Keqian Biology(688526) 国海证券·2024-09-02 07:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's operating performance is under short-term pressure, but R&D investments are entering a harvest period [2]. - In H1 2024, the company reported a revenue of 401 million yuan, a year-on-year decrease of 24.69%, and a net profit attributable to the parent company of 153 million yuan, down 36.19% year-on-year [2]. - The sales revenue from the pig vaccine business decreased by 28.04% year-on-year, while the poultry vaccine business saw a growth of 13.77% [2]. - The company has made progress in R&D, obtaining four new veterinary drug registration certificates [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 401 million yuan, down 24.69% year-on-year, and a net profit of 153 million yuan, down 36.19% year-on-year [2]. - For Q2 2024, revenue was 196 million yuan, a decrease of 22.49% year-on-year, with a net profit of 65 million yuan, down 36.91% year-on-year [2]. - The company’s gross margin decreased by 10.34 percentage points due to increased competition in the industry [2]. R&D Progress - The company has received registration certificates for four new veterinary drugs, including a new inactivated vaccine for pig coronavirus [2]. - Two products have completed re-examination tests, and there are ongoing re-examinations for other vaccines [2]. Market Confidence - The company initiated a share repurchase plan in February 2024, repurchasing 1.7845 million shares for a total of 30 million yuan by the end of June [2]. - The repurchased shares are intended for employee stock ownership plans or equity incentives [2]. Earnings Forecast - The revenue forecast for 2024-2026 is adjusted to 975 million, 1.081 billion, and 1.240 billion yuan, with year-on-year changes of -8.41%, +10.96%, and +14.67% respectively [2]. - The net profit forecast for the same period is 361 million, 403 million, and 459 million yuan, with year-on-year changes of -8.77%, +11.66%, and +13.92% respectively [2].