Group 1: Company Performance and Product Development - The current contribution of agency products to the company's performance is significant, but there is a clear plan for the development of self-owned products over the next 3 to 5 years [1] - The company aims to increase the number of self-owned products significantly within the next 5 years, enhancing their contribution to overall performance [2] - There are currently 31 non-COVID projects under research, with 14 in clinical stages, including various vaccines expected to progress [2] Group 2: Market Opportunities and Strategies - The domestic market for HPV vaccines is substantial, with approximately 320 million women aged 9-45, and a current vaccination rate of about 21%, indicating a large potential for growth [2] - The company plans to enhance public awareness and vaccination rates for cervical cancer prevention through disease education and promotion of HPV vaccines [3] - The company has successfully taken over the promotion of GSK's recombinant shingles vaccine, with positive sales progress reported [3] Group 3: Financial Management and Profit Distribution - As of the end of 2023, the company's accounts receivable reached 27.059 billion yuan, with a healthy proportion (94%) of receivables aged within one year [4] - The company plans to distribute a cash dividend of 8.00 yuan per 10 shares, totaling 1.915 billion yuan, with cumulative dividends expected to exceed 6.839 billion yuan [5] - The company has implemented a share buyback plan, repurchasing 6,210,253 shares, accounting for 0.26% of the total share capital [12] Group 4: Research and Development Focus - The company has 17 projects in clinical trial and registration stages, focusing on self-research and development as a primary strategy [5] - The company is developing a diverse product pipeline, including vaccines for pneumonia and other diseases, with a strong emphasis on innovative research [6] - The acquisition of Chen'an Biotech aims to expand the company's portfolio into metabolic diseases, enhancing its therapeutic capabilities [6] Group 5: Compliance and ESG Initiatives - The company has established a compliance management system based on prevention, monitoring, and punishment, with extensive training conducted for employees [8] - The company has received recognition for its ESG efforts, including awards for charitable contributions and an upgraded ESG rating to "BBB" by MSCI [8] - The company is committed to enhancing its governance structure and environmental management, with significant investments in sustainability initiatives [8]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8] Core Views - In 2023, the company achieved a revenue of 52.918 billion yuan, representing a year-on-year increase of 38.30%, and a net profit attributable to shareholders of 8.07 billion yuan, up 7.04% year-on-year [3][5] - The company has strengthened its research and marketing advantages, with new international collaborations and the acquisition of Chen'an Biotech, establishing a "prevention + treatment" biopharmaceutical platform [2][8] - The company is expected to maintain steady growth, with projected net profits of 10.509 billion yuan, 11.075 billion yuan, and 11.856 billion yuan for 2024-2026, corresponding to a PE ratio of 8.3, 7.9, and 7.4 times, respectively [2][8] Financial Summary - In 2023, the company reported a net cash flow from operating activities of 8.996 billion yuan, a significant increase of 352.30% year-on-year [3][5] - The company's revenue is projected to grow to 60.285 billion yuan in 2024, with a year-on-year growth rate of 13.9% [4][9] - The gross profit margin is expected to improve from 26.9% in 2023 to 29.9% in 2024 [4][9] Product Development and Market Position - The company has seen strong growth in its vaccine business, with significant increases in the sales of the nine-valent HPV vaccine, which grew by 136.16% year-on-year [6][8] - The company has invested 1.345 billion yuan in R&D in 2023, accounting for 130.81% of its revenue from self-developed products, indicating a strong commitment to innovation [6][8] - The company is actively expanding its global partnerships, including collaborations with Merck and GlaxoSmithKline for the commercialization of vaccines [7][8]

Investment Rating - The investment rating for the company is "Outperform" [18]. Core Views - The company's 2023 revenue reached 52.918 billion RMB, a year-on-year increase of 38.3%, while the net profit attributable to the parent company was 8.070 billion RMB, growing by 7.0% [4][7]. - The company plans to distribute a cash dividend of 8.0 RMB for every 10 shares [4]. - The revenue for Q1 2024 was 11.396 billion RMB, reflecting a 2.0% year-on-year growth, but net profit decreased by 28.3% to 1.458 billion RMB due to changes in revenue structure affecting gross margin [4][14]. Financial Performance Summary - **Revenue Growth**: - 2022: 38.264 billion RMB - 2023: 52.918 billion RMB (38.3% growth) - 2024E: 60.286 billion RMB (13.9% growth) - 2025E: 68.225 billion RMB (13.2% growth) [7][10]. - **Net Profit**: - 2022: 7.539 billion RMB - 2023: 8.070 billion RMB (7.0% growth) - 2024E: 9.477 billion RMB (17.4% growth) - 2025E: 10.980 billion RMB (15.9% growth) [7][10]. - **Earnings Per Share**: - 2022: 3.15 RMB - 2023: 3.37 RMB - 2024E: 3.96 RMB - 2025E: 4.59 RMB [7][10]. - **Valuation Ratios**: - P/E Ratio: 2023A: 10.9, 2024E: 9.3, 2025E: 8.0 - P/B Ratio: 2023A: 2.8, 2024E: 2.3, 2025E: 1.9 - EV/EBITDA: 2023A: 8.7, 2024E: 7.2, 2025E: 6.1 [7][10]. Business Development Trends - The HPV vaccine business is entering a stable growth phase, with agency product revenue of 51.885 billion RMB in 2023, up 48.35%, while self-produced product revenue fell by 68.70% [8]. - The company is expected to increase the sales proportion of the 9-valent HPV vaccine, which is anticipated to be a major contributor to future performance [8]. - The company has begun to roll out the GSK shingles vaccine, with significant sales expected in Q2 2024 [8]. - R&D investment reached 1.345 billion RMB in 2023, a 20.82% increase, with several products in various stages of clinical trials [8].

