研发持续投入，金葡菌疫苗三期临床推进中

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company is experiencing short-term pressure on profits due to intense market competition, underperformance in product sales leading to inventory write-downs, reduced government subsidies, and significantly increased R&D expenditures [4][7] - The company achieved revenue of 496 million yuan in 2023, a year-on-year decrease of 9.4%, and a net profit of 17.56 million yuan, down 33.9% year-on-year [4][7] - The company is focusing on expanding its market for the tetanus vaccine and has entered into an agreement with Shanghai Pharmaceutical's subsidiary for the exclusive marketing of the AC conjugate vaccine [7][25] Financial Forecasts and Key Indicators - Revenue projections for the company are as follows: - 2023: 496 million yuan - 2024E: 658 million yuan (up 32.7% YoY) - 2025E: 825 million yuan (up 25.3% YoY) - 2026E: 1,067 million yuan (up 29.3% YoY) [1] - Net profit forecasts are as follows: - 2023: 17.56 million yuan - 2024E: 79 million yuan (up 348% YoY) - 2025E: 112 million yuan (up 42% YoY) - 2026E: 172 million yuan (up 54.4% YoY) [1] - The company’s R&D investment reached 179 million yuan in 2023, accounting for 36.15% of revenue [7][25] - The gross margin for the core product, the tetanus vaccine, was 96.24% in 2023, with sales revenue of 463 million yuan, an increase of 5.8% YoY [5][7] Product Performance - The sales revenue for the b-type influenza vaccine and the AC meningococcal polysaccharide conjugate vaccine saw significant declines, with revenues of 27.27 million yuan and 3.88 million yuan respectively, down 50.1% and 95.4% YoY due to increased market competition [5][7] - The company is advancing its pipeline for "super bacteria" vaccines, with the recombinant golden staph vaccine currently in Phase 3 clinical trials, leading globally [7][25]