Keqian Biology(SH:688526) KAIYUAN SECURITIES·2024-09-01 09:36Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing short-term operational pressure but is expected to see performance recovery in the second half of 2024 due to high pig prices [4] - The company reported a revenue of 401 million yuan in H1 2024, a decrease of 24.69% year-on-year, and a net profit attributable to shareholders of 153 million yuan, down 36.19% year-on-year [4] - The company maintains high R&D investment and continues to launch new products, which is expected to support future growth [6] Financial Performance Summary - H1 2024 revenue: 401 million yuan (-24.69% YoY), Q2 revenue: 196 million yuan (-22.49% YoY) [4] - H1 2024 net profit: 153 million yuan (-36.19% YoY), Q2 net profit: 65 million yuan (-36.91% YoY) [4] - The company’s expense ratios for sales, management, and finance in H1 2024 were 14.01%, 6.34%, and -7.56%, respectively [4] - Revised profit forecasts for 2024-2026: 324 million yuan, 399 million yuan, and 476 million yuan, respectively [4] Product Segment Performance - Revenue from pig vaccines in H1 2024 was 351 million yuan (-28.04%), accounting for 87.59% of total revenue [5] - Revenue from poultry vaccines increased by 13.86% to 9 million yuan, while revenue from pet vaccines grew by 33.48% to 23 million yuan [5] R&D and Innovation - R&D expenses in H1 2024 were 40 million yuan (-7.88%), representing 10.08% of revenue [6] - The company is focusing on developing new vaccine platforms and has obtained four new veterinary drug registration certificates [6]