BioKangtai(SZ:300601) Southwest Securities·2024-05-06 02:30Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company achieved a revenue of 3.48 billion yuan in 2023, representing a year-on-year growth of 10.1%. The net profit attributable to shareholders was 860 million yuan, a significant increase of 749% [2][3]. - In Q1 2024, the company reported a revenue of 450 million yuan, a decline of 39.7% year-on-year, with a net profit of 54 million yuan, down 73.7% [2]. - The company’s gross margin for 2023 was 84.5%, with a net profit margin of 24.8%, primarily due to lower impairment losses and R&D expenses compared to the previous year [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company’s quarterly revenues were 750 million yuan in Q1, 980 million yuan in Q2, 730 million yuan in Q3, and 1.01 billion yuan in Q4, showing a strong recovery in Q4 with a growth of 71% [2]. - The company’s revenue forecast for 2024-2026 is projected to grow to 4.27 billion yuan, 5.35 billion yuan, and 6.63 billion yuan, respectively, with growth rates of 22.7%, 25.3%, and 24.0% [4][9]. Product Development - The company anticipates a stepwise increase in product approvals over the next 2-3 years, contributing to long-term performance growth. New products include the human rabies vaccine and varicella vaccine, which have already been approved [3]. - The sales revenue from routine vaccines (excluding COVID-19 vaccines) reached 3.5 billion yuan, a year-on-year increase of 19%, with the 13-valent pneumonia vaccine sales growing by 55.6% [2][3]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.79 yuan, 1.06 yuan, and 1.32 yuan, respectively [3][4]. - The net profit attributable to shareholders is expected to grow to 879 million yuan in 2024, 1.18 billion yuan in 2025, and 1.48 billion yuan in 2026, with growth rates of 2.04%, 34.07%, and 25.22% [4][9]. Market Position - The company maintains a stable market position with a total market capitalization of approximately 23.18 billion yuan and a total asset value of 15.02 billion yuan [7]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 27 in 2024 to 16 in 2026, indicating a potentially attractive valuation as earnings grow [4][9].