人二倍体狂苗领军企业，诺如病毒疫苗成功出海

Investment Rating - The report gives a "Buy" rating for the company with a target price of 119.02 CNY per share for 2024, based on a PE multiple of 22x [2] Core Views - The company is a leader in human diploid cell rabies vaccines, with its core vaccine products gaining market share and its norovirus vaccine pipeline successfully expanding overseas [2][3] - The company's revenue is expected to grow steadily, with projected revenues of 15.39/18.98/22.93 billion CNY for 2023-2025, representing year-on-year growth of 6.35%/23.34%/20.82% [2] - Net profit attributable to shareholders is forecasted to be 5.97/7.28/8.86 billion CNY for 2023-2025, with EPS of 4.44/5.41/6.58 CNY [2] Financial Performance - The company's revenue in 2022 was 14.47 billion CNY, up 11.94% year-on-year, with net profit attributable to shareholders of 5.98 billion CNY, down 27.90% year-on-year [12] - Human diploid cell rabies vaccine contributed 98.50% of the company's revenue in 2022, with ACYW135 group meningococcal vaccine and veterinary vaccines contributing 1.19% and 0.27%, respectively [13] - The company's gross margin for human diploid cell rabies vaccine remained stable at 93%-95% from 2018 to 2023H1 [33] Product Pipeline - The company has a rich pipeline of in-progress vaccines, including a recombinant hexavalent norovirus vaccine, quadrivalent nasal spray influenza vaccine, and mRNA vaccines for shingles and rabies [41] - The company has successfully licensed its recombinant hexavalent norovirus vaccine to HilleVax for global development, production, and commercialization, potentially earning up to 270.5 million USD [5][108] Market Outlook - The human rabies vaccine market in China is large, with annual batch issuance volumes of 60-80 million doses, and the human diploid cell rabies vaccine is considered the "gold standard" by the WHO [46][50] - The pet vaccine market is growing rapidly, with the urban pet (dog and cat) consumption market reaching 279.3 billion CNY in 2023, up 3.2% year-on-year [1][101] - The company's veterinary vaccine sales reached 3.84 million CNY in 2022, its first full year of selling the Hillis rabies vaccine for pets [1][86]