Investment Rating - The report maintains a "Buy" rating for Hualan Vaccine (301207 SZ) [3][13] Core Views - Hualan Vaccine achieved significant revenue and profit growth in 2023, with operating income reaching 2 41 billion yuan (+32 03% YoY) and net profit attributable to parent company reaching 860 million yuan (+65 49% YoY) [1] - The company's operating cash flow improved significantly, reaching 888 million yuan (+207 63% YoY), mainly due to increased sales collection [2] - Influenza vaccine sales reached 2 403 billion yuan (+32 19% YoY), with sales volume of 19 3975 million doses (+33 38% YoY), driven by increased public vaccination willingness [2] - The company is actively developing new vaccine products, including mRNA vaccines, to diversify its revenue structure and achieve long-term stable growth [13] Financial Performance Revenue and Profit - 2023 quarterly revenue: Q1 145 million yuan (+892 96% YoY), Q2 5 million yuan (-99 54% YoY), Q3 1 569 billion yuan (+214 16% YoY), Q4 692 million yuan (+160 44% YoY) [2] - 2023 quarterly net profit: Q1 94 million yuan (turned profitable), Q2 14 million yuan (-95 23% YoY), Q3 521 million yuan (+152 51% YoY), Q4 230 million yuan (+1442 56% YoY) [2] - 2024-2026 profit forecast: Net profit of 1 085 billion yuan (+26 18% YoY), 1 322 billion yuan (+21 86% YoY), and 1 561 billion yuan (+18 06% YoY) respectively [13] Valuation Metrics - Current PE ratio: 17x (2023), expected to decrease to 13x (2024), 11x (2025), and 9x (2026) [14] - PB ratio: 2 3x (2023), expected to decrease to 2 1x (2024), 1 8x (2025), and 1 6x (2026) [14] - ROE: 13 73% (2023), expected to increase to 15 53% (2024), 16 83% (2025), and 17 61% (2026) [14] Product Development - R&D investment in 2023: 93 million yuan, accounting for 3 87% of revenue [13] - New products: Freeze-dried human rabies vaccine (Vero cells) and tetanus vaccine obtained drug registration certificates in February 2023 [13] - Ongoing development: Multiple mRNA vaccines, including influenza virus mRNA vaccine [13] Market Data - Total shares: 600 million [4] - Market capitalization: 14 49 billion yuan [4] - 52-week price range: 19 16-36 50 yuan [4] - 3-month turnover rate: 25 34% [4]

盈利预测及投资建议：我们预计公司 2024-2026 年分别录得净利润 10.9 亿元、13.1 亿元、15.3 亿元，YOY+27.2%、+19.7%、+116.8%，EPS 分别 为 1.82 元、2.18 元、2.55 元，对应 PE 分别为 13X、11X、9X，股价经过 近期调整后估值已偏低，给与"买进"评级。 近期评等 出刊日期 前日收盘 评等 2024-01-24 23.03 买进 2024 年 4 月 1 日 王睿哲 C0062@capital.com.tw 目标价(元) 28 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 公司业绩：公司发布 2023 年年报，2023 年实现营收 24.1 亿元,YOY+32.0%, 录得归母净利润 8.6 亿元,YOY+65.5%,处于业绩预告范围的中位，符合预 期。其中 Q4 单季度实现营收 6.9 亿元，YOY+160.4%,录得归母净利润 2.3 亿元，同比增长超过 14 倍，主要是 22Q4 新冠疫情下流感疫苗接种基期 较低，并且 2023 年流感疫情，使得民众在流感疫苗 ...

