特定急性呼吸道传染病相关收入占比迅速走低，研发保持高投入从特定急性呼吸道传染病相关产品收入占比上看，2023 年特定急性呼吸道传染病相关产品收入占比为8.3%，较去年同期下降超10.5pct。从单季度角度看，单2023Q4 季度特定急性呼吸道传染病相关产品收入占比为4.2%，较去年同期下降超15.2pct；单2024Q1 季度特定急性呼吸道传染病相关产品收入占比为不足5.2%，较去年同期下降超7.6pct。occurrences
Bipsyth recently released its 2023 annual report and 2024 first quarter report: In 2023, the company achieved revenue of 544 million yuan (+14.59%), net profit to mother of 154 million (-24.61%), and net profit of 140 million (-23.42%). On a quarterly basis, 2023Q4 revenue was 131 million (+7.57%), net profit of 0.25 million yuan (-33.02%), net profit of 16 million yuan (-49.35%); 2024Q1 revenue of 146 million (6.67%), net profit due to mother of 31 million (-31.91%), net profit of non-return to mother was 0.3 billion (-32.12%).
The impact of revenue related to specific acute respiratory infectious diseases declined rapidly. In 2023, revenue from specific acute respiratory infectious disease-related products continued to grow at a high rate of 45 million yuan (-49.54%), 2023Q4 alone was 5.4724 million yuan (-76.87%), and 2024Q1 was 7,5488 million yuan (-56.90%); in 2023, revenue from specific acute respiratory infectious disease-related products was 499 million (+ 29.46%), and revenue for 2023Q4 alone was 126 million (+ 27.92%), 2024Q1 was 138 million (+16.00%). Furthermore, overseas demand remains strong, and overseas conventional business increased 37.08% year over year in 2023.
The share of revenue related to specific acute respiratory infectious diseases declined rapidly, and R&D investment remained high. Judging from the revenue share of specific acute respiratory infectious disease-related products, the revenue share of specific acute respiratory infectious disease-related products in 2023 was 8.3%, down more than 10.5 pcts from the same period last year. From a single-quarter perspective, the share of revenue from products related to specific acute respiratory infectious diseases in the 2023Q4 quarter alone was 4.2%, down more than 15.2 pcts from the same period last year; in the 2024Q1 quarter alone, the revenue share of specific acute respiratory infectious disease-related products was less than 5.2%, down more than 7.6 pcts from the same period last year.
Expense side: In 2023, the company's sales expenses rate was 30.8% (+7.2pct), management expenses ratio 15.5% (+0.4pct), and R&D expenses rate 23.0% (-1.0pct). The 2023Q4 company's sales expense ratio was 39.0% (+7.9pct), the management expense ratio was 17.5% (+1.9pct), and the R&D expense ratio was 23.6% (+2.1pct); the 2024Q1 company's sales expense ratio was 32.4% (+7.3pct), the management expense ratio was 15.9% (+1.6pct), and the R&D expense ratio was 25.2% (+4.2pct).
Investment advice and profit forecasting
The company maintains a high level of investment in R&D, and the proportion of R&D expenses remains above 20%. Overseas investment continues, and the long-term development of the company is worth looking forward to. We expect the company's revenue for 2024-2026 to be 631/782/933 million yuan, with growth rates of 16.02%/24.04%/19.22% respectively; net profit to mother of 1.73/2.18/275 million yuan, with growth rates of 12.80%/26.05%/25.89% respectively; EPS of 1.44/1.82/2.29 yuan/share, corresponding PE of 26.00/20.16.39. Maintain a “buy” rating.
Risk warning
Risk of R&D uncertainty; risk of domestic business recovery falling short of expectations; risks such as exchange rate fluctuations.
