Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][12]. Core Views - The company's profit exceeded expectations, with significant improvements in marketing efficiency. The sales revenue for the first three quarters of 2024 reached 1.011 billion yuan, a year-on-year increase of 0.82%, while the net profit attributable to shareholders was 108 million yuan, up 19.74% year-on-year [1]. - In Q3 2024, the company achieved sales revenue of 414 million yuan, a decrease of 4.51% year-on-year, but the net profit attributable to shareholders increased by 26.53% year-on-year, primarily due to a significant reduction in sales expenses [1]. - The company plans to acquire an additional 5% stake in its subsidiary, increasing its ownership from 76% to 81% [1]. Financial Performance - For the first three quarters of 2024, the company reported a sales expense ratio of 48.76%, down 9.08 percentage points year-on-year, with absolute sales expenses of 493 million yuan, a decrease of 15% [1]. - The R&D expense ratio was 10.29%, up 3.49 percentage points year-on-year, with absolute R&D expenses of 104 million yuan, an increase of 52.54% [1]. - The management expense ratio was 8.59%, up 1.57 percentage points year-on-year, with absolute management expenses of 86.79 million yuan, an increase of 23.42% [1]. - The company’s gross profit margin was 81.94%, a decrease of 1.39 percentage points year-on-year [1]. Earnings Forecast and Valuation - The company’s innovative drug for hepatitis C, Kai Li Wei, has expanded its reimbursement indications, which is expected to enhance market share. The existing product Jin Shu Xi is projected to reach sales of over 1 billion yuan [1]. - The forecast for net profit attributable to shareholders for 2024-2026 is 140 million yuan, 183 million yuan, and 245 million yuan, with year-on-year growth rates of 20.4%, 30.8%, and 33.4% respectively [2][1]. - The corresponding price-to-earnings ratios are projected to be 35X, 26X, and 20X for the years 2024, 2025, and 2026 [1].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown an improvement in profitability, with a revenue of 1.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.82%. The net profit attributable to shareholders reached 108 million yuan, up 19.74% year-on-year [2][4] - Revenue showed a quarter-on-quarter improvement, with Q3 revenue at 414 million yuan, a decrease of 4.51% year-on-year but an increase of 7.85% quarter-on-quarter. This improvement is attributed to the execution of procurement policies in over 90% of provinces for a key product and the contribution from a newly approved drug [2][4] - The company is advancing its innovative drug development, with a new indication for a key product recently accepted for review by the National Medical Products Administration, indicating significant market potential [2][4] Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 1.566 billion yuan, 1.858 billion yuan, and 2.245 billion yuan, with year-on-year growth rates of 10.9%, 18.7%, and 20.8% respectively. The net profit attributable to shareholders is expected to be 143 million yuan, 185 million yuan, and 244 million yuan, with growth rates of 22.7%, 29.4%, and 31.6% respectively [2][4] - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.42 yuan in 2026, reflecting a positive growth trajectory [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 31.50 to 36.75 CNY per share based on a projected PE ratio of 30-35 times for 2025 [6][9]. Core Insights - The company has shown a significant decrease in sales expense ratio, which has driven rapid profit growth. For the first three quarters of 2024, the company achieved operating revenue of 1.011 billion CNY, a year-on-year increase of 0.82%, and a net profit attributable to shareholders of 108 million CNY, up 19.74% year-on-year [4]. - The company’s innovative biological product, Paiyisheng, has received acceptance for its listing application for treating chronic hepatitis B, which could create a second growth curve for the company. The potential market for chronic hepatitis B treatment in China is substantial, with approximately 20-30 million patients [5]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 142 million CNY, with earnings per share (EPS) projected at 0.83 CNY. The compound annual growth rate (CAGR) for profit over the next three years is anticipated to exceed 20% [5]. - The company’s operating revenue is forecasted to grow from 11.60 billion CNY in 2022 to 21.17 billion CNY by 2026, with net profit increasing from 830 million CNY to 2.32 billion CNY over the same period [7]. - The gross profit margin for Q3 2024 was reported at 80.53%, with a net profit margin of 17.11%, reflecting a year-on-year increase of 3.41 percentage points [4]. Market Comparison - As of October 22, 2024, the company’s market capitalization stands at approximately 4.954 billion CNY, with a current price of 28.97 CNY per share, within a 52-week price range of 19.44 to 37.62 CNY [1].

