(600132) ( ) 2009 02 25 18.20 86-755-22624358 liaowg@pasc.com.cn 86-10-59734916 yangxiaohao@pasc.com.cn 86-755-22623263 gaoli@pasc.comc.n 1 3 5 2 10 30% 1 2 600132 http://www.ss a ( ) 48397.12 ( ) 29177.95 ( ) 5310.39 ( ) 2.16 (%) 13.73 3 (%) 66.38 << >> b << >> b 0.28 0.04 02-25 06-11 09-23 01-13 -0.20 4 500 200 10 500 200 40-0.45-0.69 b 2009 2
...3 1...3 2...3 3...4...5 1...5 2...5...5 1 a...5 2b...5...6 1...6 2...6 3 20...6...6 1...6 2 10 200.8...9 1...9 2...10 3... 11 2/12
a b 1 b 2011 6 40% 600132 2 5 3 b 5 1 2005 20 HBV 3.5 HBV 100 HBV (HCC) HBV HBsAg 9.09% HBsAg 4.51% 9.51% HBV ( ) HBV HBV HBV HBsAg HBV 2000 9700 2007 89 20% 90% 2 2005 3/12
E HBs 20% 1 3 2 100mg/ 110.00 2 10mg/ 140.00 2 0.5mg/ 273.00 2 1.0mg/ 546.00 2 600mg/ 189.00 2 5MU 312.00 1 180 g/ 1,350.00 1 1 T 1 2 30% E 40% E DNA 2 40% E 4/12
5/12 1 CD8+ T CTL CD4+ T Th 2 HbsAg DNA SFDA 2003 6 HbsAg DNA 5 1 a 2003 6 SFDA 2008 8 a a a 48 + 30% E 2 b 2.1 b 2009 2 b GCP Paramax ( ) 360 1 1 1 600ug/ 900ug/ 0 28 6 4 48 76
6/12 120 + 2.2 b a b b a 50% a 4 b 6 T 1 a 2 b 2B 3 20 20 2009 20 30 1 SFDA 1 72 20 5 10
2000 9700 2005 9700 10 + 50% 70% 1.5 3 1 2 5 6 1.2 1.5 2 2500 3300 / 10000 1500 / + + 30 / 900ug/ 100 90% 80% 10% 15% 17% 3 IFN 3 1 6 100mg 600-900ug/ 6 1 2 + 2 6 HBeAg 33% HBeAg HBeAg 30% 16% a IFN 15% 1.5 2 2 20% 15% 7/12
2 10 200 10 470 226 10 530 235 4 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 50.00% 60.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 5.00% 7.00% 10.00% 10.00% 9700 9600 9500 9400 9300 9200 9000 8500 8000 7500 0.001% 0.002% 0.003% 0.004% 0.005% 0.100% 0.200% 0.300% 0.400% 0.500% ( 5 12 21 28 35 51 88 124 172 178 ( 15000 15000 15000 12000 12000 12000 10000 10000 10000 10000 765 1829 3193 3405 4256 6144 8800 12350 17200 17750 482 1152 2011 2145 2681 3871 5544 7781 10836 11183 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 85.00% 85.00% 85.00% 85.00% 433 1037 1810 1931 2413 3484 4712 6613 9211 9505 30.00% 30.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 6.00% 4.00% 3.00% 2.50% 2.50% 2.00% 1.50% 1.50% 1.20% 1.20% 3.00% 3.00% 2.50% 2.00% 1.70% 1.20% 1.10% 1.00% 0.80% 0.80% 144 346 503 536 536 774 1109 1556 2167 2237 29 46 60 54 67 77 83 117 130 134 14 35 50 43 46 46 61 78 87 89 246 611 1197 1298 1764 2586 3459 4863 6827 7045 % 15.00% 15.00% 15.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 37 92 180 324 441 646 865 1216 1707 1761 209 519 1017 973 1323 1939 2595 3647 5120 5284 8/12
5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2000 2000 2000 2000 2000 2000 2000 2000 2000 2000 50.00% 60.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 70.00% 0.50% 1.50% 3.00% 5.00% 7.00% 8.00% 10.00% 12.00% 15.00% 20.00% 9700 9600 9500 9400 9300 9200 9000 8500 8000 7500 0.001% 0.002% 0.003% 0.004% 0.005% 0.100% 0.200% 0.300% 0.400% 0.500% ( 5 18 42 70 98 121 158 194 242 318 ( 10000 10000 10000 8000 8000 8000 6000 6000 6000 6000 510 1819 4229 5630 7877 9696 9480 11610 14520 19050 321 1146 2664 3547 4963 6108 5972 7314 9148 12002 90.00% 90.00% 90.00% 85.00% 85.00% 85.00% 80.00% 80.00% 80.00% 80.00% 289 1031 2398 3015 4218 5192 4778 5851 7318 9601 30.00% 30.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 6.00% 4.00% 3.00% 2.50% 2.50% 2.00% 1.50% 1.50% 1.20% 1.20% 3.00% 3.00% 2.50% 2.00% 1.70% 1.20% 1.10% 1.00% 0.80% 0.80% 96 344 666 887 993 1222 1194 1463 1830 2400 19 46 80 89 124 122 90 110 110 144 10 34 67 71 84 73 66 73 73 96 164 607 1585 1969 3017 3775 3428 4206 5306 6961 % 15.00% 15.00% 15.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25 91 238 492 754 944 857 1051 1326 1740 139 516 1347 1476 2263 2831 2571 3154 3979 5221 1 1.1 2005 9 7 14 ID 2005 11 Crucell 4.5 Berna 2005 11 1 51 58 30 2004 5.1 2007 3 - Oxford Biomedica TroVax. 6.9 9/12
2007 4 Transgene 2.93 HPV 2007 6 156 MedImmune 2007 7 1 Intercell Intercell IC31 Intercell 2.7 2000 2300 85% a 2007 3 a b 20 10 85% 4.84 13 EPS 1.2 6 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 321 1146 2664 3547 4963 6108 5972 7314 9148 12002 90.00% 90.00% 90.00% 85.00% 85.00% 85.00% 80.00% 80.00% 80.00% 80.00% 289 1031 2398 3015 4218 5192 4778 5851 7318 9601 30.00% 30.00% 25.00% 25.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 6.00% 4.00% 3.00% 2.50% 2.50% 2.00% 1.50% 1.50% 1.20% 1.20% 3.00% 3.00% 2.50% 2.00% 1.70% 1.20% 1.10% 1.00% 0.80% 0.80% 96 344 666 887 993 1222 1194 1463 1830 2400 19 46 80 89 124 122 90 110 110 144 10 34 67 71 84 73 66 73 73 96 164 607 1585 1969 3017 3775 3428 4206 5306 6961 % 15.00% 15.00% 15.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25 91 238 492 754 944 857 1051 1326 1740 139 516 1347 1476 2263 2831 2571 3154 3979 5221 WACC=10% 2021 1% 60.34 2 2008 EPS 0.33 2009 0.35 0.4 10/12
20 PE 8 21 8 +13 68 ( 8 +60 ) 40 3 / EMBA 1994 2008 8 2008 10 11/12
6 20% 6 10% 20% 6 10% 6 10% 2009 8 518048 0755 22200900 0755 82449257