Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is under short-term pressure, but there is a rapid growth in batch approvals [4] - The company is actively expanding its overseas market presence, which is expected to become a new growth point [6] - The R&D pipeline is progressing well, with multiple products making significant advancements [7] - The company has adjusted its profit forecast due to various market challenges but remains optimistic about future growth [8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.018 billion yuan (down 18.11% year-on-year) and a net profit of 351 million yuan (down 49.63% year-on-year) [5] - The third quarter of 2024 saw a revenue of 816 million yuan (up 11.21% year-on-year, up 8.76% quarter-on-quarter) and a net profit of 186 million yuan (down 0.46% year-on-year, up 66.94% quarter-on-quarter) [5] Market Expansion - The company has signed a sales contract for a 13-valent pneumonia vaccine with a partner in Indonesia and successfully exported the first batch [6] - Collaborations with multiple countries for various vaccines are in place, indicating a strong international strategy [6] R&D Progress - R&D expenses reached 312 million yuan in the first three quarters, accounting for 15.45% of revenue [7] - Several products are in various stages of clinical trials, including a polio vaccine and a combined vaccine for whooping cough [7] Investment Recommendations - The company is expected to generate revenues of 3.123 billion, 3.860 billion, and 4.499 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 560 million, 821 million, and 999 million yuan [8] - The company’s diverse product range and the introduction of new products are anticipated to contribute positively to future performance [8]

Investment Rating - The investment rating for the company is "Accumulate - A" with a 12-month target price of 23.79 CNY [4][8] Core Views - The company's Q3 performance shows improvement with a single-quarter revenue of 816 million CNY, a year-on-year increase of 11.21% and a quarter-on-quarter increase of 8.76% [1] - The launch of the new rabies vaccine is expected to drive revenue growth, with 904,900 doses sold in the first half of 2024, generating 117 million CNY in sales [3][7] - The company maintains a strong pipeline of nearly 30 projects under development, indicating a commitment to innovation and future growth [3][6] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.018 billion CNY, a year-on-year decrease of 18.11%, and a net profit of 351 million CNY, down 49.63% [1] - The gross margin for the first three quarters was 83.45%, a decrease of 2.60 percentage points year-on-year, while the net margin was 17.40%, down 10.89 percentage points year-on-year [2] - The company’s R&D expense ratio was 15.45%, reflecting a year-on-year increase of 0.90 percentage points [2] Market Expansion and Strategic Initiatives - The company has established partnerships in over ten countries for the registration and commercialization of various vaccines, including the 13-valent and 23-valent pneumonia vaccines [7] - A strategic cooperation memorandum was signed with AstraZeneca to explore comprehensive collaboration in the vaccine field [7] - The company’s internationalization efforts are expected to enhance its competitive position in the market [7]

债券代码：123119 债券简称：康泰转 2 四价流感病毒裂解疫苗适用于 3 岁及以上人群，可刺激机体产生抗流感病毒 的免疫力，用于预防疫苗相关型别的流感病毒引起的流行性感冒。流行性感冒（也 称流感）是由流感病毒引起的急性呼吸道传染病,接种流感疫苗是预防流感疾病 及流感大爆发最有效和最经济的措施。 经查询国家药品监督管理局网站，目前国内已上市的四价流感病毒裂解疫苗 的厂家包括华兰生物疫苗股份有限公司、江苏金迪克生物技术股份有限公司、长 春生物制品研究所有限责任公司、北京科兴生物制品有限公司、武汉生物制品研 究所有限责任公司、上海生物制品研究所有限责任公司和深圳赛诺菲巴斯德生物 制品有限公司等。 证券代码：300601 证券简称：康泰生物 公告编号：2024-076 深圳康泰生物制品股份有限公司 关于收到四价流感病毒裂解疫苗 Ⅰ期和Ⅲ期临床试验总结报告的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳康泰生物制品股份有限公司（以下简称"公司"）近日收到四价流感病 毒裂解疫苗Ⅰ期和Ⅲ期临床试验总结报告，公司研发的四价流感病毒裂解疫苗临 床研究阶段工 ...

