JINYU(600201) 华创证券·2024-05-08 09:32Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price adjusted to 11.22 CNY based on a projected 33 times PE for 2024 [1][4][30]. Core Insights - The company reported a revenue of 1.598 billion CNY in 2023, a year-on-year increase of 4.55%, and a net profit attributable to shareholders of 284 million CNY, up 34.64% year-on-year. For Q1 2024, revenue was 348 million CNY, down 4.42% year-on-year, with a net profit of 106 million CNY, a decrease of 1.05% year-on-year [1][2]. - The performance of non-oral products has been strong, with significant growth in the sales of pig vaccines and ruminant vaccines, while the oral foot-and-mouth disease vaccine faced challenges [1][2]. - The company has maintained a high gross margin of 59.19% in 2023, improving to 60.80% in Q1 2024, attributed to cost optimization and a focus on high-margin non-oral vaccines [1][2]. - Continuous investment in R&D, amounting to 230 million CNY in 2023, represents 14.39% of revenue, with a focus on developing over 40 new vaccine products in the next five years [1][2]. Financial Summary - Total revenue is projected to grow from 1.598 billion CNY in 2023 to 2.466 billion CNY by 2026, with a compound annual growth rate (CAGR) of 13.9% [2][22]. - Net profit is expected to increase from 284 million CNY in 2023 to 561 million CNY in 2026, reflecting a CAGR of 18.9% [2][22]. - The company’s earnings per share (EPS) is forecasted to rise from 0.25 CNY in 2023 to 0.50 CNY in 2026, with a decreasing price-to-earnings (P/E) ratio from 37 to 19 over the same period [2][22].