KANGHUA BIOLOGICAL(SZ:300841) Haitong Securities·2024-09-18 06:11Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a revenue of 741 million yuan in H1 2024, representing a year-on-year growth of 16.81%, with a net profit of 307 million yuan, up 23.51% year-on-year [6] - The six-valent norovirus vaccine has successfully entered international markets, and the company continues to advance its innovative research and development [6] - An employee stock ownership plan has been announced to support long-term development, with a target of holding up to 3 million shares, accounting for 2.23% of total shares [6] - A share transfer has been executed, reducing the risk of small shareholder dilution [6] Financial Performance - The company forecasts net profits of 750 million yuan, 820 million yuan, and 910 million yuan for 2024-2026, reflecting year-on-year growth rates of 48%, 9%, and 11% respectively [7] - Revenue is projected to reach 1.908 billion yuan in 2024, with a year-on-year growth of 21% [8] - The gross profit margin is expected to remain stable at around 94% over the forecast period [11] Market Comparison - The company is compared with peers such as Kangtai Biological and Zhifei Biological, with a projected P/E ratio of 11-14 times for 2024, indicating a reasonable valuation range of 61.56 to 78.35 yuan per share [7][10]