分产品看，2023 年公司非免疫规划疫苗销售收入为15.77 亿元，同比+9.34%；兽用疫苗销售收入46.70 万元，同比-87.85%。2023 年，公司冻干人用狂犬病疫苗（ 人二倍体细胞）批签发693.89 万支，同比减少14.29%。Incidents:
In March 2024, Kanghua Biotech disclosed the 2023 annual report and the 2024 quarterly report. In 2023, the company achieved operating income of 1,577 million yuan, +9.03% year over year; realized net profit of 509 million yuan, -14.86% year on year; realized net profit without return to mother of 543 million yuan, -0.38% year over year. In 2024Q1, the company achieved operating income of 311 million yuan, +11.96% year over year; net profit to mother was 149 million yuan, +42.09% year over year; net profit after deducting non-return to mother was 149 million yuan, +58.02% year over year.
Sales of non-immunized vaccines are growing steadily
By product, the company's non-immunization vaccine sales revenue in 2023 was 1,577 billion yuan, +9.34% year over year; veterinary vaccine sales revenue was 467 million yuan, -87.85% year over year. In 2023, the company issued 6.938,900 units of the freeze-dried human rabies vaccine (human diploid cells) in batches, a decrease of 14.29% over the previous year.
Gross sales margin remained stable and R&D investment increased
In 2023, the company's gross sales margin was 93.52%, -0.04pct year on year, and the gross margin remained stable. In 2023, the company's sales expense ratio was 31.41%, +1.82pct; the management expense ratio was 6.77%, +1.06pct year on year; R&D expenses rate was 16.04%, +3.60pct year on year.
Make progress in advancing technology overseas
In 2023, the company continued to promote research and development of products and technologies under development. The progress of key R&D projects continued according to plan. The recombinant hexavalent norovaccine obtained a phase I clinical trial license in Australia in February 2023 and a US FDA clinical trial license in September 2023. The company simultaneously promoted domestic clinical declaration of this product.
Profit Forecasts and Investment Ratings
2024Q1's performance is growing rapidly, and we believe that the performance is expected to continue to grow steadily as human diploidy continues to grow. The company may increase its investment in sales expenses due to factors such as the approval for the launch of Xinren Diploid Mad Seedling products, so we adjusted the 2024-2025 revenue from RMB 18.98/2,293 million yuan to RMB 1,922/2,329 billion yuan, and the revenue forecast for 2026 to RMB 2,619 million; the net profit forecast for 2024-2025 was adjusted from RMB 728/886 million yuan to RMB 678/809 million, and the net profit forecast for 2026 was RMB 912 million. Maintain a “buy” rating.
Risk warning: Risk of product development falling short of expectations, risk of product sales falling short of expectations, risk of changes in industry policies, risk of relatively poor product structure.