证券代码：688687 证券简称：凯因科技 公告编号：2024-050 北京凯因科技股份有限公司 第六届董事会第四次会议决议公告 本议案已经公司第六届董事会审计委员会第四次会议审议通过。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 具体内容详见公司登载于上海证券交易所网站（www.sse.com.cn）上的《北 京凯因科技股份有限公司2024年第三季度报告》。 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。 一、董事会会议召开情况 北京凯因科技股份有限公司（以下简称"公司"）第六届董事会第四次会议 于2024年10月21日在公司会议室以现场结合通讯表决方式召开，会议通知于2024 年10月14日以电子邮件、电话方式送达。会议应出席董事7名，实际出席董事7名。 会议由董事长周德胜先生主持。公司监事、高级管理人员列席了本次会议。会议 的召集、召开程序符合《公司法》和《公司章程》的相关规定。 二、董事会会议审议情况 会议以投票表决方式审议并通过了如下决议： （一）审议通过了《关于公司 2024 年第三季度报告的议案》 ...

证券代码：688687 证券简称：凯因科技 公告编号：2024-053 北京凯因科技股份有限公司 关于增加银行综合授信额度的公告 为满足生产经营和业务发展的需要，在确保运作规范和风险可控的前提下， 公司于 2024 年 10 月 21 日召开第六届董事会第四次会议，审议通过了《关于公 司增加银行综合授信额度的议案》，同意公司向兴业银行、建设银行、招商银行、 民生银行等银行申请增加授信额度，增加后综合授信额度总计不超过人民币 10 亿元，上述授信额度授信形式包括但不限于流动资金贷款、非流动资金贷款、承 兑汇票、保理、保函、开立信用证、票据贴现等授信业务。授信额度有效期自本 次董事会审议通过之日起至 2024 年年度董事会审议年度授信额度事项之日止。 在授信期限内，授信额度可循环使用。具体授信额度、要素最终以银行实际审批 为准。公司将视实际需求在不超过上述授信额度范围内办理具体贷款相关事宜， 1 具体金额以实际发生为准。 为提高工作效率，统一授权公司管理层办理上述授信额度申请事宜，并签署 合同、协议、凭证等相关文件。上述授信总额度内的单笔融资不再上报董事会进 行审议表决，由董事长确定并执行。 特此公告。 北京凯因 ...

根据《上海证券交易所科创板股票上市规则》等法律法规和《公司章程》的 相关规定，因汤键先生为公司高级管理人员，本次交易构成关联交易，但不构成 《上市公司重大资产重组办法》规定的重大资产重组，不存在重大法律障碍。 截至本公告披露日，在过去12个月内，除本次交易所涉事项外，公司与汤键 先生未发生其他关联交易。本次关联交易属于董事会审批权限范围内，无需提交 股东大会审议。 二、关联方基本情况 （一）关联关系说明 海通证券股份有限公司关于北京凯因科技股份有限公司 收购控股子公司少数股东股权暨关联交易的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为北京 凯因科技股份有限公司（以下简称"凯因科技"或"公司"）首次公开发行股票 并在科创板上市持续督导保荐机构，根据《证券法》《上市公司证券发行注册管 理办法》《证券发行上市保荐业务管理办法》等有关规定，对凯因科技履行持续 督导义务，根据《上海证券交易所上市公司自律监管指引第5号——交易与关联 交易》的规定，在持续督导期内，对公司拟收购控股子公司少数股东股权暨关联 交易事项进行了核查，具体情况如下： 一、本次关联交易概述 基于公司战略和业务发展需要，公司 ...

