Keqian Biology(SH:688526) Southwest Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][31]. Core Views - The company achieved a revenue of 1.064 billion yuan in 2023, representing a year-on-year increase of 6.27%, while the net profit attributable to shareholders was 396 million yuan, a decrease of 3.32% year-on-year [1][22]. - The company continues to enhance its core competitiveness through technological innovation and increased R&D investment, with R&D expenses amounting to 88.51 million yuan, accounting for 8.32% of revenue [2]. - The company is expected to see significant growth in earnings per share (EPS) from 0.85 yuan in 2024 to 1.71 yuan in 2026, with corresponding dynamic price-to-earnings (PE) ratios decreasing from 15.6 to 11.5 [3][29]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 237 million yuan, down 24.82% year-on-year, and a net profit of 39 million yuan, down 69.46% year-on-year [1]. - The company’s revenue from pig vaccines reached 973 million yuan in 2023, a year-on-year increase of 3.89%, driven by a 23% increase in sales volume of live pig vaccines [22]. R&D and Innovation - The company obtained two new veterinary drug registration certificates and seven clinical trial approvals during the reporting period, indicating a strong pipeline for future products [2]. - The company is advancing its research on non-epidemic vaccines, with a live vector vaccine submitted for emergency evaluation in December 2023 [2]. Earnings Forecast - The forecast for EPS is 1.26 yuan in 2024, 1.52 yuan in 2025, and 1.71 yuan in 2026, with expected revenue growth rates of 28.61%, 19.09%, and 13.57% respectively [3][29]. - The net profit attributable to shareholders is projected to grow significantly, with estimates of 589 million yuan in 2024, 709 million yuan in 2025, and 799 million yuan in 2026, reflecting growth rates of 48.82%, 20.25%, and 12.75% respectively [4][29].