上 市 公 司 医药生物 2024 年03月 21 日 百克生物 (688276) 公 司 研 究 ——带状疱疹贡献弹性，在研管线持续推进 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布 2023 年年报，2023年公司实现营业收入 18.25亿元（+70.30%），实 现归母净利润5.01亿元（+175.98%），实现扣非归母净利润4.93亿元（+195.86%）。 证 市场数据： 2024年03月20日 Q4 单季度，公司实现营业收入 5.81 亿元（+182.65%），实现归母净利润 1.70 亿元 券 收盘价（元） 50.98 研 一年内最高/最低（元） 71.79/42 （+661.07%），实现扣非归母净利润1.68亿元（+604.01%）。业绩符合预期。 究 市净率 5.2 报 息率（分红/股价） -  带状疱疹疫苗加速放量，流感计提减值影响利润：1）水痘疫苗作为公司基本盘，国内需 告 流通A股市值（百万元） 12304 求受新生儿下滑影响，公司调整战略加大出口占比，2023 年首次出口加纳并与俄罗斯签 上证指数/深证成指 3079.69/97 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved revenue of 1.825 billion yuan in 2023, a year-on-year increase of 70.30%, and a net profit of 501 million yuan, up 175.98% [2][3]. - The core product, the herpes vaccine, saw rapid growth, generating 883 million yuan in revenue with a gross margin of 97.5% [3]. - The company has a rich pipeline of products under development, including a liquid nasal flu vaccine and a combination vaccine for diphtheria, tetanus, and pertussis [4]. Financial Performance - Revenue for 2023 was 1.825 billion yuan, with a net profit of 501 million yuan, and a significant increase in Q4 revenue to 581 million yuan, up 182.65% year-on-year [2][3]. - The overall gross margin improved to 90.23%, an increase of 3.04 percentage points year-on-year, while the net profit margin reached 27.46%, up 10.51 percentage points [3]. - The company expects revenues of 2.578 billion yuan, 3.073 billion yuan, and 3.491 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 781 million yuan, 954 million yuan, and 1.103 billion yuan [5][6]. Valuation and Forecast - The report projects an EPS of 1.89 yuan, 2.31 yuan, and 2.67 yuan for 2024, 2025, and 2026, respectively, with a three-year CAGR of 30.08% [5][6]. - The target price is set at 66.21 yuan, based on a 35x PE ratio for 2024 [5].

Financial Performance - The proposed cash dividend for 2023 is CNY 1.50 per 10 shares, totaling CNY 61,926,104.70, which represents 12.36% of the net profit attributable to shareholders[6]. - The company has not achieved profitability since its listing[4]. - The company's operating revenue for 2023 reached ¥1,824,688,777.32, representing a 70.30% increase compared to ¥1,071,446,025.21 in 2022[23]. - Net profit attributable to shareholders for 2023 was ¥501,009,182.39, a significant increase of 175.98% from ¥181,536,723.75 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was ¥493,358,270.16, up 195.86% from ¥166,753,980.61 in 2022[23]. - The net cash flow from operating activities for 2023 was ¥255,206,956.72, a remarkable increase of 540.93% compared to ¥39,818,408.14 in 2022[23]. - As of the end of 2023, the net assets attributable to shareholders were ¥4,020,361,575.99, reflecting a 12.95% increase from ¥3,559,536,200.04 at the end of 2022[23]. - Total assets at the end of 2023 amounted to ¥5,046,237,662.74, which is a 17.80% increase from ¥4,283,551,750.23 in 2022[23]. - The basic earnings per share increased by 175.00% to RMB 1.21, while the diluted earnings per share also rose by 175.00% to RMB 1.21[25]. - The gross profit margin for the main business was 90.24%, an increase of 3.05 percentage points year-on-year[79]. Research and Development - The company invested CNY 198.74 million in R&D, accounting for 10.89% of its revenue during the reporting period[33]. - The company has 16 ongoing research projects, with 6 projects approved for clinical trials or registration applications[33]. - The company is preparing for the III phase clinical trial of the acellular pertussis vaccine, which has completed the I phase trial[40]. - The company has established five core technology platforms for vaccine development, including "viral large-scale culture technology platform" and "mRNA vaccine technology platform" to enhance its core competitiveness[41]. - The company has a research and development team of 134 people, accounting for 10.80% of the total workforce, with an average salary of ¥22.13 million, up from ¥14.82 million in the previous period[57]. - The total R&D investment for the year was approximately ¥198.74 million, an increase of 27.58% compared to the previous year, with R&D expenses accounting for 10.89% of operating income[53]. - The company has filed for 5 invention patents during the reporting period, bringing the total to 81 applications and 47 granted patents[52]. - The company is focusing on R&D investment and market expansion, with a diverse pipeline of vaccines and monoclonal antibody products targeting both children and adults[46]. Market and Sales Strategy - The company launched a new shingles vaccine, breaking the import monopoly in the domestic market and becoming a new profit growth point[32]. - The company is enhancing its marketing strategy and digital marketing efforts to expand product awareness and influence in a declining newborn birth rate environment[34]. - The domestic sales strategy employs a direct sales model, while international sales are conducted through distributors, covering all provinces in China except Hong Kong, Macau, and Taiwan[41]. - The company achieved a significant increase in export sales of the varicella vaccine, marking its first export to Ghana and signing a cooperation agreement with Russia[35]. - The company plans to accelerate the internationalization of its existing products while enhancing domestic market marketing efforts[127]. Environmental Compliance - The company has implemented a self-monitoring plan to ensure compliance with pollution discharge standards, with quarterly reports submitted to the national pollution discharge permit management information platform[200]. - The company’s wastewater discharge for ammonia nitrogen was reported at 0.43 mg/L, well below the limit of 1 mg/L, demonstrating effective treatment processes[188]. - The company’s emissions of sulfur dioxide and nitrogen oxides from the gas discharge are compliant with the respective limits of 50 mg/m³ and 200 mg/m³[186]. - The company has received environmental impact report approvals for multiple vaccine production projects, including a project for an annual output of 20 million doses of varicella and herpes zoster vaccines, which was completed on December 19, 2023[6]. - The company emphasizes a commitment to green, environmentally friendly, low-carbon, and sustainable development practices[198]. Corporate Governance - All board members attended the board meeting[5]. - The board of directors has established four specialized committees to enhance decision-making objectivity and governance[131]. - The company held two shareholder meetings during the reporting period, with all proposed resolutions being approved without any rejections[134]. - The company has maintained a stable management team with no significant turnover in key positions[137]. - The company is committed to maintaining transparency and accountability in its financial reporting practices[138]. Future Outlook - The company expects a revenue growth guidance of 10-12% for the next fiscal year[141]. - The company plans to conduct clinical trial applications for several vaccines in 2024, including adjuvanted influenza vaccine and recombinant shingles vaccine[99]. - The company aims to improve operational efficiency and increase profitability through strategic initiatives[138]. - Future guidance indicates a focus on enhancing technological capabilities and exploring potential mergers and acquisitions[138].

