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康华生物(300841):人二倍体狂犬疫苗稳健增长 员工持股计划彰显发展信心

Kanghua Biotech (300841): Steady growth of human diploid rabies vaccine, employee stock ownership plans demonstrate confidence in development

華鑫證券 ·  Aug 25, 2024 00:00

Kanghua Biotech Co., Ltd. released its 2024 semi-annual report: achieved revenue of 0.74 billion yuan in the first half of 2024, up 16.81% year on year; realized net profit of 0.307 billion yuan, up 23.51% year on year; net profit after deducting non-return to mother 0.309 billion yuan, up 32.26% year on year; and net cash flow from operating activities of 0.176 billion yuan.

Key points of investment

Human diploid rabies vaccine and overseas licensing drive company revenue and performance growth

In the first half of 2024, the company achieved revenue of 0.74 billion yuan, a year-on-year increase of 16.81%, and net profit to mother of 0.307 billion yuan, an increase of 23.51% year-on-year. Revenue mainly comes from sales of freeze-dried human rabies vaccine (human diploid cells) and overseas licensing of recombinant hexavalent norovirus vaccine. Among them, the core product freeze-dried human rabies vaccine (human diploid cells) accounted for 85.68% of revenue. In the first half of 2024, the number of batches issued by the company for this vaccine was 1.043 million, down 60.44% from the same period last year, mainly due to the impact of the company's production plan and batch issuance cycle.

With 2024Q2, the company achieved revenue of 0.43 billion yuan, up 20.60% year on year and 38.01% month on month; net profit to mother was 0.157 billion yuan, up 9.84% year on year and 5.10% month on month, indicating a trend of volume sales of diploid rabies vaccine in the second quarter.

Promoting innovative research and development, recombinant hexavalent norovirus to achieve technology overseas, the company continues to promote research and development of products and technologies under development, and has laid out a total of 7 research and development projects, including recombinant hexavalent norovirus and quadrivalent nasal spray influenza vaccine. In the first half of 2024, the company invested 64.5268 million yuan in R&D, a year-on-year decrease of 39.02%, mainly due to a decrease in phased investment in R&D projects.

On January 6, 2024, the company signed an “Exclusive License Agreement” with HillEvax to enable the technology to go overseas, authorizing HillEvax to develop, produce and commercialize the recombinant hexavalent norovirus vaccine and its derivatives in regions other than China (including Hong Kong, Macao and Taiwan). The transaction amount includes a down payment of 15 million US dollars, development and sales milestone payments of up to 0.2555 billion US dollars, and royalties for a single-digit percentage of actual annual net sales. The company received a down payment of $15 million in March 2024 and will continue to advance the implementation of the license agreement.

Release employee stock ownership plans to demonstrate confidence in the company's long-term development

On August 16, 2024, the company announced an employee stock ownership plan. It plans to use the 3 million shares already repurchased, accounting for 2.23% of the total share capital, and award 66 people, including the company's directors, executives, and core executives. The transaction price is 30 yuan/share, and the duration is 36 months. The performance reviews are all based on 2023. The conditions for achieving the first unlocking period are net profit growth of not less than 20% or revenue growth of not less than 20% in 2024; the conditions for achieving the second unlocking period are net profit growth of not less than 30% or operating income growth of not less than 30% in 2025. The implementation of the employee stock ownership plan is conducive to encouraging employee confidence and demonstrating confidence in the company's long-term development.

Profit forecasting

We forecast that the company's revenue for 2024-2026 will be 1.879, 2.094, and 2.414 billion yuan, respectively; net profit to mother will be 0.714 billion yuan, 0.794 billion yuan, and 908 million yuan respectively; EPS will be 5.30, 5.89, and 6.74 yuan, respectively. The PE corresponding to the current stock price is 9.3, 8.4, and 7.3 times, respectively. The company is the first company in China to produce and sell human diploid rabies vaccine. The first-mover advantage is obvious, and sales are growing steadily; the recombinant hexavalent norovirus vaccine technology has successfully gone overseas, and licensing fees have increased the company's revenue and profits, covered for the first time, and given a “buy” investment rating.

Risk warning

Product sales promotion falls short of expectations; product competition intensifies; R&D progress falls short of expectations; uncertain risks such as industry policies and procurement.

The translation is provided by third-party software.


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