华安证券：首次覆盖众生药业给予买入评级

Core Viewpoint - The report highlights the rich product layout of innovative drugs by Zhongsheng Pharmaceutical, with a focus on the upcoming launch of its influenza product, Anladiwei tablets, which is expected to capture significant market share [1][2][3] Company Overview - Zhongsheng Pharmaceutical is primarily engaged in the research, production, and sales of traditional Chinese medicine and chemical drugs, with traditional Chinese medicine being its core business [1] - The company has established a solid foundation for growth through its well-known traditional Chinese medicine products, which are projected to generate 1.32 billion yuan in revenue by the end of 2024, accounting for 53% of total revenue [1] Innovative Drug Development - The company has successfully launched innovative drugs, including the first peptide-based 3CL single-agent anti-COVID drug, Lairuitewei tablets, and the recently approved influenza drug, Anladiwei tablets, which is a PB2-targeted small molecule RNA polymerase inhibitor [2] - Anladiwei tablets are expected to outperform current mainstream influenza drugs, showing faster symptom relief and lower resistance risk, thus potentially reshaping the influenza market landscape [2] Clinical Trial Results - The long-acting GLP-1 drug, RAY1225 injection, has shown promising results in Phase II clinical trials, demonstrating better weight loss and blood sugar control compared to similar drugs [2] - The drug's efficacy and safety profile are noteworthy, with ongoing Phase III clinical trials in China and potential for overseas rights authorization [2] Financial Projections - The company is expected to see revenue growth from 2.808 billion yuan in 2025 to 3.501 billion yuan in 2027, with year-on-year growth rates of 13.8%, 11.2%, and 12.1% respectively [3] - Net profit is projected to increase significantly from 305 million yuan in 2025 to 387 million yuan in 2027, with growth rates of 201.9%, 11.3%, and 14.1% respectively [3] Investment Recommendation - The report recommends a "buy" rating for Zhongsheng Pharmaceutical, emphasizing the positive outlook for its innovative drug portfolio and stable performance in traditional Chinese medicine and chemical generic drug sectors [3]