证券代码：688687 证券简称：凯因科技 公告编号：2024-052 北京凯因科技股份有限公司 关于公司拟收购控股子公司少数股东股权暨关联交易 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。 重要内容提示： 交易内容概况：北京凯因科技股份有限公司（以下简称"公司"）拟以现 金 9,957,136 元收购控股子公司北京凯因格领生物技术有限公司（以下简称"凯 因格领"）少数股东汤键先生持有的凯因格领 5%股权。本次交易完成后，公司持 有凯因格领的股权比例将由 76%上升至 81%。 本次交易构成《上海证券交易所科创板股票上市规则》规定的关联交易， 但不构成《上市公司重大资产重组管理办法》规定的重大资产重组，不存在重大 法律障碍。 本次关联交易事项已经公司第六届董事会独立董事专门会议第一次会议、 第六届董事会第四次会议、第六届监事会第三次会议审议通过，并已取得全体独 立董事的同意，本次交易无需提交公司股东大会批准。 一、本次关联交易概述 基于公司战略和业务发展需要，公司拟以现金9,957,136元收购少数股东汤 键先生 ...

证券代码：688687 证券简称：凯因科技 公告编号：2024-051 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。 一、监事会会议召开情况 北京凯因科技股份有限公司（以下简称"公司"）第六届监事会第三次会议 于2024年10月21日以现场结合通讯表决方式在公司会议室召开，会议通知于2024 年10月14日以电子邮件、电话方式送达。会议应出席监事3名，实际出席监事3名。 会议由监事会主席吴垠先生主持。会议的召集、召开符合《公司法》和《公司章 程》的有关规定。 北京凯因科技股份有限公司 第六届监事会第三次会议决议公告 二、监事会会议审议情况 会议以投票表决方式审议并通过了如下决议： （一）审议通过了《关于公司2024年第三季度报告的议案》 经审核，监事会认为董事会编制和审核公司 2024 年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或重大遗漏。 表决结果：3票同意，0票反对，0票弃权。 具体内容详见公司登载于上海证券交易所网站（ ...

证券代码：688687 证券简称：凯因科技 北京凯因科技股份有限公司 投资者关系活动记录表 （2024 年半年度业绩说明会） - 1 - 北京凯因科技股份有限公司 关于 2024 年半年度业绩说明会召开情况说明 | --- | --- | --- | |------------------|-------------------------|----------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 业绩说明会 | | 投资者关系活动类 | □新闻发布会 □路演活动 | | | 别 | □ | 现场参观 □一对一沟通 | | | □其他（电话会议） | | | 时间 | 2024 年 10 月 | 17 日 15:00-16:00 | | 地点 | 公司会议室 | | | 会议召开方式 | 网络文字互动方式 | | | | 董事长兼总裁 周德胜先生 | | | | | 副总裁、董事会秘书兼首席财务官 赫崇飞先生 | | 公司接待人员姓名 | 独立董事 杜臣先生 | | | | 独立董事 孙 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 36.93 [6]. Core Views - The innovative biological product, Piyisheng (Pegylated Interferon α-2 Injection), has received acceptance for its listing application for the treatment of adult chronic hepatitis B, indicating a positive outlook for approval and market penetration [1][2]. - The long-acting interferon is recognized as a cornerstone therapy for hepatitis B, with clinical data suggesting a significant increase in functional cure rates when used in combination with antiviral drugs [2]. - The large patient population for hepatitis B in China, estimated at 80 million, with around 30 million chronic hepatitis B patients, presents a substantial market opportunity for Piyisheng [3]. Financial Projections - The company is projected to achieve a net profit attributable to the parent company of RMB 1.4 billion, RMB 1.9 billion, and RMB 2.6 billion for the years 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.8, RMB 1.1, and RMB 1.5 [1][5]. - Revenue is expected to grow from RMB 1.4 billion in 2023 to RMB 2.8 billion in 2026, reflecting a compound annual growth rate (CAGR) of approximately 29.7% [5]. Market and Competitive Landscape - Currently, only one long-acting interferon product is available in the domestic market, with Piyisheng positioned to be a leading product upon approval, potentially creating a dual-leader market scenario [4]. - The report anticipates that Piyisheng could become a major product with sales potential reaching RMB 3 billion, given the favorable competitive landscape and large patient base [4]. Valuation Methodology - The company is valued at RMB 63 billion using the Sum-of-the-Parts (SOTP) valuation method, with the innovative drug Piyisheng and Kailiwei valued at RMB 31 billion and RMB 17 billion, respectively [9].