2 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 HPV Insight 24 HPV HPV I II III 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV 6/11/16/18/31/33/45/52/58 9 HPV/6/11/16/18/31/33/45/52/58 4 HPV 6/11/16/18 4 HPV 16/18/52/58 3 HPV 16/18/58 2 HPV 16/18 2 HPV 16/18 2 HPV 6/11 HPV CDE CXSL2200355 2022-08-04-CXSL2101487 2021-12-16 HPV HPV HPV HPV HPV HPV HPV HPV HPV HPV Insight 25 HPV 2017 HPV 2017 0%20%40%60%80%100%2017 2018 2019 2020 2021 2022默沙东 沃森生物 GSK 万泰生物7451457%82%0%100%200%300%400%500%01002003004005002017 2018 2019 2020 2021 2022HPV HPV 同比增长 PCV PPSV PCV PPSV PCV 7 13 20 PCV Prevnar 7 Prevnar 7 80%2010 2 13 Prevnar FDA 6 1,3,5,6A,7F 19A 2021 6 20 Prevnar FDA Prevnar 13 7 8,10A,11A,12F,15B,22F 33F 2023 4 FDA Prevnar 20 6 17 6 5 26 13 23 2 2 2 4 6 12-15 4 2 1 PCV 2000 Prevnar 7 2010 13 7 PCV 20082017 1935 PCV 90%Prevnar-13 1998 80/100000 2012 3/100000 PCV Prevnar-13 2016 PCV 23 2020 PCV PCV PCV CDC Insight 27 2002-2017 PCV HPV 2017 0%50%100%150%200%250%0204060801001202017 2018 2019 2020 2021 202213价 13 价同比增长 PCV 3 PCV 2019 12 2021 9 PCV13 PCV13 6 15 6 5 2022 70+67%37+1133%1-98%28 Prevnar 13 6 15 6 5 6 5 2 4 6 1 12-15 1 26 4 711 31223 224 5 1 26 4 711 3 1223 224 5 1 580/330/329/698-708 571-613 458-473 PCV13 100%100%100%39%57%1%0%0%0%61%40%65%0%0%0%0%3%34%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022辉瑞 沃森生物 康泰生物（民海生物）PCV PCV III PCV PCV 29 I II III 13 13 13 CRM197 TT 13 15 20 13/13 13 13 13 20 20 Wind 30 H1N1 H3N2 Victoria Yamagata HIN1 H3N2 20212022 6 17 57.8%1849 37.1%5064 52.4%65 73.9%2016-2022 2020-2022 0%10%20%30%40%50%60%70%80%6 个月-17 岁 18-49 岁 50-64 岁 65 岁2018-2019 2019-2020 2020-2021 2021-20220%2%4%6%8%10%12%6 个月-17岁 18-59 岁 60 岁 合计2020-2021 2021-2022 Wind 31 2019 2022 2017 150 2022 401 CAGR 22%2022 4%/2020 2021 2022 0.5ml-0.2ml/3-17 1 298 298-313 298-313 0.5ml/3 1 55-75 62-75 55-750.25ml/6 3 2 2-4 35-55 44.5-55 55 0.5ml/3 1 128-143 128-143 143 0.5ml/3 1 55-80 55-80 55-800.25ml/6 3 2 2-4 35-60 38-60 38-60 0.5ml/3 1 44-68 41-68 41-680.25ml/6 3 2 2-4 28-46 28-50 28-46 Wind 32/2020 2021 2022 0.5ml/3 1 68-143 68-143 75-1430.25ml/6 3 2 2-4 44-60 41-55 41-55 0.5ml/3 1-88-98 88-1030.25ml/6 3 2 2-4-68-78 68-83 0.5ml/3 1 45-68 52-68 53-680.25ml/6 3 2 2-4 31-41 31-41 31 0.5ml/3 1 44-59 44-59 44-590.25ml/6 3 2 2-4 31-46 31-46 31-46 0.5ml/3 1 168-178 168-183 168-183 0.5ml/3 1 128-143 108-143 118-143 0.5ml/3 1 108-143 108-143 108-176 0.5ml/3 1 125 125-140 125-140 0.5ml/3 1 213-198-213 0.5ml/3 1-128-143 128-143 0.5ml/3 1 108-143 108-143 108-143 0.5ml/3-60 1 108-123 108-123 