HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

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CanSino Biologics (6185.HK/688185.CH) 23Q3 - Some Positive Business Progress Worth the Attention

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Equity Bottom-Up

<ul>
<li>We would see CanSino’s performance pick up obviously in 2024 - Revenue of meningococcal vaccines would up about 50% YoY. Both R&amp;D and SG&amp;A expenses would show a declining trend.</li>
<li>Starting from 2025, CanSino’s product matrix will become more diverse.Its financial performance will enter a virtuous cycle. Revenue in 2025 may exceed expectations, depending on the approval time of PCV13i.</li>
<li>CanSino is one of the few domestic vaccine companies that has ability to explore the international market. Mispricing/expectation differences in the market will give investors the opportunity for excess returns.</li>
</ul>


We would see CanSino’s performance pick up obviously in 2024 - Revenue of meningococcal vaccines would up about 50% YoY. Both R&amp;D and SG&amp;A expenses would show a declining trend.
Starting from 2025, CanSino’s product matrix will become more diverse.Its financial performance will enter a virtuous cycle. Revenue in 2025 may exceed expectations, depending on the approval time of PCV13i.
CanSino is one of the few domestic vaccine companies that has ability to explore the international market. Mispricing/expectation differences in the market will give investors the opportunity for excess returns.


CanSino Biologics (6185.HK/688185.CH) - 2024 Is the Best Time to Bottom-Fish This Stock