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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company's regular vaccine sales revenue increased by 19% year-on-year, with total revenue for 2023 reaching 3.477 billion yuan, a 10.1% increase compared to the previous year [1][8]. - The company achieved a net profit of 861 million yuan in 2023, representing a significant year-on-year increase of 749% [1][8]. - The company has a rich pipeline of nearly 30 projects under research, with the human diploid rabies vaccine approved for commercialization in September 2023 [1][12]. Financial Performance - In 2023, the company reported a gross margin of 84.5%, a slight increase of 0.3 percentage points year-on-year, and a net profit margin of 24.8%, up by 29 percentage points [1][11]. - The company’s revenue for Q1 2024 was 452 million yuan, a decrease of 39.7% year-on-year, attributed to the impact of the Lunar New Year holiday and shipping schedules [1][8]. - The projected net profits for 2024 and 2025 are 1.045 billion yuan and 1.342 billion yuan, respectively, with an additional forecast for 2026 at 1.666 billion yuan [2][14]. Research and Development - The company’s R&D expense ratio improved to 14.4% in 2023, down by 11 percentage points from the previous year, as the expenses related to the COVID-19 vaccine clinical trials normalized [1][11]. - The human diploid rabies vaccine has shown good safety, immunogenicity, and durability in clinical trials, with two immunization schedules approved [1][12]. - The company has recently launched a live attenuated varicella vaccine and has several other vaccines in various stages of development, including a four-valent hand-foot-mouth disease vaccine and a recombinant respiratory syncytial virus vaccine [1][12][13].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in 2023 met expectations, with revenue of 3.477 billion yuan (+10.14%) and net profit attributable to shareholders of 861 million yuan (+749.02%) [9][10] - The 13-valent pneumonia vaccine is experiencing rapid growth, with expected revenue of approximately 1.5 billion yuan (+55.64%) [9] - The company has a rich R&D pipeline, with R&D investment reaching 542 million yuan, accounting for 15.59% of revenue [10] - The overall development trend of the company is positive, with projected revenues for 2024-2026 of 4.777 billion, 5.954 billion, and 7.220 billion yuan respectively [10] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 34.77 billion yuan, a 10.14% increase, and a net profit of 8.61 billion yuan, reflecting a significant increase of 749.02% [9] - The fourth quarter of 2023 saw a revenue of 10.13 billion yuan (+71.01%) and a net profit of 1.64 billion yuan (+148.91%) [9] - The first quarter of 2024 reported a decline in revenue to 4.52 billion yuan (-39.65%) and net profit to 0.54 billion yuan (-73.69%) due to high base effects from the previous year [9] Product Growth - The company's conventional vaccines (excluding COVID-19 vaccines) generated sales of 35.05 billion yuan, an 18.98% increase [9] - The 13-valent pneumonia vaccine is expected to maintain rapid growth in the domestic market and has received approval for sale in Indonesia [9] - The company has launched the human diploid rabies vaccine and the varicella live attenuated vaccine, which are expected to contribute significantly to future revenue [9] R&D and Future Projections - R&D efforts are ongoing with several products in various clinical trial stages, including the Sabin strain inactivated polio vaccine and the adsorbed acellular pertussis combined vaccine [10] - The company has adjusted its profit forecasts for 2024 and 2025, projecting revenues of 47.77 billion and 59.54 billion yuan respectively, with net profits of 11.92 billion and 15.41 billion yuan [10]

| 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：2024-042 深圳康泰生物制品股份有限公司 关于"质量回报双提升"行动方案的进展公告 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"）为践行中央政治局会 议提出的"要活跃资本市场、提振投资者信心"及国务院常务会议提出的"要大 力提升上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信 心"的指导思想，结合公司发展战略及经营情况，公司制定了"质量回报双提升" 行动方案。具体内容详见公司于 2024 年 3 月 8 日在巨潮资讯网披露的《关于"质 量回报双提升"行动方案的公告》（公告编号：2024-020），现将公司落实"质 量回报双提升"行动方案的进展情况公告如下： 一、精耕主业，创新驱动成长 公司在推动自身业务稳步发展的同时，制定了稳定的利润分配政策，重视对 投资者的合理投资回报，充分认识到现金分红是实现投资回报的重要 ...