[Table_Page] 年报点评|医药生物 证券研究报告 [智Table_飞Title] 生物（300122.SZ） [公Tab司le_I评nves级t] 买入 当前价格 34.83元 HPV 疫苗持续放量，研发管线迈入收获期 合理价值 65.96元 前次评级 买入 [ 核Tab 心le_S 观umm 点ary] ： 报告日期 2024-04-29 ⚫ 公司发布2023年报及2024年一季报：2023年公司实现收入529.18 [相Tab对le_P市icQ场uote表] 现 亿元（+38.30%，以下均为同比口径）、归母净利润 80.70 亿元 （+7.04%）、扣非归母净利润79.15亿元（+5.40%）；2024Q1公司实 30% 16% 现收入113.96亿元（+2.00%）、归母净利润14.58亿元（-28.26%）、 2% 扣非归母净利润14.55亿元（-28.36%）。 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -12% ⚫ 9 价 HPV 疫苗持续放量，代理 GSK 重组带疱疫苗有望增厚业绩。分 -26% 业务类型看，2023年公司自主产品实现收入10 ...

关于 26 价肺炎球菌结合疫苗获得临床试验批准通知书的公告 证券代码：300122 证券简称：智飞生物 公告编号：2024-29 重庆智飞生物制品股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆智飞生物制品股份有限公司（以下简称"公司"）于近日收到全资子公司 北京智飞绿竹生物制药有限公司（以下简称"智飞绿竹"）报告，由智飞绿竹自主 研发的 26 价肺炎球菌结合疫苗（以下简称"26 价肺炎结合疫苗"）获得国家药品 监督管理局药物临床试验批准通知书（通知书编号：2024LP01053），同意本品 在 2 月龄及以上人群中开展临床试验。公司将根据临床试验批准通知书的要求， 尽快开展相关临床试验工作。 一、研发项目简介 肺炎球菌是引起婴幼儿和老年人急性呼吸道感染的主要病原菌。肺炎球菌不 仅能引起肺炎，还能导致气管炎、中耳炎、鼻窦炎、脑膜炎、菌血症、肺炎等疾 病。据 WHO 估算，2008 年约有 880 万名 5 岁以下儿童死亡，其中约 47.6 万名 死于肺炎球菌感染，且发展中国家肺炎球菌感染的发病率和死亡率远高于工业化 国家。肺炎球菌性疾病是发病 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Insights - The company reported a revenue of 52.92 billion yuan in 2023, representing a year-on-year growth of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, up 7% year-on-year. However, in Q1 2024, revenue was 11.4 billion yuan, a 2% increase year-on-year, while net profit decreased by 28.3% to 1.46 billion yuan [2][3]. - The decline in net profit in Q1 2024 was primarily due to the impact of returned COVID-19 vaccine sales and changes in product structure affecting profitability. The gross margin for 2023 was 26.9%, down 6.71 percentage points, and the net margin was 15.3%, down 4.45 percentage points [2][3]. - The company has signed an exclusive distribution agreement with GSK for the shingles vaccine, which is expected to generate significant revenue growth from 2024 to 2026, with minimum procurement amounts projected at 3.44 billion yuan, 6.88 billion yuan, and 10.32 billion yuan respectively [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 52.92 billion yuan, with a growth rate of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, with a growth rate of 7.04% [3]. - For Q1 2024, the company reported a revenue of 11.4 billion yuan, a 2% increase year-on-year, but net profit fell to 1.46 billion yuan, a decrease of 28.3% [2][3]. Product Structure - The company's revenue from self-produced products was 1.03 billion yuan, down 68.7%, while revenue from agency products was 51.89 billion yuan, up 48.4%. The proportion of the nine-valent HPV vaccine has increased significantly, with sales volume reaching 36.55 million doses, a growth of 136.2% [2][3]. - The company anticipates that the newly added shingles vaccine will provide a new growth point for performance starting next year [2][3]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 3.78 yuan, 4.44 yuan, and 4.62 yuan respectively. The company maintains a "Buy" rating based on these forecasts [2][3][10].

