BioKangtai(SZ:300601) Guoxin Securities·2024-05-05 13:10Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company's regular vaccine sales revenue increased by 19% year-on-year, with total revenue for 2023 reaching 3.477 billion yuan, a 10.1% increase compared to the previous year [1][8]. - The company achieved a net profit of 861 million yuan in 2023, representing a significant year-on-year increase of 749% [1][8]. - The company has a rich pipeline of nearly 30 projects under research, with the human diploid rabies vaccine approved for commercialization in September 2023 [1][12]. Financial Performance - In 2023, the company reported a gross margin of 84.5%, a slight increase of 0.3 percentage points year-on-year, and a net profit margin of 24.8%, up by 29 percentage points [1][11]. - The company’s revenue for Q1 2024 was 452 million yuan, a decrease of 39.7% year-on-year, attributed to the impact of the Lunar New Year holiday and shipping schedules [1][8]. - The projected net profits for 2024 and 2025 are 1.045 billion yuan and 1.342 billion yuan, respectively, with an additional forecast for 2026 at 1.666 billion yuan [2][14]. Research and Development - The company’s R&D expense ratio improved to 14.4% in 2023, down by 11 percentage points from the previous year, as the expenses related to the COVID-19 vaccine clinical trials normalized [1][11]. - The human diploid rabies vaccine has shown good safety, immunogenicity, and durability in clinical trials, with two immunization schedules approved [1][12]. - The company has recently launched a live attenuated varicella vaccine and has several other vaccines in various stages of development, including a four-valent hand-foot-mouth disease vaccine and a recombinant respiratory syncytial virus vaccine [1][12][13].