BioKangtai(SZ:300601) Guoxin Securities·2024-05-06 01:00Investment Rating - The report maintains a "Buy" rating for the company 康泰生物 (300601.SZ) [4][11]. Core Insights - The company's regular vaccine sales revenue increased by 19% year-on-year, with total revenue reaching 34.77 billion yuan in 2023, a 10.1% increase compared to the previous year [5][11]. - The company achieved a net profit of 8.61 billion yuan in 2023, marking a significant increase of 749% year-on-year, while the net profit for Q1 2024 was 0.54 billion yuan, a decrease of 73.1% year-on-year due to seasonal factors [5][11]. - The approval and commercialization of the human diploid rabies vaccine are expected to contribute to performance growth starting in 2024, alongside a rich pipeline of nearly 30 projects in development [11][12]. Financial Performance - In 2023, the gross profit margin was 84.5%, and the net profit margin was 24.8%, reflecting improvements in cost management and operational efficiency [7][11]. - The company’s R&D expense ratio improved to 14.4%, down 11.0 percentage points year-on-year, as previous expenditures related to COVID-19 vaccine trials were normalized [7][11]. - The projected net profits for 2024 and 2025 are 10.45 billion yuan and 13.42 billion yuan, respectively, with an additional forecast for 2026 at 16.66 billion yuan [11][12]. Product Development and Pipeline - The human diploid rabies vaccine was approved for market launch in September 2023, utilizing two immunization schedules, both demonstrating good safety and immunogenicity [8][9]. - The company has a robust pipeline, including vaccines for chickenpox, polio, and RSV, with several products in various stages of clinical trials and regulatory approval [9][10].