Financial Performance - The company's operating revenue for 2023 reached ¥2,410,428,457.20, representing a year-on-year increase of 32.03% compared to ¥1,825,640,965.76 in 2022[20] - The net profit attributable to shareholders for 2023 was ¥859,968,598.42, a significant increase of 65.49% from ¥519,634,804.34 in the previous year[20] - The net cash flow from operating activities surged by 207.63% to ¥888,024,961.36, up from ¥288,662,214.13 in 2022[20] - Basic earnings per share for 2023 were ¥1.4316, reflecting a growth of 62.55% compared to ¥0.8807 in 2022[20] - The total assets of the company at the end of 2023 amounted to ¥7,995,318,297.21, marking a 13.00% increase from ¥7,075,517,368.83 at the end of 2022[20] - The net assets attributable to shareholders increased by 13.95% to ¥6,263,091,926.42, compared to ¥5,496,576,329.45 at the end of 2022[20] - The weighted average return on net assets for 2023 was 14.65%, an increase from 10.64% in 2022[20] - In 2023, the company achieved a revenue of 2.41 billion CNY, an increase of 32.03% compared to the previous year[69] - The net profit attributable to shareholders reached 860 million CNY, reflecting a growth of 65.49% year-over-year[69] Vaccine Production and Sales - The revenue from vaccine products was ¥2,407,230,245.33, accounting for 99.87% of total revenue, with a year-on-year growth of 32.44%[87] - The company maintained its leading position in the domestic market for influenza vaccines, with annual batch approvals of 100, 103, and 94 from 2021 to 2023, respectively[70] - The production capacity for quadrivalent influenza vaccines is currently 100 million doses per year, supported by six production workshops[70] - The company’s sales volume increased to 19,397,503 units in 2023, a 33.38% increase from 14,542,643 units in 2022[88] - Vaccine production decreased to 25,357,266 units in 2023, down 5.60% from 26,862,365 units in 2022[88] - The inventory level dropped by 33.11% to 6,145,764 units in 2023 from 9,187,861 units in 2022[88] Research and Development - Research and development expenses decreased by 32.33% to ¥91,108,469.10 from ¥134,639,873.00 in 2022, primarily due to reduced direct investment and clinical costs[1] - The company is focusing on mRNA technology for new vaccine development, which is expected to revolutionize the industry with its advantages in delivery efficiency and lower production costs[46] - The company is actively developing multiple new vaccines, including mRNA influenza vaccines, to enhance its product pipeline and create new profit growth points[72] - The company has established multiple core technology platforms for vaccine research and production, enhancing its competitive edge in the industry[83] - The company is conducting clinical trials for the adsorbed acellular pertussis-tetanus-diphtheria combined vaccine, with Phase III trials expected to start in 2024[49] - The company has completed Phase III clinical trials for the lyophilized A group C group meningococcal conjugate vaccine and is currently conducting process scale-up research[49] Market and Growth Potential - The global human vaccine market is projected to grow from approximately USD 46 billion in 2021 to USD 83.1 billion by 2025, with a compound annual growth rate (CAGR) of 13.5%[46] - The current influenza vaccination rate in China is only about 3%, indicating significant growth potential in the domestic market, especially among key populations[46] - The vaccine industry is experiencing stable growth, driven by increasing public awareness and regulatory support, providing significant growth opportunities for the company[65] - The company aims to expand its market presence and enhance its product offerings in response to the increasing public awareness and demand for vaccines[45] Financial Management and Investments - The company has received government subsidies amounting to CNY 13.08 million in 2023, which are closely related to its normal business operations[40] - The company has allocated 36,261.23 million CNY for the development and industrialization of the herpes zoster vaccine, with an actual investment of 11.21 million CNY during the reporting period, representing a progress of 0.03%[146] - The company plans to complete the herpes zoster vaccine project by August 31, 2028[146] - The company has terminated the fundraising investment project for the development of the new pneumonia vaccine due to significant changes in the market environment[146] Cost Management - Direct material costs for vaccine products increased by 15.22% to ¥95,236,914.78 in 2023, representing 33.65% of total operating costs[77] - The company reported a significant increase in direct labor costs by 44.46%, amounting to ¥38,401,620.89, which is 13.57% of total operating costs[77] - The energy costs surged by 91.02% to ¥33,163,870.35, accounting for 11.72% of total operating costs[77] - The gross profit margin for vaccine products was 88.24%, slightly down by 0.25% from the previous year[87] Regulatory Compliance and Corporate Governance - The company is committed to adhering to the disclosure requirements set by the Shenzhen Stock Exchange regarding its pharmaceutical and biological product business[47] - All subsidiaries controlled by the company are included in the consolidated financial statements, reflecting the overall financial position and performance of the corporate group[110] - The company adjusts the consolidated financial statements to align with its accounting policies if subsidiaries have different accounting policies or periods[114]

证券代码：301207 证券简称：华兰疫苗 公告编号：2024-006 华兰生物疫苗股份有限公司 第二届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华兰生物疫苗股份有限公司（以下简称"公司"）第二届董事会第五次会议于2024 年3月18日以电话或电子邮件方式发出通知，于2024年3月28日在公司会议室以现场 结合通讯表决方式召开，会议由董事长安康先生主持，会议应出席董事9名，实际出 席董事9名（其中3名独立董事李德新先生、董关木先生、杨东升先生以通讯表决方 式出席会议）。会议的召集和召开符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2023 年度总经理 工作报告》。 2、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2023 年度董事会 工作报告》。 公司独立董事李德新先生、董关木先生、杨东升先生向董事会提交了《独立董 事 2023 年度述职报告》，公司董事会依据独立董事出具的《独立董事独立性自查情 况表》，对 ...

华兰生物疫苗股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2024]0011000563 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified PublicAccountants（Special General Partnership） 大华核字[2024]0011000563 号 华兰生物疫苗股份有限公司全体股东： 华兰生物疫苗股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 华兰生物疫苗股份有限公司 2023 年度非经营 性资金占用及其他关联资金往来情况汇总表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 我们接受委托，依据《中国注册会计师 ...

