2024Q1业绩承压，静候九价HPV疫苗上市

Investment Rating - The investment rating for the company is "Buy-A" [3] Core Views - The report highlights that the company is experiencing significant revenue and profit declines due to the impact of the nine-valent HPV vaccine on the sales of its bivalent HPV vaccine, increased market competition, and inventory reduction [1][2] - The company is actively pursuing government procurement and international expansion for its bivalent HPV vaccine, with successful registrations in multiple countries, which is expected to support its international growth [2] - The development of the nine-valent HPV vaccine and other products is progressing well, with potential for significant revenue contributions upon successful market entry [2][3] Financial Summary - The company reported a revenue of 753 million yuan in Q1 2024, a year-on-year decrease of 73.93%, and a net profit of 126 million yuan, down 89.90% [1] - Revenue growth rates for 2024, 2025, and 2026 are projected at -39.9%, 14.5%, and 186.4% respectively, while net profit growth rates are expected to be -54.0%, 39.6%, and 461.7% [6][7] - The estimated 6-month target price for the company's stock is 73.64 yuan, based on a comprehensive valuation of 933.89 billion yuan [6]