CANSINOBIO(SH:688185) Haitong Securities·2024-05-31 08:31Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expectation of better performance compared to the market [7][25]. Core Insights - The company is experiencing a significant decline in revenue due to the reduction in COVID-19 vaccine sales, with a reported revenue of 3.6 billion yuan in 2023, a 65% year-over-year decrease. The net loss for the same period was 1.48 billion yuan [23][26]. - The company is focusing on its conventional vaccine products, which have shown growth, particularly two combined meningococcal vaccines that generated approximately 560 million yuan in sales, reflecting a 266% increase year-over-year [23][12]. - The company has a rich pipeline of vaccines in various stages of development, including PCV13i, which is in the registration application phase, and several others in clinical trials [12][25]. Financial Summary - For Q1 2024, the company reported an operating income of 110 million yuan, a 14% increase year-over-year, but a net loss of 170 million yuan [12]. - The projected revenues for 2024-2026 are 841 million yuan, 1.162 billion yuan, and 1.977 billion yuan, respectively, with expected year-over-year growth rates of 136%, 38%, and 70% [25][26]. - The gross margin is expected to improve significantly, with projections of 84.5% in 2024, 86.6% in 2025, and 90.2% in 2026 [26]. Market Performance - The company's stock price closed at 49.55 yuan, with a 52-week price range of 44.02 to 98.22 yuan [9]. - The report indicates that the overall industry return is expected to be below the benchmark index, with a forecasted return of less than -10% [6].