Hualan Vac(SZ:301207) Zhongyuan Securities·2025-02-06 10:23Investment Rating - The report upgrades the investment rating of the company to "Accumulate" [5][11] Core Views - The company is expected to see a significant improvement in performance in 2025 after a disappointing 2024, where net profit is projected to drop by 70.93% to 76.74% compared to the previous year [7][5] - The main revenue source, the influenza vaccine, faced a price reduction of over 40% in June 2024, impacting sales and overall profitability [7][5] - Despite the challenges, the company continues to invest in innovative vaccine development and maintain a high level of R&D expenditure [7][5] Financial Summary - Revenue for 2024 is estimated at 1,600 million, a decrease of 33.62% from 2023, with a projected recovery to 2,200 million in 2025 [5][8] - Net profit for 2024 is expected to be between 215 million and 250 million, a significant decline from 860 million in 2023, but is forecasted to rebound to 806 million in 2025 [5][8] - Earnings per share (EPS) are revised down to 0.36 for 2024, with expectations of 1.34 and 1.23 for 2025 and 2026 respectively [5][8]