Ou Lin Bio released its mid-2023 report: the company's operating income in the first half of 2023 was 233 million yuan, + 0.21% compared with the same period last year; the net profit returned to its mother was 29 million yuan,-8.0% from the same period last year; and 20 million yuan was deducted from non-return net profit, which was-22.7% from the same period last year. 23Q2's single-quarter operating income was 166 million yuan,-7.2% compared with the same period last year; net profit from home was 25 million yuan, 34.8% from the same period last year; and 17 million yuan was deducted from non-return net profit, which was-47.8% from the same period last year.
The revenue side is basically the same as the same period last year, and the increase in R & D costs has led to a decline in profits. Olin Biological 2023H1 operating income of 233 million yuan, compared with the same period last year is basically the same. The sales cost of 23H1 is 102 million yuan, and the sales expense rate is 43.9%, which is 0.5% lower than that of the same period last year. The management fee was 33 million yuan, and the management expense rate was 14.2%, an increase of 0.6% over the same period last year. The decline in net profit from home was mainly affected by the increase in R & D expenses. Compared with the same period last year, 2023H1's R & D expenses increased by 10.02 million yuan compared with the same period last year, reaching 42 million yuan, or + 31.76%. The increase in R & D expenses was mainly due to the related R & D expenses incurred by the company in promoting the tetravalent influenza virus split vaccine (MDCK cell) project during the reporting period, which did not exist in the same period last year.
In the orderly progress of the research pipeline, Staphylococcus aureus vaccine III phase clinical progress smoothly, the early project layout of a number of innovative vaccines. In the research pipeline, the AC-Hib combined vaccine is in the declared production stage, the recombinant Staphylococcus aureus vaccine has entered the III clinical trial stage, and the tetravalent influenza virus cleavage vaccine (MDCK cell), group A streptococcal vaccine, oral recombinant Helicobacter pylori vaccine (E. coli) and Acinetobacter baumannii recombinant subunit vaccine are in the preclinical research stage. Acinetobacter baumannii recombinant subunit vaccine and Staphylococcus aureus vaccine are expected to form a drug-resistant vaccine product matrix.
The target income of the equity incentive scheme is accelerated year by year, demonstrating the growth confidence. Prior to this, the company launched the equity incentive plan to grant a total of 6.2 million restricted shares, covering core management and technology, middle management and technical backbone, a total of more than 200 people. The assessment target is operating income, and the revenue targets for 2023-25 are 6.90,8.86,1.2 billion yuan respectively, which is + 26%, + 28% and + 35% compared with the same period last year, accelerating year by year, demonstrating the company's confidence in growth.
Maintain the "highly recommended" investment rating. We are optimistic about the future development potential of the company in the field of multi-drug-resistant bacteria vaccines. it is estimated that the company's return net profit from 2023 to 2025 will be 0.7,1.2 and 180 million yuan respectively, which is + 156%, + 83% and + 48% compared with the same period last year, and the corresponding PE is 97x, 53x and 36x respectively. Maintain the "highly recommended" investment rating.
Risk tips: research and development less than expected risk, sales less than expected risk, demand fluctuation risk, competition intensification risk and so on.