福利彩票开奖结果查询

后疫情时代的两大市场选择之疫苗板块

来自粽哥2025的雪球原创专栏

福利彩票开奖结果查询LAIYUAN:XUEQIUApp,ZUOZHE: ZONGGE2025,(http://hz1070.cn/2468670980/144745901)

上一篇文章,粽哥给大家分享了《后疫情时代的两大市场选择之单抗特效药》。今天,我们来看一下第二个选择,同样备受瞩目的疫苗板块。

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本文所写的内容,不同投资者有不同的看法,难念存在争议性。由于粽哥阅历所限,如有不足之处,还请批评指正,多多担待。

一、新冠疫苗公司哪家强?

CHULETEXIAOYAOQIAOSHOUYIPANZHIWAI,YIMIAOHESHIJINRULINCHUANGDEWENTIYETONGYANGBEISHOUZIBENSHICHANGGUANZHU。CIQIAN,JUYOUGUANXIAOXICHENG,“ANZHAOYIMIAOWENBUTUIJINDEYUQI,GUJIZUIZAOZAI4YUEFENHUIYOUJIEGUO。GENJUGUOJIAYOUGUANFALVFAGUIDEGUIDING,BUFENYIMIAOYOUWANGNENGGOUJINRULINCHUANGYANJIUHUOZHEYINGJISHIYONG。”

福利彩票开奖结果查询GENJUYANGSHIXINWENXIAOXI,3YUE16RI,YOUZHONGGUOGONGCHENGYUANYUANSHI、JUNSHIKEXUEYUANJUNSHIYIXUEYANJIUYUANYANJIUYUANCHENWEILINGXIANDEKEYANTUANDUISUOYANZHIDEZHONGZUXINGUANYIMIAOHUOPIQIDONGLINCHUANGSHIYAN,ZHEISHIGUONEIDIYIGEJINRULINCHUANGSHIYANJIEDUANDEXINGUANYIMIAO。

福利彩票开奖结果查询TONGSHI,3YUE16RIXIAWU,MEIGUOSHENGWUKEJIGONGSIModernaDEXINGUANYIMIAOLINCHUANGSHIYANKAISHILE,43SUIDEHALECHENGWEISHOUGEXINGUANYIMIAOJIEZHONGZHIYUANZHE,YUJIZAI4ZHOUNEIJIEZHONGDIERZHIYIMIAO,DUITAHESHOUPICANYULINCHUANGSHIYANDE45MINGZHIYUANZHE,ZHENGGEGENZONGYANJIUJIANGCHIXU14GEYUE。

这也就意味着,疫苗上市公司即将引来新一轮上涨行情。

MUQIAN,GUONEIWAIYOUHENDUOYIMIAOGONGSIDOUZAIBUJUYANFAXINGUANYIMIAO。QIZHONG,KANGTAISHENGWU(300601.SZ)HEKANGXINUOSHENGWU(06185.HK)LIANGDALONGTOUDEJINZHANJIAOKUAI,SHOUZIBENSHICHANGDEGUANZHUJIAOGAO。

2YUE9RI,KANGTAISHENGWUFABUGONGGAOCHENG,YIYUAIDIWEIXIN(SUZHOU)SHENGWUZHIYAOYOUXIANGONGSIQIANSHULE《ZHANLVEHEZUOXIEYISHU》,NIFAHUIGEZIYOUSHI,GONGTONGZHILIYUYANFAXINGUANDNAYIMIAO。

ERKANGXINUOSHENGWUSHIQUANQIUDIERJIACHENGGONGYANFASHANGSHIAIBOLABINGDUYIMIAODEGONGSI,CAIYONGDESHIXIANBINGDUZAITIYIMIAOJISHU。LINGWAI,GONGSIYEZAIYANFAmRNAYIMIAO,JINZHANSHUNLI。

二、康泰生物VS康希诺生物

福利彩票开奖结果查询WOMENJIEXIALAIJIEDUYIXIAZHEILIANGJIAGONGSIDETOUZIJIAZHI。

KANGTAISHENGWUCHENGLIYU1992NIAN9YUE,SHIGUONEIZUIZAOCONGSHIZHONGZUYIXINGGANYANYIMIAO(NIANGJIUJIAOMU)SHENGCHANDEQIYEZHIYI,ZONGBUWEIYUSHENZHEN,2017NIAN2NIAN7RIZAICHUANGYEBANSHANGSHI。

福利彩票开奖结果查询MUQIAN,GONGSIYISHANGSHIDEYIMIAOCHANPINYOU:

福利彩票开奖结果查询CHUCIYIWAI,BEISHOUSHICHANGGUANZHUDEZHONGBANGCHANPIN13JIAFEIYANQIUJUNJIEHEYIMIAODEXINYAOSHENGCHANZHUCESHENQING,YUJIZAI2020NIANHUOPISHANGSHI,BINGCONG2021NIANKAISHIGONGXIANJIAODAZENGLIANGYEJI。GENJUSHICHANGYUCE,GAIYIMIAOLINGYUYONGYOUCHAOGUO70YIYUANDESHICHANGFENE,YIDANSHANGSHIWUYIJIANGJIGONGSIDAILAIFENGHOUDEYEJI。

