BioKangtai(SZ:300601) Guotou Securities·2024-10-29 12:23Investment Rating - The investment rating for the company is "Accumulate - A" with a 12-month target price of 23.79 CNY [4][8] Core Views - The company's Q3 performance shows improvement with a single-quarter revenue of 816 million CNY, a year-on-year increase of 11.21% and a quarter-on-quarter increase of 8.76% [1] - The launch of the new rabies vaccine is expected to drive revenue growth, with 904,900 doses sold in the first half of 2024, generating 117 million CNY in sales [3][7] - The company maintains a strong pipeline of nearly 30 projects under development, indicating a commitment to innovation and future growth [3][6] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 2.018 billion CNY, a year-on-year decrease of 18.11%, and a net profit of 351 million CNY, down 49.63% [1] - The gross margin for the first three quarters was 83.45%, a decrease of 2.60 percentage points year-on-year, while the net margin was 17.40%, down 10.89 percentage points year-on-year [2] - The company’s R&D expense ratio was 15.45%, reflecting a year-on-year increase of 0.90 percentage points [2] Market Expansion and Strategic Initiatives - The company has established partnerships in over ten countries for the registration and commercialization of various vaccines, including the 13-valent and 23-valent pneumonia vaccines [7] - A strategic cooperation memorandum was signed with AstraZeneca to explore comprehensive collaboration in the vaccine field [7] - The company’s internationalization efforts are expected to enhance its competitive position in the market [7]