Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has successfully completed the first unblinding analysis of its nine-valent HPV vaccine's Phase III clinical trial in Indonesia, indicating a positive outlook for the commercialization of the HPV vaccine market [4] - The company has slightly adjusted its profit forecasts for 2024-2025 while maintaining the 2026 profit forecast, expecting net profits of -361 million, -218 million, and 81 million yuan for 2024, 2025, and 2026 respectively [4] - The estimated reasonable value of the company, based on DCF calculations, is 9.2 billion yuan, reflecting significant market potential post-commercialization of the HPV vaccine [4] Financial Summary and Valuation Indicators - The total market capitalization of the company is 5.141 billion yuan, with a circulating market capitalization of 3.439 billion yuan [2] - The company's revenue is projected to grow significantly from 1 million yuan in 2024 to 502 million yuan in 2026, representing a year-on-year growth of 3115.4% and 1099.8% respectively [11] - The gross profit margin is expected to remain high, with estimates of 98.0% in 2024 and around 90.0% in 2026 [11] - The company is projected to achieve a positive EPS of 0.29 yuan per share by 2026, after losses in the previous years [11]
康乐卫士：北交所信息更新：九价HPV疫苗印尼首次揭盲，设立济南康乐推进产业化-20250223