Investment Rating - The report maintains an "Outperform" rating for the company [2][8]. Core Insights - The company has achieved a significant milestone with its nine-valent HPV vaccine, completing the primary endpoint analysis of its Phase III clinical trial in Indonesia [8]. - The trial involved 1,260 participants and aimed to assess the immunogenicity of the vaccine compared to Gardasil®9, with results indicating that the primary endpoint was met [8]. - The company plans to submit a Biologics License Application (BLA) to Indonesian authorities by the end of 2025 or early 2026, following the successful analysis [8]. - There is a substantial demand for HPV vaccines in Indonesia, with current vaccination rates significantly below the WHO's target [8]. - The company is also preparing to submit a BLA for its domestic three-valent HPV vaccine in Q1 2025, which is expected to be prioritized for review [8]. Financial Data and Profit Forecast - The company's total revenue is projected to grow from 2 million in 2023 to 687 million in 2026, reflecting a significant increase [6]. - The net profit is expected to improve from a loss of 301 million in 2023 to a profit of 121 million in 2026 [6]. - The gross margin is forecasted to remain high, around 90% by 2026, indicating strong profitability potential [6]. - The return on equity (ROE) is expected to recover from -43.3% in 2024 to 57.1% in 2026 [6].
康乐卫士：印尼九价HPV疫苗取得重要里程碑，期待产品落地