BioKangtai(SZ:300601) Guotai Junan Securities·2024-11-05 05:08Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's Q3 performance shows sequential improvement, with the introduction of the human diploid rabies vaccine contributing to new growth. The pipeline is progressing smoothly, and international expansion is steadily advancing [1][2]. - Due to market competition and inventory destocking effects, the EPS forecasts for 2024-2026 have been revised down to 0.47, 0.64, and 0.77 yuan respectively, with a target price adjusted to 23.50 yuan based on a PE of 50x for 2024 [2][4]. - The company achieved a revenue of 2.018 billion yuan for the first three quarters of 2024, a decrease of 18.11% year-on-year, with a net profit of 351 million yuan, down 49.63% [2][3]. Financial Summary - For Q1-Q3 2024, the company reported a gross margin of 83.45%, down 2.60 percentage points, and a net profit margin of 17.40%, down 10.89 percentage points [2][3]. - The revenue for Q3 2024 was 816 million yuan, an increase of 11.21% from Q2, while the net profit was 186 million yuan, a slight decrease of 0.46% [2][3]. - The company’s total revenue for 2024 is projected to be 2.864 billion yuan, with a net profit of 526 million yuan [3][10]. Product Development and International Expansion - The human diploid rabies vaccine is expected to be launched in April 2024, with approvals already completed in 26 provinces as of September [2][3]. - The company is actively pursuing international collaborations, having established agreements with partners in over ten countries for various vaccine products [2][3].