康希诺：公司季报点评：流脑疫苗销售顺利，单三季度扭亏为盈

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has narrowed its losses in the first three quarters of 2024, achieving a revenue of 567 million yuan, a year-on-year increase of 222.88%, and turning profitable in the third quarter with a net profit of 3 million yuan [6][8] - The sales of the meningococcal vaccine have seen rapid growth, contributing significantly to the revenue increase, with sales reaching 516 million yuan in the first three quarters, up 39.07% year-on-year [6][8] - Cost reduction and efficiency improvements are ongoing, with management and R&D expenses significantly reduced, while sales expenses saw a slight increase [7] - The company is progressing well in its pipeline development, with several vaccines in various stages of clinical trials [7] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 567 million yuan, with a net profit loss of 222 million yuan, which is a 77.42% reduction year-on-year [6] - The third quarter alone saw a revenue of 264 million yuan, a 76.09% increase year-on-year, and a net profit of 3 million yuan [6] - The company expects revenues of 840 million yuan, 1.16 billion yuan, and 1.98 billion yuan for 2024, 2025, and 2026 respectively, with significant year-on-year growth rates [10][14] Valuation and Forecast - The estimated reasonable value range for the company's stock is between 66.29 and 78.68 yuan per share, corresponding to a market capitalization of 16.4 billion to 19.47 billion yuan [8] - The company is projected to achieve a net profit of 1.4 billion yuan by 2026, with a perpetual growth rate assumption of 3.10% to 3.70% [8][10]