Sealand: AB&B BIO-TECH-B (02627) is given a "buy" rating, Huirui Kangxin is currently in a rapid volume growth channel.

Sealand released a research report, covering it for the first time and giving AB&B BIO-TECH-B (02627) a "hold" rating. It is predicted that the company is expected to achieve profitability in 2027, experiencing a double boost in performance and valuation, known as the "Davis double hit". Considering the continuous increase in sales of the company's core product, Hilconxin, it is estimated that the company will achieve operating income of 493 million, 798 million, and 1.24 billion RMB in 2025, 2026, and 2027 respectively. The company has a rich pipeline of vaccines and strong growth potential. Sealand's main points are as follows: Joint Bio focuses on innovative vaccine upgrades and has entered the phase of commercialization Established in 2015, the company is dedicated to the research, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technological methods. Currently, the company's quadrivalent influenza virus subunit vaccine (for ages 6 months and above) is already on the market. The 23-valent pneumococcal polysaccharide vaccine and lyophilized human rabies vaccine (human diploid cells) have completed Phase I clinical trials. Hilconxin (quadrivalent influenza virus subunit vaccine): Higher safety + good immune effects, entering the high-end influenza vaccine market strategically There is a vast growth potential for domestic influenza vaccines, with split vaccines currently occupying the majority of the market share. Hilconxin is the first and only quadrivalent subunit influenza vaccine in China. Compared to split vaccines, it has advantages such as comprehensive protection, high purity of component antigens, and low risk of adverse reactions. This product was approved for sale in China in 2023 for people aged 3 and above, and will be expanded to people aged 6 months and above in 2025. In 2024, it achieved revenue of 260 million RMB, a 398% year-on-year increase. As the company's first approved product, it is quickly gaining momentum and leading the consumption upgrade of influenza vaccines. Innovative human diploid cell rabies virus vaccine, deploying WHO gold standard technology to seize a stronghold in the multi-billion-dollar premium rabies vaccine market Rabies is highly dangerous, and the number of individuals exposed to it in China is on the rise. In recent years, approximately 18-20 million people in China have been vaccinated against rabies annually. In rabies vaccine production technology, human diploid cells are one of the safest matrices recommended by the WHO, with only two types of rabies vaccines using this cell strain currently on the market. The company's innovative human diploid cell rabies virus vaccine has demonstrated good safety in Phase I clinical trials. It combines lyophilized preparations and pre-filled diluent syringes, and develops various vaccination schemes for more convenient and flexible vaccination. Its Phase III clinical trial was initiated in December 2025. Leading core technology platform, building a rich pipeline covering traditional upgrades and cutting-edge innovations (11 projects in progress), with a clear growth relay baton After years of research and development, the company has created a comprehensive vaccine development support platform and proprietary technology platform based on new technologies that are in line with international trends. It simultaneously promotes the development of innovative vaccines and the upgrading of traditional vaccines, and has built a rich vaccine pipeline. With the aim of addressing unmet public health needs and expanding indications with high commercial potential, in addition to the core products of the quadrivalent influenza virus subunit vaccine and the human diploid cell rabies virus vaccine, the company is actively developing 11 other vaccines to precisely meet market demands. Risk warning: Risks related to the development of innovative vaccines, risks related to the single structure of the product, risks of commercialization falling short of expectations, risks of intensified market competition, risks of volatility in the share price of new stocks.