金吾财讯 | 国证国际发布中慧生物(02627)IPO点评，指公司成立于2015年，是一家疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的研发。优势与机遇方面，1）传统疫苗升级领域的潜在突出核心产品可解决未被满足的优质疫苗需求。四价流感病毒亚单位疫苗具有更高的安全性、良好的免疫反应和布局国内外清晰的商业化路径。2）领先的研发技术平台驱动在研疫苗的研发。3）利用市场需求驱动策略，打造多元化的疫苗管线。弱项与风险方面，行业竞争加剧、政策风险、疫苗研发进展不及预期、疫苗销售不及预期、委托的CRO开展部分临床试验不受公司控制、销售存在季节性导致经营出现波动等。该机构指，中慧生物目前就一款疫苗上市，其他管线进展较快的狂犬疫苗即将进入III期临床。公司此次IPO发行价为12.9-15.5港元，发行后市值约50.75-60.98亿港元。根据上市市值和2024年收入来测算，对应2024年PS约17.9-21.6倍。参考港股疫苗公司康希诺生物和艾美疫苗，公司估值水平偏高。结合基石投资者、公司估值、地位、医药市场打新热度高等因素，该机构给予公司IPO专用评分“5.3”。
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