BCHT(SH:688276) Guolian Securities·2024-03-20 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company achieved revenue of 1.825 billion yuan in 2023, a year-on-year increase of 70.30%, and a net profit of 501 million yuan, up 175.98% [2][3]. - The core product, the herpes vaccine, saw rapid growth, generating 883 million yuan in revenue with a gross margin of 97.5% [3]. - The company has a rich pipeline of products under development, including a liquid nasal flu vaccine and a combination vaccine for diphtheria, tetanus, and pertussis [4]. Financial Performance - Revenue for 2023 was 1.825 billion yuan, with a net profit of 501 million yuan, and a significant increase in Q4 revenue to 581 million yuan, up 182.65% year-on-year [2][3]. - The overall gross margin improved to 90.23%, an increase of 3.04 percentage points year-on-year, while the net profit margin reached 27.46%, up 10.51 percentage points [3]. - The company expects revenues of 2.578 billion yuan, 3.073 billion yuan, and 3.491 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 781 million yuan, 954 million yuan, and 1.103 billion yuan [5][6]. Valuation and Forecast - The report projects an EPS of 1.89 yuan, 2.31 yuan, and 2.67 yuan for 2024, 2025, and 2026, respectively, with a three-year CAGR of 30.08% [5][6]. - The target price is set at 66.21 yuan, based on a 35x PE ratio for 2024 [5].