BioKangtai(SZ:300601)2024-06-04 11:00Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 24.49 [2][4]. Core Insights - In 2023, the company achieved a revenue growth of 10% to RMB 3.48 billion, with a net profit attributable to shareholders of RMB 860 million, marking a turnaround from losses [3][11]. - The sales revenue from regular vaccines (excluding COVID-19 vaccines) reached RMB 3.5 billion, up 19% year-on-year, with significant growth in the 13-valent pneumonia vaccine (56% increase) and the 23-valent pneumonia vaccine (37% increase) [3][11]. - However, in Q1 2024, the company experienced a revenue decline of 40% to RMB 450 million, with net profit down 74% to RMB 54.07 million [3][11]. - The human diploid rabies vaccine, approved in December 2023, is expected to drive new growth as it is the first "four-dose" vaccine of its kind in China [3][11]. - The company is making steady progress in international markets, with the 13-valent pneumonia vaccine receiving a sales contract in Indonesia [3][11]. - A new stock option and restricted stock incentive plan has been announced, with performance targets set for net profit growth over the next three years [3][11]. Financial Summary - The company reported a net profit of RMB 861 million in 2023, with projections for 2024-2026 showing net profits of RMB 1.09 billion, RMB 1.32 billion, and RMB 1.55 billion, representing year-on-year growth rates of 27%, 20%, and 18% respectively [4][11]. - The projected revenue for 2024 is RMB 4.23 billion, with a growth rate of 21.7% [5][8]. - The gross margin is expected to improve from 84.5% in 2023 to 88.5% by 2026 [5][8].