带状疱疹处于放量，拉动业绩上扬

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 1.825 billion yuan in 2023, representing a year-on-year growth of 70.30%, with a net profit of 501 million yuan, up 175.98% year-on-year [3][7] - The company’s shingles vaccine is in a growth phase, contributing significantly to revenue, while the chickenpox vaccine remains stable [3][7] - The company has a rich pipeline of products under development, which is expected to create a long-term competitive advantage [3][17] Financial Performance Summary - Revenue Forecasts: The company is projected to generate revenues of 2.645 billion yuan in 2024, 3.387 billion yuan in 2025, and 4.128 billion yuan in 2026, with growth rates of 44.98%, 28.02%, and 21.89% respectively [1][3] - Net Profit Forecasts: Expected net profits are 769.63 million yuan in 2024, 1.029 billion yuan in 2025, and 1.290 billion yuan in 2026, with growth rates of 53.62%, 33.76%, and 25.31% respectively [1][3] - Earnings Per Share: Projected earnings per share are 1.86 yuan in 2024, 2.49 yuan in 2025, and 3.12 yuan in 2026 [1] - Valuation Metrics: The company’s P/E ratio is expected to decrease from 43.47 in 2023 to 16.88 by 2026, indicating improving valuation as earnings grow [1] Market Position and Product Pipeline - The company is a leader in the chickenpox vaccine market and is expected to see significant contributions from the newly launched shingles vaccine [3][17] - The company is also advancing its pipeline with various vaccines, including a nasal flu vaccine and a rabies monoclonal antibody, which are in different stages of clinical trials [17][18]