BioKangtai(300601) 东海证券·2024-09-02 15:30Investment Rating - The report maintains a "Buy" rating for the company, citing performance review as the reason for this rating [1]. Core Insights - The company's H1 2024 performance was under pressure, but Q2 showed significant improvement. H1 2024 revenue was 1.202 billion yuan (down 30.54% year-on-year), with a net profit of 165 million yuan (down 67.61% year-on-year). Q2 2024 revenue was 750 million yuan (down 23.60% year-on-year, up 66.14% quarter-on-quarter), with a net profit of 111 million yuan (down 63.51% year-on-year, up 105.81% quarter-on-quarter). The decline in H1 was mainly due to intensified market competition and inventory reduction, while Q2 performance began to recover with the official launch of the human diploid rabies vaccine contributing to revenue growth [4]. - The company experienced rapid growth in batch approvals, with the human diploid rabies vaccine contributing to revenue. In H1 2024, non-immunization planning vaccines generated 1.151 billion yuan in sales (down 33.76% year-on-year), while immunization planning vaccines generated 27 million yuan (up 406.74% year-on-year). The report noted significant increases in batch approvals for various vaccines, including a 58.43% increase for the quadrivalent vaccine and a 356.45% increase for the 13-valent pneumonia vaccine [4]. - The company is increasing R&D investment, with a total of 236 million yuan in R&D expenses, representing an 18.32% R&D expense ratio (up 4.17 percentage points year-on-year). Several products in the pipeline are making progress, including the inactivated polio vaccine and various combination vaccines, which are in different stages of clinical trials [5]. - The investment suggestion anticipates revenues of 4.777 billion yuan, 5.954 billion yuan, and 7.220 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 1.192 billion yuan, 1.543 billion yuan, and 1.960 billion yuan. The corresponding EPS is expected to be 1.07 yuan, 1.38 yuan, and 1.75 yuan, with P/E ratios of 13.06, 10.08, and 7.94 [5]. Summary by Sections Financial Performance - H1 2024 revenue was 1.202 billion yuan, down 30.54% year-on-year, with a net profit of 165 million yuan, down 67.61% year-on-year. Q2 2024 revenue was 750 million yuan, down 23.60% year-on-year but up 66.14% quarter-on-quarter [4]. - The company’s total share capital is 111.692 million shares, with a closing price of 13.93 yuan [2]. Market and Product Insights - The human diploid rabies vaccine was officially launched in Q2 2024, contributing 117 million yuan in sales during the reporting period. The company has also signed contracts for the export of the 13-valent pneumonia vaccine to Indonesia, marking a significant step into international markets [4]. - The report highlights a strong increase in batch approvals for various vaccines, indicating a positive trend in product acceptance and market penetration [4]. R&D and Future Outlook - The company is focusing on expanding its product pipeline with increased R&D investment, which is expected to drive future growth. The R&D expense ratio has increased, reflecting a commitment to innovation and product development [5]. - The overall development trend is positive, with expectations for revenue and profit growth in the coming years, supported by new product launches and market expansion [5].