BioKangtai(SZ:300601) Donghai Securities·2024-04-30 07:02Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's performance in 2023 met expectations, with revenue of 3.477 billion yuan (+10.14%) and net profit attributable to shareholders of 861 million yuan (+749.02%) [9][10] - The 13-valent pneumonia vaccine is experiencing rapid growth, with expected revenue of approximately 1.5 billion yuan (+55.64%) [9] - The company has a rich R&D pipeline, with R&D investment reaching 542 million yuan, accounting for 15.59% of revenue [10] - The overall development trend of the company is positive, with projected revenues for 2024-2026 of 4.777 billion, 5.954 billion, and 7.220 billion yuan respectively [10] Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 34.77 billion yuan, a 10.14% increase, and a net profit of 8.61 billion yuan, reflecting a significant increase of 749.02% [9] - The fourth quarter of 2023 saw a revenue of 10.13 billion yuan (+71.01%) and a net profit of 1.64 billion yuan (+148.91%) [9] - The first quarter of 2024 reported a decline in revenue to 4.52 billion yuan (-39.65%) and net profit to 0.54 billion yuan (-73.69%) due to high base effects from the previous year [9] Product Growth - The company's conventional vaccines (excluding COVID-19 vaccines) generated sales of 35.05 billion yuan, an 18.98% increase [9] - The 13-valent pneumonia vaccine is expected to maintain rapid growth in the domestic market and has received approval for sale in Indonesia [9] - The company has launched the human diploid rabies vaccine and the varicella live attenuated vaccine, which are expected to contribute significantly to future revenue [9] R&D and Future Projections - R&D efforts are ongoing with several products in various clinical trial stages, including the Sabin strain inactivated polio vaccine and the adsorbed acellular pertussis combined vaccine [10] - The company has adjusted its profit forecasts for 2024 and 2025, projecting revenues of 47.77 billion and 59.54 billion yuan respectively, with net profits of 11.92 billion and 15.41 billion yuan [10]