常规疫苗平稳增长，国际化稳步推进

Investment Rating - The investment rating for Kangtai Biological (300601) is "Buy" [2][4][12] - The target price is set at 30.03, down from the previous forecast of 37.20 [2][4] Core Views - The company is experiencing steady growth in routine vaccines and is making progress in internationalization [2][4] - The company has a rich pipeline of products and is expected to see significant contributions from the new human diploid rabies vaccine, which is set to launch in April 2024 [2][4] - The earnings per share (EPS) forecast for 2024-2025 has been adjusted to 0.91/1.16, down from 0.93/1.29, with a projected EPS of 1.40 for 2026 [2][4] Financial Summary - In 2023, the company achieved revenue of 34.77 billion (+10.14%) and a net profit of 8.61 billion, marking a turnaround from losses [2][4] - The first quarter of 2024 saw a revenue drop to 4.52 billion (-39.65%) and a net profit of 0.54 billion (-73.69%) [2][4] - The company’s routine vaccines generated revenue of 35.05 billion in 2023, with a 55.64% year-on-year increase in sales of the 13-valent pneumococcal conjugate vaccine [2][4] Product Pipeline and Internationalization - The company has over 30 products in its research pipeline, with several vaccines in various stages of clinical trials [2][4] - The 13-valent pneumococcal vaccine has received market approval in Indonesia, expected to contribute to revenue in 2024 [2][4] - Collaborations have been established with multiple countries for the registration and commercialization of vaccines [2][4]