智飞生物：HPV疫苗销售承压，带疱疫苗有望逐步放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's HPV vaccine sales are under pressure, but the newly introduced shingles vaccine is expected to gradually increase in volume [6] - In H1 2024, the company reported revenue of 18.258 billion yuan, a year-on-year decrease of 25.31%, and a net profit attributable to shareholders of 2.234 billion yuan, down 47.55% [6][7] - The company has expanded its sales team significantly, with a 39.51% increase in sales personnel, which is expected to support the launch of new products [6] Financial Performance - In H1 2024, the company's revenue from agency products was 17.592 billion yuan, a decrease of 25.40% year-on-year, primarily due to unmet market promotion expectations [6] - The company’s R&D investment reached 570 million yuan in H1 2024, accounting for 103% of its self-developed product revenue [6] - The company forecasts revenues of 40.730 billion yuan, 40.833 billion yuan, and 41.691 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -23.03%, 0.25%, and 2.10% [7] Product Development - The company has a total of 32 self-developed projects, with several products making positive progress in clinical trials [6] - The company has achieved nationwide coverage of over 20,000 terminal usage units for its shingles vaccine, which was first approved for sale in March 2024 [6] Market Position - Despite the decline in HPV vaccine sales, the company maintains a high market share and has a clear competitive advantage through product differentiation [6]