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 71.89 CNY [4][7]. Core Views - The company reported significant growth in 2023, with total revenue reaching 1.825 billion CNY, a year-on-year increase of 70.30%, and a net profit of 501 million CNY, up 175.98% [2][7]. - The newly launched varicella vaccine has contributed significantly to revenue, with sales of 663,500 doses generating approximately 883 million CNY, accounting for about 48.4% of total revenue [2][7]. - The company has made progress in its research pipeline, with 16 projects underway, including a liquid nasal flu vaccine nearing market approval and several other vaccines in various stages of clinical trials [7][8]. Financial Performance - In Q4 2023, the company achieved a revenue of 581 million CNY, a year-on-year increase of 182.65%, and a net profit of 170 million CNY, marking a turnaround from losses [2][7]. - The gross margin for 2023 was 90.23%, an increase of 3.04 percentage points, while the net margin improved to 27.46%, up 10.51 percentage points year-on-year [2][7]. - The company’s R&D expenses were approximately 199 million CNY, representing 10.89% of total revenue, indicating a strong commitment to innovation [7][8]. Market Expansion - The varicella vaccine has a low penetration rate of 0.4% among the population aged 40 and above, indicating significant market potential for future growth [2][7]. - The company is actively expanding its product promotion channels and has initiated export activities for its varicella vaccine, including sales to Ghana and a partnership with Russia [3][7]. Future Projections - Revenue growth is projected at 44.6%, 22.5%, and 14.7% for the years 2024 to 2026, respectively, with net profit growth expected at 58.3%, 33.2%, and 20.4% during the same period [7][8]. - The company aims to enhance its competitive position through ongoing research and development efforts, with several products expected to enter the market in the coming years [7][8].

\\\\\\\\\\\ 业绩简评 2024 年 3月 19 日，公司发布2023 年年度报告。2023年公司实现 营业收入18.25 亿元，同比增长 70.30%；实现归母净利润5.01亿 元，同比增长175.98%；实现扣非归母净利润4.93 亿元，同比增 长 195.86%。分季度看，2023 年第四季度公司实现收入5.81 元， 同比增长182.65%；实现归母净利润1.70 亿元，同比扭亏；实现 扣非归母净利润1.68 亿元，同比扭亏。 经营分析 深耕终端市场，带状疱疹疫苗快速放量。公司自主研发的国内首 个适用于40 岁及以上人群的带状疱疹疫苗于2023 年 1月获批上 市。围绕该产品定位及特点，公司积极调整销售策略，制定详尽的 市场开发计划及行动方案，并按计划完成了各省级招标准入工作， 为产品上市销售打下坚实基础。公司充分利用深入终端的市场营 人民币(元) 成交金额(百万元) 销网络和专业高效的市场服务提升品牌影响力，同时，数字化营销 75.00 450 模式初具成果，实现线上、线下全覆盖。公司该疫苗的顺利上市， 70.00 400 350 打破了国内带状疱疹预防产品由进口疫苗垄断的局面，填补了国 ...

