Investment Rating - The investment rating for the company is "Buy" with a maintained rating [7] Core Views - The company achieved profitability in 2023, with a significant increase in revenue and net profit, indicating strong operational recovery [1] - The sales of the human diploid rabies vaccine are expected to ramp up, supported by recent product approvals [2] - The company's internationalization strategy is progressing steadily, with recent licensing and partnership agreements enhancing market opportunities [3] - Changes in product structure are anticipated to drive improvements in profitability, particularly with the expected increase in sales of second-class vaccines [4] - Despite a challenging Q1 2024, the company is projected to see steady growth in performance driven by the launch of new vaccines [5] Financial Performance Summary - In 2023, the company reported revenue of 34.77 billion yuan, a year-on-year increase of 10.14%, and a net profit of 8.61 billion yuan, up 749.02% [1] - The gross margin for 2023 was 84.54%, with a net profit margin of 24.77%, reflecting improved operational efficiency [4] - Revenue forecasts for 2024-2025 have been adjusted to 45.01 billion yuan and 53.68 billion yuan, respectively, with net profit estimates of 10.04 billion yuan and 12.31 billion yuan [5][6]

| 证券代码：300601 | 证券简称：康泰生物 | 公告编号：2024-047 | | --- | --- | --- | | 债券代码：123119 | 债券简称：康泰转 2 | | 临床试验申请获得受理的公告 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"）近日收到国家药品监 督管理局签发的受理通知书，同意受理公司研发的四价流感病毒裂解疫苗新增6- 35月龄人群的临床试验申请，现将相关情况公告如下： 一、受理通知书主要内容 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新增 6-35 月龄人群 产品名称：四价流感病毒裂解疫苗 申请事项：境内生产药品注册临床试验 申请人：深圳康泰生物制品股份有限公司 受理号：CXSL2400331 本次公司四价流感病毒裂解疫苗新增 6-35 月龄人群临床试验申请获得受理， 有利于进一步丰富公司产品布局，增强公司的核心竞争力和市场地位，为公司持 续稳健发展奠定坚实基础。 疫苗研发是一项复杂严谨的科学活动，难度大、周期长，在上市销售前需要 申请临床试验、进行临床试验 ...

Summary of Conference Call Company or Industry Involved - The discussion pertains to a specific industry, with a focus on demand growth expected in the second half of the year [1] Core Points and Arguments - There is an anticipation of a clearer demand growth in the second half of the year, suggesting a potential increase in market activity and opportunities [1] Other Important but Possibly Overlooked Content - The timing of discussions regarding demand growth indicates a strategic approach to market analysis, emphasizing the importance of monitoring trends as the year progresses [1]

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：2024-044 深圳康泰生物制品股份有限公司 第七届董事会第二十次会议决议公告 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"）第七届董事会第二十 次会议通知于 2024 年 5 月 15 日以书面及通讯的方式通知了全体董事，会议于 2024 年 5 月 16 日在公司会议室以现场表决和通讯表决相结合的方式召开。会议 召集人及主持人为公司董事长杜伟民先生，本次会议应参加表决董事 7 人，实际 参加表决董事 7 人。会议的召集召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 经过全体董事认真审议，会议通过了相关议案并形成如下决议： 一、审议通过了《关于董事会提议向下修正可转换公司债券转股价格的议 案》，表决结果：6 票同意，0 票反对，0 票弃权，1 票回避。 鉴于公司股票出现连续三十个交易日中至少十五个交易日的收盘价格低于 当期转股价格的 85%（即 20.74 元/股）的情形，已触发《深 ...

| 证券代码: 300601 | | --- | | 债券代码:123119 | 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：2024-046 深圳康泰生物制品股份有限公司 关于增加 2023 年度股东大会临时提案 暨股东大会补充通知的公告 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"）于 2024 年 4 月 27 日披露 了《关于召开 2023 年度股东大会的通知》（公告编号：2024-040），定于 2024 年 5 月 31 日召开公司 2023 年度股东大会，具体内容详见公司在巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 2024 年 5 月 16 日，公司第七届董事会第二十次会议审议通过了《关于董事会提 议向下修正可转换公司债券转股价格的议案》，上述议案尚需提交公司股东大会审议 通过，具体内容详见公司同日在巨潮资讯网（http://www.cninfo.com.cn）披露的相 关公告。 2024 年 5 月 ...

