BioKangtai(SZ:300601)2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for 康泰生物 (300601) [7] Core Views - 康泰生物 signed a strategic cooperation memorandum with AstraZeneca to enhance overseas collaboration, focusing on localizing innovative product pipelines in China [7] - The company has been expanding its international business since 2022, signing agreements with partners in over ten countries, which is expected to drive new revenue growth [7] - The pipeline is approaching a harvest period with several vaccines in various stages of development, including varicella vaccine and quadrivalent influenza vaccine, which are anticipated to contribute to future growth [7] - The profit forecast has been adjusted downwards, with expected net profits for 2023-2025 at 901 million, 1.045 billion, and 1.312 billion yuan respectively, reflecting a cautious outlook [7] Summary by Sections Market Data - Closing price as of March 26, 2024: 22.39 yuan - One-year high/low: 34.38/18.44 yuan - Price-to-book ratio: 2.6 - Dividend yield: 0.80% - Circulating A-share market value: 19,595 million yuan [3] Financial Data - Net asset per share as of September 30, 2023: 8.58 yuan [4] - Total revenue forecast for 2023: 3,433 million yuan, with a growth rate of 8.7% [8] - Net profit forecast for 2023: 901 million yuan, with a growth rate of 16.0% [8] - Earnings per share forecast for 2023: 0.81 yuan [8] Profitability Metrics - Gross margin expected to improve from 86.5% in 2023 to 87.0% in 2025 [8] - Return on equity (ROE) projected to increase from 8.5% in 2023 to 9.1% in 2025 [8] - Price-to-earnings ratio for 2024 estimated at 28 [8]