Kawin Technology(688687) 国盛证券·2024-08-12 13:58Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's performance slightly underperformed expectations, with steady growth in its key product, Kailiwei, and anticipation for the long-acting interferon hepatitis B indication to be reported [1] - The revenue for the first half of 2024 reached 597 million yuan, a year-on-year increase of 4.89%, while the net profit attributable to shareholders was 42.4 million yuan, up 10.54% year-on-year [1] - The company is focusing on innovative drug development for hepatitis B functional cure, with significant R&D investments and ongoing clinical trials for various projects [1] Financial Performance - In Q2 2024, the company achieved revenue of 384 million yuan, a year-on-year increase of 2.10%, and a net profit of 20.26 million yuan, up 17.66% year-on-year [1] - The sales expense ratio decreased to 52.35% in the first half of 2024 from 58.41% in the same period of 2023, indicating improved efficiency [1] - R&D expenses increased by 41.03% year-on-year, reflecting a commitment to enhancing research capabilities [1] Revenue and Profit Forecast - The company expects net profits for 2024, 2025, and 2026 to be 140 million yuan, 183 million yuan, and 245 million yuan respectively, with year-on-year growth rates of 20.4%, 30.8%, and 33.4% [2] - The projected P/E ratios for the same years are 28X, 21X, and 16X, indicating a favorable valuation outlook [2] Product Pipeline and Market Strategy - The expansion of reimbursement indications for Kailiwei is expected to enhance market share, with strategic conditions for entry into the market [1] - The long-acting interferon is anticipated to be launched in 2025, contributing to revenue growth [1]