This article**: Times Finance Author: Wen Ruonan
On the evening of January 9, Kangtai Biology (300601SZ) released a performance forecast, and it is expected to achieve a net profit attributable to the parent company of 8500 million yuan 9500 million yuan, compared with a loss of 1 in the same period last year300 million yuan, to achieve a turnaround, and a year-on-year increase of 74050%～815.86%；Achieved a deduction of non-net profit of 70 billion 8300 million yuan, an increase of 483 over the same period last year04%～554.17%。
In response to the performance growth, Kangtai Biology explained that it was due to the company's overall sales revenue of conventional vaccines (excluding new crown vaccines) increasing by no less than 16% year-on-year. In addition, the company made a large provision for asset impairment in the same period last year, resulting in a large increase in net profit for the current period compared with the same period last year.
According to the annual report and official website, Kangtai Biology was established in 1992, focusing on the research and development, production and sales of human vaccines, and was listed on the GEM of the Shenzhen Stock Exchange in February 2017. According to the content of the 2023 semi-annual report, at present, Kangtai Biotech has 10 vaccine products approved for marketing, including 13-valent pneumococcal polysaccharide conjugate vaccine, acellular diphtheria-pertussis Haemophilus influenzae type b combination vaccine and 2 new crown vaccines.
Since 2023, Kangtai Bio's ability to achieve a significant change in performance is not unrelated to the performance of the new crown vaccine in 2022. According to the financial report data, in 2022, Kangtai Biotech will achieve an operating income of 315.7 billion yuan, down 1355%；Net profit attributable to the parent company was -13.3 billion yuan, a year-on-year decrease of 11050%。In the 2022 annual report, Kangtai Bio explained that this was due to the sharp decline in sales of new crown vaccines compared with last year and the company's asset impairment provision for new crown vaccine-related assets with signs of impairment in 2022.
Getting out of betting on the impact of the new crown vaccine on performance impairment and focusing on conventional business has become the common hope of Kangtai Biological shareholders. On January 10, 2023, after Kangtai Biotech disclosed its 2022 performance loss forecast, its stock price rose 8% intraday on January 11, 2023.
In terms of 2023 performance, the new crown vaccine business is gradually shrinking. According to the semi-annual report, in the first half of 2023, the new crown inactivated vaccine and recombinant new coronavirus vaccine (Y25 adenovirus vector) have not been sold.
Regular business showed significant growth. According to the financial report data, in the first half of 2023, Kangtai Biotech will achieve sales revenue of 17 conventional vaccines6.4 billion yuan, a year-on-year increase of 703%；Among them, the sales revenue of 13-valent pneumococcal polysaccharide conjugate vaccine increased by 61% year-on-year30%, 23-valent pneumococcal polysaccharide vaccine sales revenue increased by 64% year-on-year19%。
In terms of commercialization, Kangtai Biotech is currently actively exploring overseas markets. At the end of October 2023, its 13-valent pneumococcal polysaccharide conjugate vaccine was approved in Indonesia.
However, it remains to be seen how much benefit Kangtai Biotech can bring to actively explore emerging markets.
Kangtai Bio's vaccine products are mainly divided into immunization program vaccines and non-immunization program vaccines. According to the financial report data, from January to June 2023, the revenue of Kangtai Bio's immunization program vaccine affected by the estimated return of immunization program vaccines was -874590,000 yuan; In addition, the gross profit margin of the immunization program vaccine was -42315%。
In response to this return, on January 10, Times Finance called Kangtai Biotech as an investor, and its relevant person said that "most of these returns are new crown vaccines".
At present, Kangtai Biotech is developing more than 30 pipeline projects such as live attenuated varicella vaccine. According to the financial report data, in the first half of 2023, Kangtai Bio's R&D investment will be about 28 billion yuan, a year-on-year decrease of 4291%。In this regard, Kangtai Biotech said that "it is mainly due to the decrease in clinical investment in the vaccine period during the reporting period". In terms of sales expenses, the financial report data shows that in the first half of 2023, Kangtai Bio's sales expenses will be about 59.6 billion yuan, a year-on-year decrease of 175%。
In the secondary market, as of January 10**, Kangtai Biology closed at 2525 yuan shares, up 181%, with a total market capitalization of about 2820 billion yuan.