Xin Lang Cai Jing·2025-11-19 06:30Core Insights - The company focuses on sustainable development through R&D innovation and internationalization, enhancing its presence in "strong advantages" and "high potential chronic disease" sectors, particularly in digestion, mental health, cardiovascular, metabolism, and autoimmune fields [1] Investment Highlights - The company maintains a "buy" rating and raises the target price to CNY 49.13 per share from CNY 43.96. Projected revenues for 2025-2027 are CNY 120.36 billion, CNY 123.95 billion, and CNY 130.29 billion, with growth rates of 1.9%, 3.0%, and 5.1% respectively. Net profits are forecasted at CNY 22.21 billion, CNY 22.95 billion, and CNY 23.91 billion, with growth rates of 7.7%, 3.4%, and 4.2%. EPS is expected to be CNY 2.46, CNY 2.54, and CNY 2.64 [2] R&D Pipeline Progress - The company reports significant advancements in its R&D pipeline. In the digestion sector, the P-CAB product JP-1366 tablet has been submitted for market approval, and the injection form has completed the first patient enrollment in Phase II. In the autoimmune sector, the IL-17A/F psoriasis and ankylosing spondylitis indications have completed Phase III trials, with psoriasis expected to be submitted for approval this year. In the mental health sector, the NS-041 tablet for epilepsy has completed Phase II enrollment, and the IND application for depression has been accepted. The new indication for Triptorelin microspheres for central precocious puberty has completed Phase III enrollment. Additionally, a new oral GnRH antagonist project for assisted reproduction is preparing for Phase II trials, and a quadrivalent influenza recombinant protein vaccine has completed Phase I enrollment. The semaglutide diabetes indication is expected to be approved this year, with the weight loss indication in late Phase III trials [3] International Expansion - The company is enhancing its overseas business layout, particularly in Vietnam, where a company acquisition is under approval. The target company, Imexpharm, has shown stable performance with over 20% growth in revenue, profit, and EBITDA. Imexpharm has the largest EU-GMP product line in Vietnam, and both companies are planning product and process transfers to leverage Imexpharm's established market channels and EU-GMP certification for expanding innovative drug products into overseas markets [3] Catalysts - Key catalysts include the ramp-up of new product volumes, clinical data from innovative drug pipelines, and external collaborations for licensing innovative drug pipelines [4]