技术授权利润上扬，高端狂苗静待恢复

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2024, with a year-on-year revenue growth of 42.09% and a net profit increase of 28.18% [4][16]. - The company is actively expanding its vaccine offerings, including a six-valent norovirus vaccine, and has received a substantial technology licensing fee from HilleVax [16]. - The report highlights a decrease in operating expenses, contributing to an increase in net profit margin [16]. Financial Summary - Revenue (in million yuan): - 2022A: 1,446.72 - 2023A: 1,577.40 - 2024E: 1,893.58 - 2025E: 2,080.97 - 2026E: 2,365.97 - Year-on-Year Growth Rates: 2023A: 9.03%, 2024E: 20.04%, 2025E: 9.90%, 2026E: 13.70% [4][16]. - Net Profit (in million yuan): - 2022A: 598.07 - 2023A: 509.22 - 2024E: 694.83 - 2025E: 765.23 - 2026E: 875.70 - Year-on-Year Growth Rates: 2023A: -14.86%, 2024E: 36.45%, 2025E: 10.13%, 2026E: 14.44% [4][16]. - Earnings Per Share (in yuan): - 2022A: 4.44 - 2023A: 3.78 - 2024E: 5.16 - 2025E: 5.68 - 2026E: 6.50 [4][16]. - Cash Flow Per Share (in yuan): - 2022A: 4.84 - 2023A: 7.72 - 2024E: 12.63 - 2025E: 14.80 - 2026E: 17.73 [4][16]. - Return on Equity (ROE): - 2022A: 19% - 2023A: 14% - 2024E: 17% - 2025E: 16% - 2026E: 15% [4][16]. - Price-to-Earnings (P/E) Ratio: - 2022A: 14.12 - 2023A: 16.58 - 2024E: 12.15 - 2025E: 11.03 - 2026E: 9.64 [4][16]. - Price-to-Book (P/B) Ratio: - 2022A: 2.74 - 2023A: 2.40 - 2024E: 2.03 - 2025E: 1.73 - 2026E: 1.48 [4][16].