BCHT(688276) 天风证券·2024-05-23 08:00Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 37.12 yuan [7]. Core Views - The company achieved significant growth in 2023, with total revenue reaching 1.825 billion yuan, a year-on-year increase of 70.30%, and a net profit attributable to shareholders of 501 million yuan, up 175.98% [1]. - The sales of the shingles vaccine are expected to contribute significantly to revenue growth, while the sales of the chickenpox vaccine faced some pressure, declining by 14.36% to 820 million yuan [2]. - The gross profit margin improved to 90.23%, with the shingles vaccine achieving a gross margin of 97.50% [3]. - The company is making steady progress in its R&D projects, with several products nearing clinical trials and market approval [4]. - The financial forecasts for 2024 and beyond indicate continued revenue growth, with projected revenues of 2.389 billion yuan in 2024 and net profits of 709 million yuan [5]. Financial Summary - In 2023, the company reported a revenue of 1.825 billion yuan, with a growth rate of 70.30% compared to the previous year [6]. - The projected revenues for 2024, 2025, and 2026 are 2.389 billion yuan, 2.751 billion yuan, and 3.098 billion yuan respectively, indicating a consistent growth trajectory [5][6]. - The net profit attributable to shareholders is forecasted to be 709 million yuan in 2024, with further increases to 853 million yuan in 2025 and 1.007 billion yuan in 2026 [5][6].