Chengdu Olymvax Biopharmaceuticals (SH:688319) Tebon Securities·2024-09-29 00:23Investment Rating - The investment rating for the company is "Buy (Maintain)" [9] Core Views - The company reported a revenue of 226 million yuan in H1 2024, a decrease of 2.97% year-on-year, and a net profit attributable to shareholders of -28 million yuan, down 197.90% year-on-year [11] - The overall gross margin for H1 2024 was 94.56%, an increase of 1.52 percentage points compared to the same period last year, driven by increased sales of the main product, the adsorbed tetanus vaccine [11] - R&D investment increased by 117.48% year-on-year in H1 2024, with significant progress in clinical trials for various vaccines, indicating a robust pipeline for future growth [11] - The company is expected to achieve net profits of 27 million yuan, 50 million yuan, and 79 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 137.1, 75.0, and 47.6 [11] Financial Summary - Total shares outstanding: 405.93 million [3] - Market capitalization: 3,750.83 million yuan [6] - Total assets: 1,664.14 million yuan [7] - Earnings per share (EPS) for 2024E is projected at 0.07 yuan, with a gross margin of 94.6% [12] - The company’s revenue is forecasted to grow from 496 million yuan in 2023 to 557 million yuan in 2024, representing a year-on-year growth of 12.4% [12] - The net profit margin is expected to improve from 2.3% in 2023 to 4.9% in 2024 [12]