KANGHUA BIOLOGICAL(SZ:300841) Tianfeng Securities·2024-05-27 00:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [2][15]. Core Views - The company has shown steady revenue growth in 2023, with a reported revenue of 1.577 billion yuan, reflecting a year-on-year increase of 9.03%. However, the net profit attributable to the parent company decreased by 14.86% to 509.22 million yuan [4][14]. - The sales of non-immunization vaccines have demonstrated stable growth, and the company anticipates continued robust performance driven by the release of new human diploid rabies vaccines [2][4]. - The company has increased its investment in research and development, with R&D expenses rising by 3.60% to 16.04% of sales in 2023, indicating a commitment to advancing its product pipeline [5][12]. Financial Performance Summary - In 2023, the company achieved a gross margin of 93.52%, which is relatively stable compared to the previous year [1][14]. - The sales expense ratio increased by 1.82 percentage points to 31.41%, while the management expense ratio rose by 1.06 percentage points to 6.77% [1]. - The company forecasts revenue growth to 1.922 billion yuan in 2024 and 2.329 billion yuan in 2025, with net profit projections of 677.53 million yuan and 808.76 million yuan for the same years, respectively [2][14]. Product Sales Overview - The sales revenue from non-immunization vaccines reached 1.577 billion yuan in 2023, marking a 9.34% increase year-on-year. However, sales of veterinary vaccines plummeted by 87.85% to 467,000 yuan [12][14]. - The company reported a decrease in the issuance of freeze-dried human rabies vaccines, with 6.9389 million doses issued, down 14.29% from the previous year [12].