CANSINOBIO(SH:688185) Haitong Securities·2024-09-13 00:13Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant increase in revenue, achieving 303 million yuan in the first half of 2024, a year-on-year growth of 1071.20%. Excluding the impact of estimated returns of COVID-19 vaccines from the previous year, the revenue growth is 15.36% [6] - The net profit attributable to the parent company narrowed by 73.22% to -225 million yuan in the same period, indicating improved operational efficiency and cost control [6] - The sales revenue from the company's two types of meningococcal vaccines reached approximately 260 million yuan, a growth of about 18% year-on-year, with ongoing clinical trials for expanding age indications [6] - The company is progressing well in its pipeline development, with several products at various clinical trial stages, including PCV13i and DTcP vaccines [6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 303 million yuan, with a year-on-year increase of 1071.20%. The net profit loss narrowed to -225 million yuan, a reduction of 73.22% [6] - For Q2 2024, the revenue was 189 million yuan, reflecting a year-on-year growth of 353.40%, with a net profit loss of -55 million yuan, a 92.12% reduction in loss compared to the previous year [6] Cost Management - The company has improved its cost management, with sales expenses decreasing by 12.70% year-on-year to 112 million yuan, and the sales expense ratio at 37.07% [6] - Management expenses were reduced by 38.45% year-on-year to 84 million yuan, with a management expense ratio of 27.52% [6] - R&D expenses decreased by 45.06% year-on-year to 186 million yuan, with an R&D expense ratio of 61.27% [6] Product Sales and Market Expansion - The sales revenue from meningococcal vaccines grew by 18% year-on-year, with ongoing market introduction efforts [6] - The company is conducting clinical trials for expanding the age indication for MCV4 vaccines, which could significantly increase market potential if approved [6] Pipeline Development - As of the first half of 2024, the company has several products in various stages of clinical trials, including PCV13i, DTcP, and Tdcp vaccines [6] - The company has received acceptance for the market application of PCV13i and is progressing with other vaccine candidates [6] Earnings Forecast and Valuation - The company is expected to generate revenues of 840 million yuan, 1.16 billion yuan, and 1.98 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 135%, 38%, and 70% [7] - The estimated reasonable value range for the company's stock is between 59.85 and 68.68 yuan per share, corresponding to a market capitalization of 14.81 billion to 16.99 billion yuan [7]