智飞生物：2023年稳健增长，重组带疱疫苗销售值得期待

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [7] Core Views - The company achieved a revenue of 52.918 billion yuan in 2023, representing a year-on-year growth of 38.30%. The net profit attributable to the parent company was 8.070 billion yuan, up 7.04% year-on-year [1] - The sales of HPV vaccines are showing robust growth, with the nine-valent HPV vaccine issuing 36.55 million doses, a year-on-year increase of 136.16% [2] - The partnership with GSK for the recombinant shingles vaccine is expected to contribute positively to sales starting this year [3] - The company is making significant progress in its self-developed products, with several vaccines entering various stages of clinical trials and approvals [4] Financial Performance Summary - In Q1 2024, the company reported a revenue of 11.396 billion yuan, a year-on-year increase of 2.00%, but a net profit decrease of 28.26% to 1.458 billion yuan [1] - The revenue forecast for 2024-2025 has been adjusted to 61.559 billion yuan and 59.165 billion yuan respectively, with net profit forecasts adjusted to 8.833 billion yuan and 9.386 billion yuan [5] - The company's financial metrics show a projected revenue growth rate of 16.33% for 2024, followed by a decline of 3.89% in 2025 [6]