欧林生物：24H1破伤风疫苗销售稳健增长，金葡菌疫苗Ⅲ期临床入组进度已过半

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 9.78 CNY, compared to the current stock price of 8.63 CNY [3]. Core Insights - The company reported a revenue of 226 million CNY in H1 2024, a year-on-year decrease of 2.97%. The main product, the adsorbed tetanus vaccine, saw a steady increase in sales, leading the industry in batch issuance during the reporting period. However, the net profit attributable to the parent company was -28 million CNY, a significant decline of 197.90% year-on-year [1][2]. - The gross margin slightly increased to 94.56%, up by 1.52 percentage points year-on-year, while the net profit margin decreased to -13.58%, down by 24.92 percentage points, primarily due to high operating expenses [1]. - The company is advancing its R&D efforts, with a focus on multiple innovative products, including the recombinant gold bacteria vaccine, which is currently in phase III clinical trials and is the only one of its kind in China [2][6]. Financial Performance Summary - In H1 2024, the company achieved a gross margin of 94.56%, with a net profit margin of -13.58%. The operating expense ratio increased to 101.91%, with management expenses rising significantly due to stock incentive plan costs and increased validation fees [1]. - The company’s R&D expenses accounted for 57.73% of revenue, amounting to approximately 131 million CNY, reflecting a year-on-year increase of 117.48% [2]. - The projected revenue growth rates for 2024 to 2026 are 14.3%, 13.9%, and 12.0%, respectively, with net profit growth rates of 4.6%, 174.7%, and 54.9% [6][7].