内部控制自我评价报告的核查意见 !"#$%&'()*+,- ./!0123456'(+,- 7879 :;<=>?@ABCDEFGHIJ- 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构"）作为华兰 生物疫苗股份有限公司（以下简称"华兰疫苗"、"公司"或"发行人"）首次公开发 行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等文件的要求，华泰联合对华兰疫苗 2023 年度内部控制制度等相关事项进行核 查，并发表独立意见如下： !"#$%&'()*+,-./0 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。 纳入评价范围的公司包括公司本部及下属子公司，纳入评价范围单位资产占 公司合并财务报表资产总额的 100%，营业收入合计占公司合并财务报表营业收 入总额的 100%。 纳入评价范围的主要业务和事项包括: 组织结构、公司治理、发展战略、人 力资源政策、公司对子公司的内部控制、关联交易的内部控制、财务报告、对外 担保控制、对外投资控制、信息披露管理等 ...

现场检查报告 !"#$%&'()*+,- ./!0123456'(+, 7879 :;<=>?@- 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，华泰联合 证券有限责任公司作为华兰生物疫苗股份有限公司（以下简称"华兰疫苗"或"公 司"）首次公开发行股票并在创业板上市的保荐人，于 2024 年 3 月 19 日对华兰 疫苗 2023 年有关情况进行了现场检查，报告如下： | 保荐人名称：华泰联合证券有限责任公司 被保荐公司简称：华兰疫苗 | | | --- | --- | | 保荐代表人姓名：贾鹏 联系电话：010-56839300 | | | 保荐代表人姓名：刘晓宁 联系电话：010-56839300 | | | 现场检查人员姓名：贾鹏、左宝祥 | | | 现场检查对应期间：2023 年度 | | | 现场检查时间：2024 年 3 月 19 日 | | | 一、现场检查事项 现场检查意见 | | | 不适 （一）公司治理 否 | 是 | | 用 | | | 现场检查手段：主要包括查阅公司章程及其他管理制度、公司"三会"资 ...

华兰生物疫苗股份有限公司 章程 二〇二四年三月 | 第一章 | 总则 2 | | --- | --- | | 第二章 | 经营宗旨和经营范围 3 | | 第三章 | 股份 3 | | 第四章 | 股东和股东大会 6 | | 第五章 | 董事会 22 | | 第六章 | 总经理及其他高级管理人员 32 | | 第七章 | 监事会 34 | | 第八章 | 财务会计制度、利润分配和审计 36 | | 第九章 | 通知和公告 41 | | 第十章 | 合并、分立、增资、减资、解散和清算 42 | | 第十一章 | 修改章程 45 | | 第十二章 | 附则 46 | 华兰生物疫苗股份有限公司章程 第一章 总则 第一条 为维护华兰生物疫苗股份有限公司（以下简称"公司"）、股东和债 权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司章程指引》等相关法律法规和其他有关规定，制订本章程。 第二条 公司系依照《公司法》等法律法规及规范性文件的规定，由原华兰 生物疫苗有限公司依法整体变更设立的股份有限公司。 公司在新乡 ...

证券代码：301207 证券简称：华兰疫苗 公告编号：2024-010 华兰生物疫苗股份有限公司 关于2023年度利润分配的预案 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 华兰生物疫苗股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第二 届董事会第五次会议和第二届监事会第五次会议，审议通过了《关于 2023 年度利润 分配的预案》。现将有关情况公告如下： 一、2023 年利润分配预案基本情况 经大华会计师事务所（特殊普通合伙）审计，母公司 2023 年实现净利润 861,516,317.57 元，提取法定盈余公积 86,151,631.76 元后，本期可供分配的利润为 775,364,685.81 元，加年初未分配利润 1,807,308,630.23 元，扣除 2023 年当期分配上 年度现金股 120,003,000 元，2023 年度累计可供分配的利润为 2,462,670,316.04 元。 公司拟以当前总股本 600,015,000 股为基数向全体股东每 10 股派现金股利 6 元 （含税），共计 360,009,000. ...

核查意见 !"#$%&'()*+,- ./!0123456'(+,- 789':;<=>?@ABCDEF- 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为华兰生物疫苗股份有限公司（以下简称"华兰疫苗"或"公司"）首次公开 发行股票并在创业板上市持续督导阶段的保荐机构，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所创业板股票上市规则》《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》等规定，对华兰疫苗拟使 用自有资金进行委托理财的事项进行了审慎尽职调查，具体核查情况如下： 一、投资概况 （一）投资目的 最大限度地提高公司短期自有资金的使用效率，为公司和股东谋取较好的投 资回报。 （二）投资范围 公司自有资金。 国债、债券、货币市场基金、质押式国债回购、券商收益权凭证、券商收益 权转让、深交所/上交所报价回购、银行结构性理财产品、券商资产管理计划、 信托产品等，以及参与新股申购、可转换公司债券等证券品种的一级市场投资， 严禁进行二级市场股票投资（策略性投资除外）。 （三）投资额度及期限 不超过 30 亿元（含 30 亿元）的自有资金，在不超过该额度范围内 ...