108-143 wind 33/RSV/RSV 2022 10-12 2023 10 2023 10 1 9555 3 7199.3 1.3 4.6%5.3%ILI%2011-2023 01234567810 月11 月12 月 1 月 2 月 3 月 4 月 5 月 6 月 7 月 8 月 9 月2019-2020 2020-2021 2021-2022 2022-20230%10%20%30%40%50%60%02000400060008000100001200014000全国流感样病例检测标本数 全国流感样病例检测阳性率 wind 34+2023 2023 23Q1 2023 0%-13%15%100%29%4%-20%0%20%40%60%80%100%120%0501001502002503003504004502017 2018 2019 2020 2021 2022流感疫苗 流感疫苗同比增长 20172022 20202023Q1 020406080100120140160华兰疫苗 金迪克20Q1 21Q1 22Q1 23Q1 wind 35 100%WHO 59000/99%2021 157 22.3%150 20.2%1882 Vero HDCV DNA WHO 32 Vero DNA DNA wind 36 60008000 12001600 20172021 2.7 3.7 0.4 0.5 0.7 0.6 2026 5.4 1.2 1.0 2017-2026E/2017-2026E0.01.02.03.04.05.06.0猫 狗 其他宠物0%2%4%6%8%10%12%14%16%18%猫 狗 wind 37 Vero Vero 2020 Vero 6962.55 88.58%370.36 4.71%Vero 0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022Vero 细胞 人二倍体细胞 地鼠肾细胞 鸡胚细胞01000200030004000500060007000800090000200400600800100012002015 2016 2017 2018 2019 2020 2021 2022签发批次，左轴 批签发量，右轴（万支）wind 38 9 15 PM1503-3M 5 2-1-1 2BS MRC-5 CTR20221775 2BS III 2022-07-14CTR20211392 III 2021-06-18CTR20181701 MRC-5 III 2019-09-04 wind 39 1 20212022 2023 2 6000-8000 1200-1600 5/3 4 5 4 70%4 5 305/2030 30%20 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 1535 1428 1223 1468 1541 1572 1600 1626 1649 1668 1685yoy-6.9%-14.4%20%5%2%2%2%1%1%1%4.7%6.4%8.0%9%11%14%18%23%26%28%30%6%12%18%22%26%30%30%10.2 26.4 51.8 82.3 111.4 140.1 153.74 70%70%70%70%70%70%70%5 30%30%30%30%30%30%30%44 114 223 354 479 603 661yoy-159.6%96.3%58.7%35.5%25.8%9.7%/305 305 305 305 305 305 305 129.5 336.3 660.2 1047.5 1419.0 1784.4 1956.8 RSV 2 RSV wind 40 RSV RSV RSV F post-F post-F RSV post-F pre-F RSV RSV pre-F post-F RSV RSV 2 RSV wind 41 GSK RSV Moderna GSK Moderna RSV III 2023 5 3 GSK RSV Arexvy FDA 60 RSV RSV 6 1 FDA RSV Abrysvo 60 RSV 7 5 Moderna RSV mRNA-1345 FDA 8 21 Abrysvo 6 RSV III RSV GSK Moderna RSVPreF3 GSK-3844766A RSVpreF PF-06928316 mRNA-1345 mRNA pre-F pre-F pre-F 30 60 12.5 25 50 100 AS01e 60 24960 60 34284 49 2436 14470 60 37000 RVS-LRTD 82.6%RVS-LRTD2 66.7%MA-LRTI 81.8%90 69.4%6 RVS-LRTD2 83.7%RVS-LRTD2 94.1%RVS-LRTD3 85.7%MA-LRTI 57.1%90 51.3%6 RVS-LRTD3 82.4%RSV 2 RSV wind 42 RSV GSK RSV Moderna mRNA RSV RSV A RSV B pre-F GSK Moderna DS-Cav1 DS-Cav1 2013 pre-F GSK AS01e Moderna GSK RSV III RSV GSK Moderna RSV 60 60 III 2023 8 GSK Moderna 2 RSV RVS-LRTD2 94.1%66.7%83.7%90 RSV MA-LRTI 81.8%6 69.4%RSV Insight 43 RSV RSV GSK Moderna RSV mRNA II/RSV GSK3844766 Arevxy 60 FDA EMA 5059 III 2022-08-21mRNA-1345 Moderna mRNA 60 SP0125 624 II 