Chengdu Olymvax Biopharmaceuticals (SH:688319) Xinda Securities·2025-04-28 07:33Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and clinical trial progress [1][2]. Core Insights - The company reported a revenue of 589 million yuan in 2024, representing a year-on-year increase of 18.69%, and a net profit of 21 million yuan, also up by 18.24% [1][2]. - The company is experiencing strong growth in its Tetanus vaccine segment, with a revenue of 536 million yuan in 2024, an increase of 15.73% year-on-year [2]. - The company is actively advancing its clinical trials for the recombinant Staphylococcus aureus vaccine, with over 5,600 participants enrolled as of March 2025, and expects to complete enrollment in the first half of 2025 [2]. Financial Performance Summary - In 2024, the company achieved total revenue of 589 million yuan, with a year-on-year growth rate of 18.69% [4]. - The net profit attributable to the parent company for 2024 was 21 million yuan, reflecting an 18.24% increase year-on-year [4]. - The gross profit margin for 2024 was reported at 94.4%, indicating strong profitability [4]. - The company forecasts revenues of 677 million yuan, 773 million yuan, and 869 million yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of approximately 15%, 14%, and 13% [2][4]. Product and Market Analysis - The company’s product portfolio includes the Tetanus vaccine, which has shown consistent growth, and the newly developed Staphylococcus aureus vaccine, which is in advanced clinical trials [2]. - The company also has a pipeline of vaccines targeting superbugs, including Helicobacter pylori, Pseudomonas aeruginosa, and Acinetobacter baumannii, indicating a robust research and development strategy [2]. Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 23 million yuan, 43 million yuan, and 60 million yuan respectively, with growth rates of approximately 10%, 86%, and 40.8% [2][4]. - The earnings per share (EPS) are expected to increase from 0.06 yuan in 2025 to 0.15 yuan in 2027 [4][6]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 276.02 in 2025 to 105.30 in 2027, indicating improving valuation as earnings grow [4][6]. - The price-to-book (P/B) ratio is expected to decline from 75.93 in 2025 to 47.77 in 2027, reflecting a strengthening financial position [6].