BioKangtai(SZ:300601) Tianfeng Securities·2024-05-21 11:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating [7] Core Views - The company achieved profitability in 2023, with a significant increase in revenue and net profit, indicating strong operational recovery [1] - The sales of the human diploid rabies vaccine are expected to ramp up, supported by recent product approvals [2] - The company's internationalization strategy is progressing steadily, with recent licensing and partnership agreements enhancing market opportunities [3] - Changes in product structure are anticipated to drive improvements in profitability, particularly with the expected increase in sales of second-class vaccines [4] - Despite a challenging Q1 2024, the company is projected to see steady growth in performance driven by the launch of new vaccines [5] Financial Performance Summary - In 2023, the company reported revenue of 34.77 billion yuan, a year-on-year increase of 10.14%, and a net profit of 8.61 billion yuan, up 749.02% [1] - The gross margin for 2023 was 84.54%, with a net profit margin of 24.77%, reflecting improved operational efficiency [4] - Revenue forecasts for 2024-2025 have been adjusted to 45.01 billion yuan and 53.68 billion yuan, respectively, with net profit estimates of 10.04 billion yuan and 12.31 billion yuan [5][6]