Event: 2023H1 realized income of 233 million yuan, up 0.2% from the same period last year; realized net profit of 28.55 million yuan, down 8% from the same period last year; 23Q2 realized revenue of 166 million yuan in single quarter, down 7.2% from the same period last year; and realized net profit of 24.69 million yuan, down 34.8% from the same period last year.
Q2 income was in line with expectations, the evaluation of AC-hib triple vaccine was carried out smoothly, and tetanus pre-irrigation and sealing dosage forms were added. 23Q2's revenue was 166 million yuan, up 149% from the previous month and down 7.2% from the same period last year. In February 2023, the company's next core cash flow variety, AC-Hib triple vaccine, was accepted and has now passed the on-site verification. if it goes well, we expect to be approved to be listed at the end of 23, becoming the first domestic listing product of this variety, and is expected to become another billion-class product after tetanus, providing follow-up power for the company's innovative vaccine research and development. In July 2023, the pre-filling specification of tetanus vaccine was officially approved, helping the company to complete a new round of equity incentive targets. The overall gross profit margin of 2023H1 is 93%, an increase of 0.5pct over the same period last year, and the gross profit margin is expected to remain high in the future. During the period, the expense rate increased, with a sales expense rate of 43.9%, a year-on-year decrease of 0.5% pct; management expense rate of 14.2%, an increase of 0.7 pct compared with the same period last year, and a year-on-year increase of 4.2pct rate of 17.8%, mainly due to the related R & D expenses incurred by the company in promoting the tetravalent influenza virus cleavage vaccine (MDCK cell) project during the reporting period.
Staphylococcus aureus III phase clinical progress smoothly, the pipeline to add a heavy Helicobacter pylori vaccine. The annual R & D expenditure of 23H1 was 41.569 million yuan, an increase of 31.8% over the same period last year; during the reporting period, the company capitalized R & D investment of 18.496 million yuan, an increase of 280% over the same period last year, mainly due to the acceleration of clinical trials of recombinant Staphylococcus aureus vaccine phase Ⅲ, and the company capitalized qualified R & D expenditure in accordance with accounting policies. 23H1, the company's research and development pipeline continues to improve, adding tetravalent influenza virus cleavage vaccine (MDCK cells), group A streptococcal vaccine, oral recombinant Helicobacter pylori vaccine and other preclinical product lines, among which Helicobacter pylori vaccine is expected to become a super heavyweight variety comparable to HPV grade in the future. We expect that in the next 2 years, these new R & D projects will enter clinical research one after another, forming a clinical super-drug-resistant bacteria vaccine matrix. The company's existing core R & D variety of Staphylococcus aureus vaccine completed the first recipient vaccination in the group leader unit on August 31, 22, and entered the phase Ⅲ clinical trial. Now it has been enrolled in many hospitals across the country, and we expect 23Q4 to obtain mid-term clinical analysis data.
Profit forecast and valuation suggestion: the company focuses on the research and development of clinical super-drug-resistant bacteria vaccine, which has the attribute of global innovation, solves the global clinical pain points, and will form a research and development matrix of multiple super-bacterial vaccines in the future; at present, the company mainly relies on the continuous release of tetanus to promote significant revenue growth, as the company will continue to increase investment in clinical research and development in the future, it is bound to have a greater impact on the apparent data of short-term profits. We estimate that in 2025, the company will achieve an operating income of 70,000,91Compact $1.24 billion and a parent net profit of 0.9Universe 1218,000,000 yuan, maintaining a "buy" rating.
Risk hints: the risk that the research and development of the product under research fails or the progress is not as expected; the sales of existing products are not as expected; the AC conjugate vaccine and Hib conjugate vaccine are included in the immunization planning risk; market competition aggravates the risk.