Financial Performance - The company's revenue for Q3 2024 was ¥816,136,339.32, an increase of 11.21% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥185,759,262.79, a decrease of 0.46% year-on-year, but a 66.94% increase quarter-on-quarter[3]. - The net profit for the first three quarters of 2024 was ¥351,095,608.08, representing a decline of 49.63% compared to the same period last year[2]. - The basic earnings per share for Q3 2024 was ¥0.16, down 5.88% from the previous year[2]. - Total operating revenue for the current period is CNY 2,018,201,664.48, a decrease of 18.06% compared to CNY 2,464,464,778.62 in the previous period[18]. - Net profit for the current period is CNY 351,075,774.02, a decline of 49.6% compared to CNY 697,050,864.48 in the previous period[19]. - The company reported a basic and diluted earnings per share of CNY 0.31, down from CNY 0.62 in the previous period[20]. Cash Flow and Liquidity - The company's cash flow from operating activities for the first three quarters was ¥236,205,250.86, down 62.25% year-on-year[2]. - Net cash flow from operating activities decreased by 62.25% to ¥236,205,250.86, due to reduced sales collections and increased raw material purchases[10]. - The company reported a net decrease in cash and cash equivalents of ¥998,247,579.40, a significant decline of 6995.64% compared to the previous year[10]. - The company's cash and cash equivalents decreased to CNY 190,632,300.70 from CNY 1,195,582,446.07, indicating a significant reduction in liquidity[15]. - Cash inflow from operating activities totaled CNY 2,027,717,804.92, compared to CNY 2,300,307,228.26 in the previous period, reflecting a decrease of 11.8%[21]. - The total cash and cash equivalents at the end of the period were 172,078,219.70 CNY, down from 1,008,585,794.05 CNY at the end of the previous year[22]. - The company reported a total cash outflow of 1,791,512,554.06 CNY from operating activities, compared to 1,674,535,201.33 CNY in the previous year[22]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥14,515,539,714.49, a decrease of 3.78% from the end of the previous year[2]. - As of September 30, 2024, the total assets of Shenzhen Kangtai Biological Products Co., Ltd. amounted to CNY 14,515,539,714.49, a decrease from CNY 15,085,358,535.27 at the beginning of the period[15]. - The company's total liabilities decreased to CNY 8,664,915,448.75 from CNY 9,689,354,681.20, indicating a reduction of about 10.6%[16]. - The total current liabilities increased to CNY 1,488,856,324.15 from CNY 1,645,656,417.71, showing a decrease of approximately 9.6%[16]. - The company’s total liabilities decreased to CNY 4,806,051,505.11 from CNY 5,543,673,229.15, a reduction of 13.3%[19]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 65,682, with the top ten shareholders holding significant stakes[11]. - The largest shareholder, Du Weimin, holds 25.50% of shares, totaling 284,775,143 shares[11]. - The company reported a decrease in restricted shares from 241,737,629 to 235,537,028, a reduction of about 2.5%[14]. Expenses and Investments - Management expenses increased by 42.76% to ¥244,620,221.51 due to higher depreciation expenses from asset capitalization[9]. - Financial expenses rose significantly by 1067.12% to ¥18,294,027.92, primarily due to a decrease in interest income[9]. - Other income decreased by 48.20% to ¥61,279,404.53, attributed to lower government subsidies received[9]. - Investment income fell by 71.63% to ¥481,740.54, resulting from reduced returns on bank wealth management products[9]. - Research and development expenses for the current period were CNY 311,770,025.07, a decrease of 13.0% from CNY 358,500,265.94 in the previous period[19]. - Sales expenses decreased to CNY 671,404,158.08, down 20.6% from CNY 845,517,600.10 in the previous period[19]. Borrowings and Financing Activities - The company's short-term borrowings increased by 159.28% to ¥155,678,905.79 due to new borrowings during the period[8]. - The company paid 611,535,953.51 CNY in debt repayment, significantly higher than 132,131,074.14 CNY in the same quarter last year[22]. - Net cash flow from financing activities decreased by 193.91% to -¥676,404,914.41, primarily due to bank loan repayments and cash dividend distributions[10]. Other Information - The company received government subsidies amounting to ¥61,761,069.23 for the year-to-date, contributing positively to the financial results[4]. - The company did not undergo an audit for the third quarter report[23]. - The company has not adopted the new accounting standards for the current year[23].

| | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳康泰生物制品股份有限公司（以下简称"公司"）和兰州百灵生物技术 有限公司研发的四价流感病毒裂解疫苗（MDCK细胞）近日获得国家药品监督管理 局出具的《药物临床试验批准通知书》，根据《中华人民共和国药品管理法》《中 华人民共和国疫苗管理法》及有关规定，经审查，本品符合药品注册的有关要求， 同意本品进行临床试验。现将相关情况公告如下： 一、药物主要信息 | 四价流感病毒裂解疫苗 | 注射剂 | 0.5ml/支 | 预防用生物制 | 2024LP02258 | | --- | --- | --- | --- | --- | | 名称 （MDCK 细胞） | 剂型 | 规格 | 注册分类 品第 2.2 类 | 通知书编号 | 证券代码：300601 证券简称：康泰生物 公告编号：2024-074 深圳康泰生物制品股份有限公司 关于公司四价流感病毒裂解疫苗（MDCK 细胞） 获得药物临床试验批准通知书的公告 公司将根据药物临床试验批准通知书的要求，尽快开展相关临床试验工作。 该文件有效期为获得批准之日起 3 ...