Investment Rating - Maintain "Recommend" rating [2][8] Core Views - HPV vaccine sales drove growth in 2023, with 9-valent HPV vaccine sales increasing significantly [5] - The company's 2023 revenue reached 52.918 billion yuan (+38.30%), with net profit attributable to shareholders of 8.070 billion yuan (+7.04%) [4] - In Q1 2024, revenue was 11.396 billion yuan (+2.00%), but net profit attributable to shareholders declined by 28.26% to 1.458 billion yuan [4] - The company's shingles vaccine (GSK) is expected to contribute incremental growth starting from Q2 2024, with minimum annual procurement amounts of 3.440 billion, 6.880 billion, and 10.320 billion yuan over the next three years [6][8] Financial Performance Summary Revenue and Profit - 2023 revenue: 52.918 billion yuan (+38.30%) [4] - 2023 net profit: 8.070 billion yuan (+7.04%) [4] - 2024 Q1 revenue: 11.396 billion yuan (+2.00%) [4] - 2024 Q1 net profit: 1.458 billion yuan (-28.26%) [4] Product Performance - 2023 self-developed products revenue: 1.028 billion yuan (-68.70%), with a gross margin of 89.38% (+2.90pct) [5] - 2023 agency products revenue: 51.885 billion yuan (+48.35%), with a gross margin of 25.68% (-2.98pct) [5] - 9-valent HPV vaccine sales increased significantly, with 36.55 million doses issued (+136.16%) [5] Future Projections - 2024-2026 revenue projections: 60.606 billion, 70.633 billion, and 76.505 billion yuan [7] - 2024-2026 net profit projections: 9.616 billion, 11.650 billion, and 13.357 billion yuan [7] - 2024-2026 EPS projections: 4.02, 4.87, and 5.58 yuan [7] Valuation Metrics - 2024 P/E: 8.7x [7] - 2024 P/B: 2.0x [7] - 2024 EV/EBITDA: 7.1x [9]

证券研究报告 | 年报点评报告 2024年04月25日 智飞生物（300122.SZ） 公司基本面优质，成长确定性高，带状疱疹有望打造第二成长曲线 公司发布2023年报&2024一季报：2023年实现营业收入529.18亿元（同 买入（维持） 比+38.30%，下同），归母净利润80.70亿元（+7.04%），扣非归母净利润 股票信息 79.15亿元（+5.40%）。2023Q4实现营业收入136.46亿元（+30.70%）， 归母净利润15.40亿元（-20.31%），扣非归母净利润15.35亿元（-20.03%）。 行业 生物制品 2024Q1实现营业收入113.96亿元（+2.00%），归母净利润14.58亿元（- 前次评级 买入 28.26%），扣非归母净利润14.55亿元（-28.36%）。 4月24日收盘价(元) 34.08 九价高速增长驱动业绩增长，2023年业绩基本符合预期。在代理产品方面， 总市值(百万元) 81,580.35 四价HPV疫苗批签发1034万支（-26.27%），九价HPV疫苗批签发3655万 总股本(百万股) 2,393.79 支（+136.16%），五价轮状疫苗批签发71 ...

2023 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO., LTD. 目录 报告开篇 健全规范 潜心研发 产品服务 安全环境 珍视员工 携手共赢 投身公益 附录 2023 年社会责任报告 目录 报告开篇 | 智飞生物致辞 | | | --- | --- | | 智飞生物概况 | | | 2023 年主要绩效 | 11 | | ESG 管理 | 16 | 健全规范 迈向治理时代 | 党建引领，共谱新篇 | 28 | | --- | --- | | 规范管理，企业良治 | 33 | | 合规为先，诚信经营 | 44 | 潜心研发 护佑健康福祉 | 创新驱动，深耕研发 | 50 | | --- | --- | | 责任专题 1：加快技术创新， | 56 | | 巩固自主和合作研究成果 | | 产品服务 坚持质量优先 | | 精益求精，品质保证 | | 协同友商，责任供应链 | | | --- | --- | --- | --- | --- | | 6 | 责任推广，专业服务 | 74 | 产学研医，促合作共赢 | 138 | | 8 | 责任专题 2：拓展产品市场， | 80 | ...

重庆智飞生物制品股份有限公司 重庆智飞生物制品股份有限公司 独立董事 2023 年度述职报告（袁林） 各位股东及股东代表： 本人袁林，作为重庆智飞生物制品股份有限公司（以下简称"公司"）的独 立董事，任职期间严格按照《公司法》《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、 法规和《公司章程》《独立董事工作制度》等规定的要求，忠实勤勉履行职责， 出席公司相关会议，认真审议所有议案，充分发挥本人法律方面的专业优势，对 公司相关事项发表客观、审慎的独立意见，促进公司规范运作，切实维护公司和 股东尤其是中小股东的合法权益。现就本人 2023 年度履行独立董事职责情况汇 报如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人袁林，1964年11月出生，法学博士，中国国籍，无境外居留权。西南政 法大学法学院教授、博士生导师，西南政法大学特殊群体权利保护与犯罪预防研 究中心主任。兼任中国犯罪学学会高级学术顾问、中国犯罪学学会特殊人群犯罪 治理专业委员会主任，重庆市人民政府参事。曾任重庆渝开发股份有限公司独立 董事。现任金科智慧服务 ...