常规疫苗稳健增长，国际化顺利推进

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 28.25 CNY per share based on a 30x PE ratio for 2024 [4][2]. Core Insights - The company reported a revenue of 3.477 billion CNY in 2023, representing a year-on-year growth of 10.14%. The net profit attributable to shareholders was 861 million CNY, a significant increase of 749.02%, primarily due to a 7.99 billion CNY impairment loss related to COVID-19 vaccine assets in the previous year. In Q1 2024, revenue dropped to 452 million CNY, down 39.65%, and net profit fell to 54 million CNY, down 73.69%, attributed to a high base effect from the previous year [1][2]. - The company's routine vaccine sales showed steady growth, achieving 3.505 billion CNY in sales in 2023, an increase of 18.98%. Notably, sales of the 13-valent pneumococcal conjugate vaccine and the 23-valent pneumococcal polysaccharide vaccine grew by 55.64% and 36.88%, respectively. The company is also advancing its internationalization efforts, having established cooperation agreements with over 10 countries, including obtaining a marketing authorization for its 13-valent pneumococcal conjugate vaccine in Indonesia [1][2]. - The company has a rich R&D pipeline, with the approval of the human diploid rabies vaccine and the varicella live attenuated vaccine in 2023. The human diploid rabies vaccine is expected to have a favorable competitive landscape. Additionally, several in-development products have made progress, including the Sabin strain poliovirus vaccine and various combination vaccines currently in clinical trials [1][2]. Financial Summary - In 2023, the company achieved a revenue of 3.477 billion CNY, with a projected revenue growth of 22.4% in 2024, reaching an estimated 4.258 billion CNY. The net profit is expected to grow to 1.052 billion CNY in 2024, reflecting a 22.1% increase [3][8]. - The company's EPS is projected to be 0.94 CNY in 2024, increasing to 1.43 CNY by 2026. The P/E ratio is expected to decrease from 35.26 in 2023 to 14.66 in 2026, indicating improving valuation metrics [3][8].