KHPG(SZ:002773) Xin Lang Cai Jing·2026-01-20 00:29Core Insights - Kanghong Pharmaceutical is a leading enterprise in the domestic ophthalmic innovative drug sector, with a product portfolio covering various therapeutic areas including ophthalmology, psychiatry/neuroscience, digestion, respiratory, hypertension, and diabetes [1] - The company has over 25 marketed drugs, with 11 being exclusive products, 20 included in the national medical insurance catalog, and 10 in the national essential drug list [1] - The core product, Conbercept, has been approved for four major retinal diseases since its launch in 2013 and has achieved cumulative sales of 13 billion yuan [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.624 billion yuan, a year-on-year increase of 6.23%, and a net profit attributable to shareholders of 1.033 billion yuan, up 6.08% year-on-year [1] - The gross profit margin remains around 90%, with a steady increase in net profit margin to 29% [1] Market Potential - The global ophthalmic drug market is expected to exceed 70 billion USD by 2030, with the domestic market projected to surpass 20 billion yuan [2] - Conbercept holds a market share of approximately 40.55% as of the first half of 2025, indicating significant growth potential as its penetration rate is only 0.6% [2] Innovation Pipeline - The company has 13 research and development pipelines in clinical stages, with rapid progress in KH110 and KH109 (both in Phase III) and KH631 (in Phase II) [1][4] - In the field of gene therapy, the company is advancing with KH631 in Phase II and KH658 in Phase I, leading the domestic progress [4] Earnings Forecast - Revenue projections for the company are 4.889 billion yuan, 5.126 billion yuan, and 5.418 billion yuan for 2025-2027, with net profits of 1.254 billion yuan, 1.337 billion yuan, and 1.431 billion yuan respectively [4] - Corresponding EPS estimates are 1.36, 1.45, and 1.55 yuan, with PE ratios of 24.84, 23.31, and 21.78 [4]