会议召开时间：2024 年 3 月 20 日（星期三）上午 09:00-10:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 3 月 13 日(星期三)至 3 月 19 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@bchtpharm.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 长春百克生物科技股份公司（以下简称"公司"）将于 2024 年 3 月 20 日发 布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023 年年度 经营成果、财务状况，公司计划于 2024 年 3 月 20 日上午 09:00-10:00 举行 2023 年年度业绩说明会，就投资者关心的问题进行交流。 证券代码：688276 证券简称：百克生物 公告编号：2024-005 长春百克生物科技股份公司 关于召开 2023 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在 ...

上 市 公 司 医药生物 2024 年02月 26 日 百克生物 (688276) 公 司 研 究 ——带状疱疹加速放量，流感减值影响利润 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布2023年度业绩快报，2023年公司实现营业收入18.25亿元（+70.30%）， 实现归母净利润5.01亿元（+175.98%），实现扣非归母净利润4.93亿元（+195.86%）。 证 市场数据： 2024年02月23日 业绩略超预期。 券 收盘价（元） 52.06 研 一年内最高/最低（元） 71.79/42  带状疱疹疫苗加速放量，流感计提减值影响利润。2023 年 1 月，公司的独家产品带状疱 究 市净率 5.6 报 息率（分红/股价） - 疹减毒活疫苗获批上市，与进口产品相比具有安全性更高、可及性更强、适用年龄更广等 告 流通A股市值（百万元） 12565 优势，并于4月首次获得批签发证明，2023年共获得批签发24个批次，并在30个省市 上证指数/深证成指 3004.88/9069.42 自治区完成准入，我们预计该品种全年献了8个亿以上收入。公司鼻喷流感疫苗为季 ...

证券代码：688276 证券简称：百克生物 公告编号：2024-004 二、监事会会议审议情况 表决结果：同意 3 票，弃权 0 票，反对 0 票。 长春百克生物科技股份公司 第五届监事会第十六次会议决议的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 2024 年 2 月 23 日，长春百克生物科技股份公司（以下简称"公司"）第五 届监事会第十六次会议以通讯方式召开，本次会议由监事会主席冯大强先生主持， 会议应到监事 3 名，实到监事 3 名，符合《中华人民共和国公司法》和《长春百 克生物科技股份公司章程》规定的法定人数，本次监事会会议决议合法有效。 经与会监事审议表决，一致通过如下议案： 审议通过《关于 2023 年度计提资产减值准备的议案》 监事会认为，本次计提资产减值准备符合《企业会计准则》和公司相关会计 政策的规定；符合公司日常运营的需求，能更加真实、准确地反映公司的财务状 况，符合公司整体利益；公司董事会审议该事项的程序合法合规，不存在损害公 司及股东利益的情形。监事会同意公司本次计提资产减值准备事项。 ...

证券代码：688276 证券简称：百克生物 公告编号：2024-003 公司鼻喷流感疫苗为季节性生产、季节性销售的产品，产品有效期为 10 个 月。产品生产时间主要为每年的第二季度和第三季度，销售时间主要为每年的第 三季度和第四季度及次年第一季度。2023 年，公司根据鼻喷流感疫苗的季节性 长春百克生物科技股份公司 关于 2023 年度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 长春百克生物科技股份公司（以下简称"公司"）于 2024 年 2 月 23 日召开 第五届董事会第二十二次会议及第五届监事会第十六次会议，审议通过了《关于 2023 年度计提资产减值准备的议案》，该议案无需提交股东大会审议。现将相关 情况公告如下： 一、2023 年度计提资产减值准备情况 根据《企业会计准则》以及公司会计政策、会计估计的相关规定，为了真实、 准确地反映公司截至 2023 年 12 月 31 日的财务状况，本着谨慎性原则，公司对 截至 2023 年 12 月 31 日的存货——冻干鼻喷流感减毒活疫苗（以下简 ...

证券代码：688276 证券简称：百克生物 长春百克生物科技股份公司投资者关系活动记录表 编号：2024-003 特定对象调研 分析师会议 媒体采访 业绩说明会 投资者关系活 新闻发布会 路演活动 动类别 现场参观 其他（请文字说明其他活动内容） 参与单位名称 信达证券；交银施罗德基金 及人员姓名 时间 2024年2月6日 地点 公司现场 ...