| 证券代码：300601 | 证券简称：康泰生物 | 公告编号：2024-045 | | --- | --- | --- | | 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 关于董事会提议向下修正可转换公司债券转股价格的公告 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"）于 2024 年 5 月 16 日 召开第七届董事会第二十次会议，审议通过了《关于董事会提议向下修正可转换 公司债券转股价格的议案》，该议案尚需提交公司 2023 年度股东大会审议，现将 相关事项公告如下： 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可〔2021〕1873号"文同意注册，公司 于2021年7月15日向不特定对象发行了2,000.00万张可转债，每张面值100元，募 集资金总额为人民币200,000.00万元，扣除承销费、保荐费及其他费用人民币 1,034.00万元（含税）后，募集资金净额为人民币198,966.00万元。上述募集资 金到位情况业 ...

Investment Rating - The investment rating for Kangtai Biological (300601) is "Buy" [2][4][12] - The target price is set at 30.03, down from the previous forecast of 37.20 [2][4] Core Views - The company is experiencing steady growth in routine vaccines and is making progress in internationalization [2][4] - The company has a rich pipeline of products and is expected to see significant contributions from the new human diploid rabies vaccine, which is set to launch in April 2024 [2][4] - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 0.91/1.16, down from 0.93/1.29, with a projected EPS of 1.40 for 2026 [2][4] Financial Summary - In 2023, the company achieved revenue of 34.77 billion (+10.14%) and a net profit of 8.61 billion, marking a turnaround from losses [2][4] - The first quarter of 2024 saw a revenue drop to 4.52 billion (-39.65%) and a net profit of 0.54 billion (-73.69%) [2][4] - The company’s routine vaccines generated revenue of 35.05 billion in 2023, with a 55.64% year-on-year increase in sales of the 13-valent pneumococcal conjugate vaccine [2][4] Product Pipeline and Internationalization - The company has over 30 products in its research pipeline, with several vaccines in various stages of clinical trials [2][4] - The 13-valent pneumococcal vaccine has received market approval in Indonesia, expected to contribute to revenue in 2024 [2][4] - Collaborations have been established with multiple countries for the registration and commercialization of vaccines [2][4]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.25 CNY per share based on a 30x PE ratio for 2024 [4][2]. Core Insights - The company reported a revenue of 3.477 billion CNY in 2023, representing a year-on-year growth of 10.14%. The net profit attributable to shareholders was 861 million CNY, a significant increase of 749.02%, primarily due to a 7.99 billion CNY impairment loss related to COVID-19 vaccine assets in the previous year. In Q1 2024, revenue dropped to 452 million CNY, down 39.65%, and net profit fell to 54 million CNY, down 73.69%, attributed to a high base effect from the previous year [1][2]. - The company's routine vaccine sales showed steady growth, achieving 3.505 billion CNY in sales in 2023, an increase of 18.98%. Notably, sales of the 13-valent pneumococcal conjugate vaccine and the 23-valent pneumococcal polysaccharide vaccine grew by 55.64% and 36.88%, respectively. The company is also advancing its internationalization efforts, having established cooperation agreements with over 10 countries, including obtaining a marketing authorization for its 13-valent pneumococcal conjugate vaccine in Indonesia [1][2]. - The company has a rich R&D pipeline, with the approval of the human diploid rabies vaccine and the varicella live attenuated vaccine in 2023. The human diploid rabies vaccine is expected to have a favorable competitive landscape. Additionally, several in-development products have made progress, including the Sabin strain poliovirus vaccine and various combination vaccines currently in clinical trials [1][2]. Financial Summary - In 2023, the company achieved a revenue of 3.477 billion CNY, with a projected revenue growth of 22.4% in 2024, reaching an estimated 4.258 billion CNY. The net profit is expected to grow to 1.052 billion CNY in 2024, reflecting a 22.1% increase [3][8]. - The company's EPS is projected to be 0.94 CNY in 2024, increasing to 1.43 CNY by 2026. The P/E ratio is expected to decrease from 35.26 in 2023 to 14.66 in 2026, indicating improving valuation metrics [3][8].