2023-01-06BLB-201Blue Lake Biotechnology CyanVacLLCPIV5-I/II 2022-12-08VN-0200 6080 II 2022-09-21ADV110 BARS13 6080 II 2020-12-23IVX-A12 Icosavax VLP 6085 II 2023-06-05MV-012-968 Meissa Vaccines 636 Ic 2021-05-26SP0256 mRNA-I 2022-11-17mRNA-1345 Moderna mRNA 1259 I 2020-09-30V-306 Virometix VLP I 2020-08-19IVX-121 Icosavax VLP 6075 I 2022-12-23CodaVax-RSV Codagenix-I 2021-06-09 III Lancet 44 WHO 6.3 2.5 100 CDC 2019 2019 32.37 1.07 III Insight 45 GSK Nabi Staph Vax III V710 mHla/IsdB-N2/SpA5/mSEB/MatC III Staph VaxCP5-rEPA+CP8-rEPA Nabi Biota pharmaceuticals III V710 IsdB/Intercell II/III Bivalent rLukS-PV/rAT rLukS-PV/rATNabi Biota pharmaceuticals1855 I/II GSK3878858 GSK I/II SA4AgCP5 CP8 mClfA MntC 2 2 18-65 Iib NDV-3 Candida Als3 NovaDigm Therapeutics 1850 I III 46 1.1 2 3 IIINabi Staph Vax Merck V710 CP5/CP8 IsdB AlPO4 2 0-35 14-60 1 2 3 0/0 7 III Vaccine 47 II III 2023 7 Vaccine II II 18-70 7 10-14 III 3 HPV GSK HPV 4/9 HPV EC/2023H1 235.8 41.4%HPV 9 HPV 2022 8 945 2023 2023H1 8.6 48.4%49 Insight/2021 2022 2023 ACYW135 0.5ml 2 163 63 630.5ml 136-148 136-151 136-151AC 0.5ml 3 3 12 3 1 2 2 3 1 86-108 92-98 92-1020.5ml 120-133 120-133 120-133AC 0.5ml 2 1-b 2-5 2 6 2 3 3 18 1 6 12 2 18 11 5 1 79-88 79-88 79-92 102-114 102-114 102-114 CHO 0.5mL/-18 3-16 16 HPV GSK 50 Insight/2021 2022 2023 1.0ml/15 65-398 398 EC 0.1ml/6 65 0.1ml-31.030.3ml/-65 650.5ml/-96.11 96.111.0ml/-163.38 163.38 0.5ml:50IU 12 17/2-0.5ml:25IU 18 199 210 209-21023 0.5ml/2 1 200-248 200-248 210-258 0.5ml/9-45 3 0 2 6 1298-1310 1298-1310 1298-1310 Vero 2ml/6-32 3 6-10 280-293 293 293 0.5ml/9-45 3 0 2 6 798-810 798-810 798-810 HPV GSK 23 2023 8 BCG-PPD II B I Omicron BA.4/5-Delta51 Insight I II III 23 MRC-5 15 Vero ACYW135 ACWY 71 EV71 AEC/BC02 B B HPV GSK GSK 2023 10 9 GSK GSK GSK 2026 12 31 3 GSK 200 3&52 GSK 2024 34.402025 68.802026 103.20 PCV13 PCV13 PCV13-Hib 2023H1 PCV13 61.30%40%23 64.19%PCV13 PCV13 PCV13 53/2021 2022 202313 0.5ml/6 5 26 4 711 3 1223 2 24 5 1 458-473 458-473 458-47323 0.5ml/2 1 180-224 180-224 180-224b 0.5ml/3 5 3 3 18 1 6 12 2 18 1 1-5 1 112-120 120 105-120 0.5ml/138-153 153 105-138 0.5ml/8 1 85 85 85-Hib Hib 0.5ml/0.5ml/3 3 4 5 3 18 24 1 285 368-383 368-383 368-383 0.5ml/3 6 3-12 3 18-24 1 3.4 3.4 3.4 g/0.5ml/16 0 1 6 3 105 105 90-105 g/1.0ml/16 0 1 6 3 110-123 110-123 105-123 g/1.0ml/16 1 2 320-335 320-335 320-335 2023 9 4 5 MCV4 IPV III I-IPV 54 I II III Sabin Vero ACYW135 Vero 2021 5 EUA 71 EV71 Vero b Hib 2020 12 2020 12-2023 1 2023 4 13 PCV13 2 HPV 2023H1 PCV13 2 HPV 2 HPV PCV13 2 HPV 55/2021 2022 