BCHT(SH:688276) Southwest Securities·2024-04-23 10:00Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported Q1 2024 revenue of 270 million yuan, a year-on-year increase of 50.6%, and a net profit attributable to shareholders of 60 million yuan, up 229.5% year-on-year [2]. - The company's shingles vaccine continues to see increased sales, with effective coverage in nearly one-third of vaccination points across 30 provinces, autonomous regions, and municipalities in China [2]. - The gross margin for Q1 2024 was 89.7%, an increase of 3.84 percentage points, primarily due to the high gross margin of the shingles vaccine [2]. - The company is investing in an mRNA technology platform to diversify its product offerings and enhance its research capabilities [2]. Summary by Sections Financial Performance - Q1 2024 revenue: 270 million yuan, up 50.6% year-on-year - Q1 2024 net profit: 60 million yuan, up 229.5% year-on-year - Q1 2024 gross margin: 89.7% (+3.84pp) [2] - Q1 2024 net profit margin: 22.41% (+12.17pp) [2] Product Development - The shingles vaccine is being sold at a price of 1369 yuan per dose, lower than GSK's vaccine priced at approximately 1600 yuan [2]. - The company is enhancing its digital appointment system and exploring various marketing channels to increase vaccine penetration [2]. - Investment in mRNA technology aims to develop various mRNA vaccines, including those for cancer and infectious diseases [2]. Earnings Forecast - Expected EPS for 2024, 2025, and 2026 are 1.61 yuan, 2.09 yuan, and 2.53 yuan respectively [3]. - Revenue projections for 2024, 2025, and 2026 are 2.28 billion yuan, 2.97 billion yuan, and 3.60 billion yuan respectively, with growth rates of 25.21%, 30.15%, and 21.03% [4].