Xiangcai Securities·2025-08-22 05:32Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The performance of the product Manhaixin® has been outstanding, continuing to drive rapid growth in the company's performance [5] - The company has a significant growth potential in the market for Manhaixin®, with an expected contribution from PCV13i starting in the fourth quarter [6] - The company has a differentiated pipeline layout with strong research and development capabilities, which is expected to create new growth curves [7] - The company has strong competitive advantages in innovation, product capability, and commercialization, leading to an upward revision of profit forecasts [8] Summary by Sections Recent Performance - In the first half of 2025, the company achieved operating revenue of 382 million yuan, a year-on-year increase of 26%; the net loss attributable to the parent company was 13.49 million yuan, narrowing by 94% [4] - The gross profit margin was 82.54%, an increase of 12.68 percentage points year-on-year; the expense ratio was 102.94%, a decrease of 15.91 percentage points year-on-year [4] Product Performance - The sales revenue of two cerebrospinal meningitis products in the first half of 2025 reached 364 million yuan, a year-on-year increase of 38.43% [5] - The improvement in gross profit margin is attributed to increased vaccine production and optimization of production capacity structure [5] Market Potential - The market share of Manhaixin® is approximately 10% as of 2024, with expectations for continued growth due to its unique competitive position [6] - The company is actively pursuing expansion into new age groups and international markets, with plans for local production and joint research in regions such as Southeast Asia and the Middle East [6] Research and Development - The company has a strong pipeline with several products at various stages of development, including three in the application stage and two in phase III clinical trials [7] - The ongoing development of key products is expected to create new revenue growth opportunities [7] Financial Projections - The company’s projected total revenue for 2025-2027 is 1.155 billion, 1.549 billion, and 2.083 billion yuan, respectively, with net profits of 4.7 million, 115 million, and 284 million yuan [8] - The earnings per share (EPS) are expected to be 0.002, 0.46, and 1.15 yuan for the same period [8]