202313 0.5ml/6 5 26 4 711 3 1223 2 24 5 1 556-613 571-613 556-61323 0.5ml/2 1 182-224 182-224 182-224 0.5ml/9-30 0 2 6 1-319-329 319-339ACYW135 0.5ml/2 1 2 3 123-131 131116-131 198-213 A C 0.5ml/3-5 3-12 3 13-24 3-12 2-5 1 113-121 121106-121 198-213 A C 0.5ml/2 1 3.5 3.5 3.5b 0.5ml/2-5 6 3 18 1 6-12 2 18 1 1-5 1 92-123 100-123 85-123 0.5ml/3-6 3-12 3 18-24 1 3.4 3.4-9 HPV III mRNA 9 HPV III mRNA mRNA 9 HPV III mRNA mRNA mRNA RSV mRNA mRNA 56 I II III ACYW135 ACWY mRNA 2022.09 EUA mRNA S CHO CHO/b 2 HPV 2023 8 25 2023 1 41.6 29.8%2 17.0 36.8%3 16.2 38.8%2 HPV 23H1 1 9 HPV 2 HPV 2 3 2 HPV 2 HPV 248+68.71%2 HPV 57/2021 2022 2023 0.5ml/9-45 0 1 6 1 329-339 329-339 329-339 g/0.5ml/16 0 1 6 1 770-780 770-780 770-780 9 HPV 9 HPV 9 HPV III 20 I III VZV-7D III III XBB HPV-58 I II III 2022 12 EUA VZV-7D-HPV-MCV MCV 2 4 MCV2&MCV4 MCV 2.2 1996.9%2023 1-8 MCV2 2-50.0%MCV4 10+150.0%MCV 59/2021 2022 2023 5 1.5ml/-18 1-5 0.5ml/1.5ml/-18 1-A C CRM197 0.5ml/3-2 3-5 3 18 1 6-11 2 18 1 12-23 2-168 168-178ACYW135 CRM197 0.5ml/3-3 3-5 3 12 1 6-23 2 2-3 1-420-430 420-430 0.5ml/-1-MCV VLP mRNA 60 I II III PCV13i DTcP mRNA TB-PBPV Tdcp CS-2047 CS-2023 CS-2028 CS-2036 CS-2201 8 23 2023 1 6.3 3.8%2 2.5 21.4%3 2.3 22.4%23H1 22 7-9 Vero 2023 1-8 47-36%61/2021 2022 2023 1.0ml/-0 3 7 14 28 5 300-320 300-320 300-320ACYW135 0.5ml/2 1 2 3 87-110 110 80-110 AC b 2023 1-8 41-5%23-32.4%AC 16+220.0%Hib 2-50.0%62/2021 2022 2023 0.5ml/-1 4-8 2 2 1 173-193 173-193 180-192AC 0.5ml/3-5 3-5 3 18 1 6-11 2 18 1 12-23 1 2-5 1 156-171 156-171 156-171b 0.5ml/3 5 3 3 18 1 6 12 2 18 1 1-5 1 88-121 88-121 88-121 AC-Hib III AC-Hib 2023 2 2023 AC-Hib AC-Hib 63 I II III AC-B AC B A A 3 65*2022 2022 PE TTM 300122.SZ 24.0 1404 382.64 75.39 17.44/9 HPV EC/300601.SZ 11.2 333 31.57-1.33 129.4 PCV13 300142.SZ 16.1 396 31.57-1.33 51.9;9 HPV III mRNA 603392.SH 12.7 618 31.57-1.33 16.52 HPV 9 HPV 688185.SH 2.5 125 10.35-9.09-11.4 MCV 300841.SZ 1.3 86 14.47 5.98 16.3 688319.SH 4.1 82 5.47 0.27 339.9 AC-Hib III*总市值截至于2023 年10 月13日 Wind 4 67 2022 2023 投资评级标准 评级 说明报告中投资建 议涉及的 评级标准为报告 发布日后6 个月内的相对市场表现，也 即 报 告 发 布 日后的6 个月内公司股价（或行业指数）相对同期相关证券市场 代表性 指数的涨跌幅作 为基准。A股市场以沪 深300指数 作为基准；新三 板市场以三板成指为 基准；香 港市场以恒生指 数作为基准；美国市场以标普 500 指数为基准。股票评级买入 相对涨幅15以上增持 相对涨幅5%15中性 相对涨幅-5%5之间减持 相对跌幅5%15卖出 相对跌幅15以上行业评级强于大市 相对涨幅10%以上中性 相对涨幅-10-10%之间弱于大市 相对跌幅10%以上68分析师声 明本报告署名分析师在此声明：（i）以勤勉的职业态度、专业审慎的研究方法，使用合法合规的信息，独立、客观地出具本报告,结论不受任何第三方的授意或影响。（ii）本人不曾因，不因，也将不会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。分析师介绍贺 菊颖：中信建投证 券医药行 业首席
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