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 3.48 billion yuan in 2023, representing a year-on-year growth of 10.1%. The net profit attributable to shareholders was 860 million yuan, a significant increase of 749% [2][3]. - In Q1 2024, the company reported a revenue of 450 million yuan, a decline of 39.7% year-on-year, with a net profit of 54 million yuan, down 73.7% [2]. - The company’s gross margin for 2023 was 84.5%, with a net profit margin of 24.8%, primarily due to lower impairment losses and R&D expenses compared to the previous year [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company’s quarterly revenues were 750 million yuan in Q1, 980 million yuan in Q2, 730 million yuan in Q3, and 1.01 billion yuan in Q4, showing a strong recovery in Q4 with a growth of 71% [2]. - The company’s revenue forecast for 2024-2026 is projected to grow to 4.27 billion yuan, 5.35 billion yuan, and 6.63 billion yuan, respectively, with growth rates of 22.7%, 25.3%, and 24.0% [4][9]. Product Development - The company anticipates a stepwise increase in product approvals over the next 2-3 years, contributing to long-term performance growth. New products include the human rabies vaccine and varicella vaccine, which have already been approved [3]. - The sales revenue from routine vaccines (excluding COVID-19 vaccines) reached 3.5 billion yuan, a year-on-year increase of 19%, with the 13-valent pneumonia vaccine sales growing by 55.6% [2][3]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.79 yuan, 1.06 yuan, and 1.32 yuan, respectively [3][4]. - The net profit attributable to shareholders is expected to grow to 879 million yuan in 2024, 1.18 billion yuan in 2025, and 1.48 billion yuan in 2026, with growth rates of 2.04%, 34.07%, and 25.22% [4][9]. Market Position - The company maintains a stable market position with a total market capitalization of approximately 23.18 billion yuan and a total asset value of 15.02 billion yuan [7]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 27 in 2024 to 16 in 2026, indicating a potentially attractive valuation as earnings grow [4][9].

Investment Rating - The report maintains a "Buy" rating for the company 康泰生物 (300601.SZ) [4][11]. Core Insights - The company's regular vaccine sales revenue increased by 19% year-on-year, with total revenue reaching 34.77 billion yuan in 2023, a 10.1% increase compared to the previous year [5][11]. - The company achieved a net profit of 8.61 billion yuan in 2023, marking a significant increase of 749% year-on-year, while the net profit for Q1 2024 was 0.54 billion yuan, a decrease of 73.1% year-on-year due to seasonal factors [5][11]. - The approval and commercialization of the human diploid rabies vaccine are expected to contribute to performance growth starting in 2024, alongside a rich pipeline of nearly 30 projects in development [11][12]. Financial Performance - In 2023, the gross profit margin was 84.5%, and the net profit margin was 24.8%, reflecting improvements in cost management and operational efficiency [7][11]. - The company’s R&D expense ratio improved to 14.4%, down 11.0 percentage points year-on-year, as previous expenditures related to COVID-19 vaccine trials were normalized [7][11]. - The projected net profits for 2024 and 2025 are 10.45 billion yuan and 13.42 billion yuan, respectively, with an additional forecast for 2026 at 16.66 billion yuan [11][12]. Product Development and Pipeline - The human diploid rabies vaccine was approved for market launch in September 2023, utilizing two immunization schedules, both demonstrating good safety and immunogenicity [8][9]. - The company has a robust pipeline, including vaccines for chickenpox, polio, and RSV, with several products in various stages of clinical trials and regulatory approval [9][10].