欧林生物：短期业绩承压，金葡菌疫苗三期临床入组进度过半

Investment Rating - The investment rating for the company is "Outperform the Market" [2][3][8] Core Views - The company is experiencing short-term performance pressure, with a 3.0% year-on-year decline in revenue for H1 2024, amounting to 226 million yuan, while the net profit attributable to the parent company is a loss of 28 million yuan, reflecting a significant year-on-year decline of 197.9% [2][5] - The company is increasing its R&D investment, which has risen by 81.1% year-on-year, contributing to the pressure on profits [2][5] - The company is advancing its clinical pipeline, particularly the recombinant Staphylococcus aureus vaccine, which is in Phase 3 clinical trials, with over half of the enrollment completed [2][8] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are adjusted to 583 million, 706 million, and 919 million yuan, respectively [2][8] - Net profit forecasts for the same period are 48 million, 65 million, and 133 million yuan, respectively [2][8] - The company's EBIT margin is expected to improve from 7.4% in 2024 to 12.5% in 2026, indicating a positive trend in operational efficiency [2][3] - The projected PE ratio is expected to decrease from 74.1 in 2024 to 26.8 in 2026, suggesting a more attractive valuation over time [2][3] Market Position and Strategy - The company is positioned as a "small but beautiful" private vaccine enterprise, leveraging its established tetanus vaccine to explore new adult markets [2][8] - Collaborations with Shanghai Pharmaceuticals to enhance the market promotion of the AC combined vaccine are underway [2][8] - The long-term strategy includes a focus on "super bacteria" vaccine pipelines, with the recombinant Staphylococcus aureus vaccine leading globally in clinical progress [2][8]