2月29日,康泰生物发布2019年业绩快报公告,实现营业总收入为19.43亿元,比上年同期下滑3.65%;但归属于上市公司股东的净利润为5.73亿元,比上年同期增长31.62%。报告期内,公司按照年度经营计划积极开展各项工作,生产经营业务有序推进,费用管控持续优化,致使公司利润规模实现增长。

福利彩票开奖结果查询KANGTAISHENGWUZONGYINGSHOUCONG2014NIANDE3.03YIYUANZENGZHANGDAO2019NIANDE19.43YIYUAN,NIANJUNFUHEZENGSUWEI36.3%,JINGLIRUNCONG0.31YIYUANZENGZHANGDAO5.73YIYUAN,CAGRWEI62.6%。HAOWUYIWEN,ZHEISHIYIJIAGAOSUZENGZHANGDEGONGSI。

康泰生物的靓丽业绩,源于公司在2017年2月上市之前由“经销为主、直销为辅”销售模式转变为直销模式,使得公司各类疫苗的销售单价和毛利率获得快速提升。2016-2017年,康泰生物的前五大客户主要为省疾病预防控制中心。这种类型的单位采购方式能够通过合规的招投标流程向社会采购,过程公开透明合理,正好匹配“一票制”政策,所以受2016年“山东疫苗事件”的影响不是很大(总营收同比增长21.91%)。反而智飞生物和沃森生物两家同行2016年的总营收分别下滑37.43%、41.25%。

与此同时,2017年康泰生物在提高产品销售价格的基础上,乙肝疫苗、HIB 疫苗和四联苗销量明显增加,当年度以110.38%的同比增长率实现总营收11.61亿元,净利润2.15亿元,同比增长149.04%,再次以靓丽的成绩保持快速增长的态势。Hib疫苗市场占有率从2012年的0.1%增长到2018年的35.0%,而乙肝疫苗2018年的批签发占比高达44.1%,批签发量均为行业第一。

BUGUO,YOUYU2018NIANYIMIAOXINGYEJINGLILEZHANGCHUNZHANGSHENG“JIAYIMIAOSHIJIANZHIHOU,2019NIANKANGTAISHENGWUDEYEJIYINGLAIYALI。YOUYUZHENGFUJIAQIANGLEDUIYIMIAOXINGYEDEJIANGUAN,DAOZHIGONGSIDESILIANMIAOHibYIMIAOJIMAFENGYIMIAODENGCHANPINXIAOSHOUXIAHUA。CAIBAOXIANSHI,2019NIANQIANSANJIDUDEZONGYINGSHOUZENGSUFENBIEXIAJIANGLE15.31%、24.07%、7.05%。

如果说吉利德科学公司研发的瑞德西韦特效药被称为“人民的希望”,那么曾经凭借亚洲首款埃博拉病毒(Ad5-EBOV)疫苗走红,并且于2019年3月28日在香港上市的康希诺生物,被称为最接近新冠疫苗研发成功的公司。

福利彩票开奖结果查询ZUOWEIYIJIAZHUANYECONGSHIGAOZHILIANGRENYONGYIMIAOYANFA、SHENGCHANHESHANGYEHUADEKANGXINUOSHENGWU,SHIGUONEILINGXIANDEGAOKEJISHENGWUZHIPINQIYE,GONGSIDECHUANGSHIRENYUXUEFENGCENGJINGDANRENSAINUOFEIBASIDEZUINIANQINGDEGAOGUAN。MUQIAN,GONGSIDEYIMIAOPINZHONGHANGAILEFEIYAN、FEIJIEHEBING、AIBOLABINGDUBING、NAOMOYAN、BAIBAIPODENG12ZHONGJIBINGLINGYU,YOU15ZHONGZAIYANYIMIAO。

YOUYUGONGSIMUQIANHAIMEIYOUJIANGCHANPINSHANGYEHUA,SUOYIZANSHIMEIYOUSHENMESHOURU。BUGUO,JIUCHANPINYANJIUSHENGCHANJIEDUANERYAN,KANGXINUOSHENGWUYONGYOUYUFANGNAOMOYANQIUJUNGANRANHEAIBOLABINGDUSANXIANGLINJINSHANGYEHUAYIMIAOCHANPIN。GENJUSHICHANGTUISUAN,2030NIANAIBOLAYIMIAOYOUWANGDADAO2.954YIYUAN,FUHEZENGSUGAODA28.3%,SHICHANGKONGJIANFEICHANGDA。