| 证券代码：300601 | 证券简称：康泰生物 | 公告编号：2024-073 | | --- | --- | --- | | 债券代码：123119 | 债券简称：康泰转 2 | | 深圳康泰生物制品股份有限公司 2024 年第三季度可转换公司债券转股情况公告 经深圳证券交易所同意，公司可转债于2021年8月5日起在深圳证券交易所挂 牌交易，债券简称"康泰转2"，债券代码"123119"。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、"康泰转2"（债券代码：123119）转股期限为2022年1月21日至2027年7 月14日，转股价格为人民币19.81元/股。 2、2024年第三季度，共有10张"康泰转2"完成转股（票面金额共计1,000 元人民币），合计转为50股"康泰生物"股票（股票代码：300601）。 3、截至2024年第三季度末，公司剩余可转债为19,992,356张，剩余票面总 金额为1,999,235,600元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第15号——可转换公司 ...

债券代码：123119 债券简称：康泰转 2 证券代码：300601 证券简称：康泰生物 公告编号：2024-072 深圳康泰生物制品股份有限公司 关于开立募集资金现金管理专用结算账户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特此公告。 深圳康泰生物制品股份有限公司董事会 2024 年 9 月 20 日 近日，公司开立了募集资金现金管理专用结算账户，账户信息如下： | 账户名称 | 开户机构 | 资金账号 | | --- | --- | --- | | 深圳康泰生物制品股份有限公司 | 中信建投证券股份有限公司 | 62351488 | | 深圳康泰生物制品股份有限公司 | 中信证券股份有限公司 | 41900049921 | 根据《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》 及《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》 等法律法规的相关规定，上述账户仅用于暂时闲置募集资金进行现金管理的专用 结算，不会用于存放非募集资金或用作其他用途。 深圳康泰生物制品股份有限公司（以下简称"公司"）于202 ...

| 证券代码：300601 | 证券简称：康泰生物 | 公告编号：2024-071 | | --- | --- | --- | | 债券代码：123119 | 债券简称：康泰转 2 | | 深圳康泰生物制品股份有限公司 关于职工代表监事退休辞职暨补选职工代表监事的公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关于公司职工代表监事辞职的情况 深圳康泰生物制品股份有限公司（以下简称"公司"）监事会近日收到公司 职工代表监事蔡早德先生的书面辞职报告。蔡早德先生因达到法定退休年龄，申 请辞去公司第七届监事会职工代表监事职务，辞职后将不再担任公司任何职务。 蔡早德先生原定任期至第七届监事会任期届满之日（即 2024 年 12 月 28 日）止。 截至本公告披露日，蔡早德先生未持有公司股份，不存在应当履行而未履行的承 诺事项。公司及公司监事会对蔡早德先生在任职期间做出的贡献表示衷心感谢。 二、关于公司补选职工代表监事的情况 鉴于蔡早德先生的辞职将导致公司监事会成员人数低于法定最低人数，为保 证公司监事会正常运行，根据《公司法》《深圳证券交易所上市公司自律监管指 ...

债券代码：123119 债券简称：康泰转 2 三、备查文件 关于城市更新单元项目取得不动产权证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳康泰生物制品股份有限公司（以下简称"公司"）城市更新单元项目已 于近日取得不动产权证书，现将有关情况公告如下： 一、城市更新单元项目概述 2018 年 4 月 24 日、2018 年 5 月 25 日，公司分别召开第五届董事会第二十 六次会议、2017 年度股东大会审议通过了《关于康泰生物城市更新单元项目投 资建设的议案》，同意投资建设康泰生物城市更新单元项目，通过城市更新改造 的方式，将园区建设成为深圳市重要的生物产业研发及总部集聚中心。项目实施 主体为公司全资子公司深圳鑫泰康生物科技有限公司。具体内容详见公司在巨潮 资讯网披露的城市更新单元项目相关公告。 证券代码：300601 证券简称：康泰生物 公告编号：2024-070 二、项目进展情况 深圳康泰生物制品股份有限公司 近日，公司全资子公司深圳鑫泰康生物科技有限公司已办理完成城市更新单 元项目相关权属证书手续，取得了康泰生物城市更新单元项目相关不动产 ...

[Table_MainInfo] 公司研究/医药与健康护理/生物科技 证券研究报告 康泰生物（300601）公司半年报点评 2024 年 09 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 13.20 | | 52 周股价波动（元） | 13.18-34.18 | | 总股本 / 流通 A 股（百万股） | 1117/881 | | 总市值 / 流通市值（百万元） | 14743/11633 | | 相关研究 | | | [Table_ReportInfo] 《常规产品实现增长，出海稳步推进》 | | | 2024.05.29 | | 市场表现 [Table_QuoteInfo] -53.43% -39.43% -25.43% -11.43% 2.57% 16.57% 2023/9 2023/12 202 ...