Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 35.10, indicating a potential upside of 20.6% from the current price of HKD 29.15 [4][5]. Core Insights - The company achieved its first quarterly profit post-pandemic in Q3 2024, with revenue of HKD 264 million, representing a year-on-year increase of 76.1%. For the first three quarters, total revenue reached HKD 567 million, up 222.9% year-on-year, with a 36.9% growth after adjusting for expected returns of COVID-19 vaccines [2]. - The company's cost management has shown significant improvement, with a reduction in management and R&D expenses by 37.6% and 41.0% respectively, leading to a narrowed net loss of HKD 222 million for the first three quarters [2]. - The company's meningococcal vaccine, "曼海欣," has seen impressive growth, with revenue of HKD 516 million in the first three quarters, a 39.07% increase year-on-year. The product is expected to maintain its market position as the only MCV4 product in China [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of HKD 264 million, marking a 76.1% increase year-on-year. The total revenue for the first three quarters was HKD 567 million, reflecting a 222.9% increase year-on-year, with a 36.9% growth after accounting for expected returns of COVID-19 vaccines [2]. - The company managed to reduce its asset impairment losses by HKD 777 million year-on-year, resulting in a narrowed net loss of HKD 222 million for the first three quarters [2]. Product Pipeline and Growth Drivers - The company has multiple product pipelines progressing well, including the PCV13i vaccine, which has received acceptance for market application and is expected to be approved next year, providing a second growth point [4]. - The company is actively pursuing the expansion of its meningococcal vaccine for ages 4-6, with approval anticipated next year, which will enhance sales growth [3]. - The company has also received a USD 17 million grant from the Gates Foundation to advance the development of a restructured polio vaccine, indicating strong support for its R&D initiatives [4].
康希诺生物：流脑疫苗带动季度恢复盈利，多管线构建未来增长点