福利彩票开奖结果查询YOUQISHISHOUCICIXINGUANFEIYANYIQINGDEYINGXIANG,KANGXINUOTUANDUIYANFABINGHUOPIDEAIBOLABINGDU(Ad5-EBOV)YIMIAOBEISHOUSHICHANGGUANZHU。GENJUZILIAOXIANSHI,GAIYIMIAOCAIYONGDEDONGGANZHIJIZAI2-8DUCHUCUNTIAOJIANXIAYOUYINIANDEYOUXIAOQIXING,BIGUOWAIYANFADEBIXUZAI-60DUCHAODIWENCHUCUNDEAIBOLABINGDUSHIYANYIMIAOJUBEIGENGYOULIANGDEWENDINGXING,ZAIFEIZHOUDENGGAOWENDIQUYUNSHU、SHIYONGSHI,JUYOUHENDAYOUSHI。

ZIXINGUANYIQINGBAOFAYILAI,ZAIYIMIAOXUQIUJIZENGDELIHAOCIJIXIA,GONGSIDEGUJIAZAIDUANDUANJIGEYUEDESHIJIANBIANSHANGZHANGLE45%。TEBIESHIZIGONGSISHANGSHIYILAI,GUJIAYIJINGSHANGZHANGLEJIANGJIN3BEI。

福利彩票开奖结果查询CHULEAIBOLABINGDUYIMIAOZHIWAI,GONGSIDEYUFANGNAOMOYANQIUJUNYIMIAO(MCV)MUQIANYOULIANGZHONGZHENGZAIZHUNBEITIJIAOXINYAOSHENQING,MCV2YUMCV4JUNYIGUOLELINCHUANGSHIYANIIIQI。QIZHONG,KANGXINUOSHENGWUDEMCV4YOUWANGZAIZHONGGUOLVXIANPIZHUNSHANGSHI。YUCITONGSHI,ZAIYIMIAOGONGYISHANG,YAOBISHICHANGSHANGWOSENJIZHIFEILVZHUDENGMCV2CHANPINJUBEIGENGJIADEANQUANXINGHEMIANYIYUANXING。YOUCIKEJIAN,ZHEIJIAYONGYOUQIANGDAJISHUYANFATUANDUIBEIJINGDEGONGSI,YIDANJIANGYIMIAOCHANPINSHANGYEHUAZHIHOU,JIANGHUIJIQITATONGXINGDAILAIFEICHANGJUDADEYALI。

毕竟,疫苗行业的政策壁垒、技术壁垒以及资金壁垒都高于其他传统领域。福利彩票开奖结果查询从销售毛利率来看,康泰生物高达91%,并且多年来一直处于稳定上升的水平。反过来,沃森生物的毛利率仅保持在78%左右。而智飞生物由于以代理进口疫苗的销售模式为主,因此在技术研发能力上稍逊康泰生物一筹,最近几年的毛利率快速下降,仅有41%。

BUGUO,DUIBITONGXINGLAISHUO,YOUYUKANGTAISHENGWUSHISHIDEZHIXIAOMOSHIXUYAOZHIFUJITUIGUANGSHANGXIAOSHOUFUWUFEIJIWANCHENGRENWUJIANGLIKUANDENG,YINCIXIAOSHOUFEIYONGFEICHANGGAO。2015-2018NIAN,KANGTAISHENGWUDEXIAOSHOUFEIYONGFENBIEWEI1.03YI、2.20YI、6.15YI、10.05YI,4NIANJIANZENGZHANGLEJIANGJIN10BEI。QIZHONG,DANDAN2017NIANDE“XIAOSHOUFUWUFEIJIJIANGLI”ZHEIYIXIANGMUDEFEIYONGJIUDADAOLE5.29YI,ZHANDANGQIXIAOSHOUFEIYONGDE86%,TONGBIZENGZHANG168.72%。

福利彩票开奖结果查询ZAIGONGSIXIAOSHOUFEIYONGJUGAOBUXIADEQINGKUANGXIA,YANFAFEIYONGZIRANXIANGDUIJIAOSHAO。2014-2018NIAN,WUNIANJIAQILAIDEHEJIYANFAFEIYONGYEZHIYOU4.88YIYUAN,HAIBUDAO2017NIANQUANNIANDEXIAOSHOUFEIYONG,ERQIEGONGSIDEYANFAFEILVCONG21.01%XIAJIANGDAO8.76%。SUOYI,ZHEIYESHIWEISHENMEKANGTAISHENGWUZUIJINJINIANTUICHUXINXINGYIMIAOCHANPINJIAOSHAODEYUANYIN。

三、疫苗板块投资逻辑

福利彩票开奖结果查询YINCI,TOUZIZHEZAIXUANZEYIMIAOGONGSIJINXINGTOUZIDESHIHOU,CHULEYAOKANGONGSILINIANDEYEJIZENGZHANGQINGKUANGZHIWAI,HAIYAOZIXIZHENBIEGONGSIDEYANFASHILI,PANDUANSHIFOUYOUGENGDUODECHANPINLAIGONGXIANYEJI。BIJING,ZHIYOUBUDUANTOURUYANFA,YEJICHIXUWENDINGZENGZHANGDEYOUXIUGONGSI,CAIZHIDEBEITOUZIZHESUOZHUIPENG。

$康泰生物(SZ300601)$ $康希诺生物-B(06185)$ $智飞生物(SZ300122)$

@今日话题 @雪球达人秀

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