BCHT(SH:688276) Xin Lang Cai Jing·2025-04-25 08:41Core Insights - The company reported a significant decline in revenue and net profit for 2024, primarily due to reduced sales of the shingles vaccine [1] - The nasal spray flu vaccine showed strong performance, while the shingles vaccine faced short-term sales pressure [1][2] - The company is actively advancing its R&D pipeline with multiple products achieving key milestones [2] - Profitability has decreased, with overall gross margin and net margin declining compared to the previous year [1] Financial Performance - In 2024, the company achieved revenue of 1.23 billion yuan, a decrease of 32.6%, and a net profit of 230 million yuan, down 53.7% [1] - For Q1 2025, revenue was 160 million yuan, a decline of 40.0%, with a net profit of 1 million yuan, down 98.2% [1] - The shingles vaccine generated revenue of 250 million yuan, a decrease of 71.5%, while the chickenpox vaccine revenue was 840 million yuan, an increase of 2.2% [1] - The nasal spray flu vaccine revenue reached 140 million yuan, an increase of 15.4% [1] - Overall gross margin for 2024 was 85.4%, down 4.8 percentage points, and net margin was 18.9%, down 8.6 percentage points [1] R&D Progress - The company invested 160 million yuan in R&D in 2024, accounting for 12.7% of revenue [2] - Key advancements include the acceptance of the liquid nasal spray flu vaccine application, completion of Phase I clinical trials for rabies monoclonal antibody, and initiation of Phase I/II clinical trials for tetanus monoclonal antibody [2] - Clinical trial approvals were obtained for HSV-2 mRNA vaccine and Hib vaccine, while the recombinant shingles vaccine and adjuvanted flu vaccine have submitted IND applications [2] Earnings Forecast - The company projects EPS of 0.6 yuan, 0.68 yuan, and 0.75 yuan for the years 2025, 2026, and 2027 respectively [3]