百[Ta克ble生_Sto物ckN（am6eR8p8tT2yp7e6] ） 公司研究/公司点评 带疱提振业绩，期待持续增长 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-26 [T事ab件le_：Summary] 公司发布2023年年度报告，2023年实现营收18.25亿元，同比增长 [收Ta盘bl价e_（Ba元se）Data] 44.70 70.30%；归母净利润5.01亿元，同比增长175.98%；扣非归母净利润 近12个月最高/最低（元）71.79/42.00 4.93亿元，同比增长195.86%，收入增速的弹性主要由带疱贡献，业 总股本（百万股） 413 绩符合预期。 流通股本（百万股） 241 流通股比例（%） 58.35  点评： 总市值（亿元） 185 业绩符合预期，盈利能力提升 流通市值（亿元） 108 单Q4公司实现营收 5.81 亿元（同比+182.65%），实现归母净利润 [公Ta司ble价_C格ha与rt]沪深300走势比较 1.70 亿元 （同比+661.07%），实现扣非归母净利润 1.68 亿元（同 比+604.01%），整体毛利率 ...

2024年3月26日 公司研究 带状疱疹疫苗强劲拉动增长，创新疫苗开拓未来空间 ——百克生物（688276.SH）2023 年年报点评 要点 买入（维持） 当 前价：44.70元 事件：公司发布2023年报，实现营业收入18.25亿元，同比+70.30%；归母净 利润5.01亿元，同比+175.98%；扣非归母净利润4.93亿元，同比+195.86%； 经营性净现金流2.55亿元，同比+540.93%；EPS 1.21元。业绩符合市场预期。 作者 分析师：王明瑞 点评： 执业证书编号：S0930520080004 021-52523867 带状疱疹疫苗强劲拉动增长，现金流状况大幅改善：2023Q1~Q4，公司单季度 wangmingrui@ebscn.com 营业收入分别为1.79/3.80/6.84/5.81亿元，同比+30.21%/25.44%/60.91%/ 182.65%；归母净利润0.18/0.93/2.20/1.70亿元，同比+6.15%/65.32%/58.92% /661.07%；扣非归母净利润0.18/0.88/2.19/1.68亿元，同比+8.33%/61.56% 市场数据 /70.60% ...

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" recommendation [4][9]. Core Views - The company has achieved significant growth in 2023, with operating revenue reaching 1.825 billion yuan, a year-on-year increase of 70.30%, and a net profit attributable to shareholders of 501 million yuan, up 175.98% [5][6]. - The launch of the shingles vaccine, the first domestically produced for individuals aged 40 and above, has contributed significantly to the company's revenue and profitability [6][9]. - The company is actively expanding its product portfolio, with multiple products in the pipeline, including a liquid nasal influenza vaccine and rabies monoclonal antibodies, which are expected to enhance future growth [6][9]. Financial Performance - In 2023, the company reported a net cash flow from operating activities of 255 million yuan, a remarkable increase of 540.93% year-on-year [5][6]. - The gross margin for 2023 was 90.23%, an increase of 3.04 percentage points compared to the previous year, while the net margin reached 27.46%, up 10.52 percentage points [6][9]. - The company expects net profits for 2024, 2025, and 2026 to be 767 million yuan, 970 million yuan, and 1.123 billion yuan, respectively, with corresponding P/E ratios of 24.7, 19.6, and 16.9 [9]. Product Development and Market Position - The shingles vaccine generated revenue of 883 million yuan in its first year, while the varicella vaccine revenue was 820 million yuan, showing a decline of 14.36% [6][9]. - The company is focusing on expanding its market presence for its varicella vaccine and nasal influenza vaccine, leveraging their unique advantages to enhance brand recognition [6][9]. - The company has 16 projects in the pipeline, with 6 at the clinical trial or registration stage, indicating a strong commitment to innovation and product development [7][9].

中信证券股份有限公司 关于长春百克生物科技股份公司 2023 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为长春 百克生物科技股份公司（以下简称"百克生物"或"公司"）首次公开发行并 在科创板上市的持续督导保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则（2023年8月修订）》《上海证券交易所科创板 股票上市规则（2023年8月修订）》《上海证券交易所上市公司自律监管指引第 11号——持续督导》及《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求（2022年修订）》等相关规定，中信证券履行持续督导职责， 并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 3 月 11 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件 ...

[Table_StockInfo] 买入 2024年 03月 19日 （维持） 证券研究报告•2023年年报点评 当前价： 52.75元 百克生物（688276） 医药生物 目标价： ——元（6个月） 业绩符合预期，带状疱疹疫苗放量可期 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年年报，实现营业收入 18.3亿元，同比增长 70.3%；实 [分Ta析bl师e_：Au杜th向or阳] 现归属于母公司股东净利润 5 亿元，同比增长 176%；实现扣非后归母净利润 执业证号：S1250520030002 4.9亿元，同比增长195.9%。 电话：021-68416017  带状疱疹疫苗持续放量。分季度看，公司2023Q1/Q2/Q3/Q4分别实现营业收入 邮箱：duxy@swsc.com.cn 1.8/3.8/6.8/5.8 亿元（+30%/+25%/+61%/+182.7%），实现归母净利润 0.2/0.9/2.2/1.7亿元（+6%/+65%/+58.9%/+661.1%），主要系Q2季度公司带状 [相Tab对le指_Q数u表ot现eP ic] 疱疹疫苗首次实现 ...

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：2024-004 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 新闻发布会 路演活动 活动类别 现场参观 其他（请文字说明其他活动内容） 参与单位名 称及人员姓 详见附件 名 时间 2024年3月22日 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.825 billion yuan in 2023, representing a year-on-year growth of 70.30%, with a net profit of 501 million yuan, up 175.98% year-on-year [3][7] - The company’s shingles vaccine is in a growth phase, contributing significantly to revenue, while the chickenpox vaccine remains stable [3][7] - The company has a rich pipeline of products under development, which is expected to create a long-term competitive advantage [3][17] Financial Performance Summary - **Revenue Forecasts**: The company is projected to generate revenues of 2.645 billion yuan in 2024, 3.387 billion yuan in 2025, and 4.128 billion yuan in 2026, with growth rates of 44.98%, 28.02%, and 21.89% respectively [1][3] - **Net Profit Forecasts**: Expected net profits are 769.63 million yuan in 2024, 1.029 billion yuan in 2025, and 1.290 billion yuan in 2026, with growth rates of 53.62%, 33.76%, and 25.31% respectively [1][3] - **Earnings Per Share**: Projected earnings per share are 1.86 yuan in 2024, 2.49 yuan in 2025, and 3.12 yuan in 2026 [1] - **Valuation Metrics**: The company’s P/E ratio is expected to decrease from 43.47 in 2023 to 16.88 by 2026, indicating improving valuation as earnings grow [1] Market Position and Product Pipeline - The company is a leader in the chickenpox vaccine market and is expected to see significant contributions from the newly launched shingles vaccine [3][17] - The company is also advancing its pipeline with various vaccines, including a nasal flu vaccine and a rabies monoclonal antibody, which are in different stages of clinical trials [17][18]

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].