BioKangtai(300601) Donghai Securities·2024-10-30 06:40Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's performance is under short-term pressure, but there is a rapid growth in batch approvals [4] - The company is actively expanding its overseas market presence, which is expected to become a new growth point [6] - The R&D pipeline is progressing well, with multiple products making significant advancements [7] - The company has adjusted its profit forecast due to various market challenges but remains optimistic about future growth [8] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.018 billion yuan (down 18.11% year-on-year) and a net profit of 351 million yuan (down 49.63% year-on-year) [5] - The third quarter of 2024 saw a revenue of 816 million yuan (up 11.21% year-on-year, up 8.76% quarter-on-quarter) and a net profit of 186 million yuan (down 0.46% year-on-year, up 66.94% quarter-on-quarter) [5] Market Expansion - The company has signed a sales contract for a 13-valent pneumonia vaccine with a partner in Indonesia and successfully exported the first batch [6] - Collaborations with multiple countries for various vaccines are in place, indicating a strong international strategy [6] R&D Progress - R&D expenses reached 312 million yuan in the first three quarters, accounting for 15.45% of revenue [7] - Several products are in various stages of clinical trials, including a polio vaccine and a combined vaccine for whooping cough [7] Investment Recommendations - The company is expected to generate revenues of 3.123 billion, 3.860 billion, and 4.499 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 560 million, 821 million, and 999 million yuan [8] - The company’s diverse product range and the introduction of new products are anticipated to contribute positively to future performance [8]