智通财经网·2026-01-21 01:48Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Kangzheng Pharmaceutical (00867), indicating that the impact of centralized procurement on the company's performance is largely resolved, and the company is entering a new growth phase driven by innovative drugs and internationalization starting in 2024 [1] Group 1: Company Transformation and Growth - Kangzheng is characterized as a platform pharmaceutical company focusing on the entire lifecycle of drugs, having initiated a transformation into "New Kangzheng" since 2018, which has allowed it to gradually mitigate the impact of centralized procurement [2] - The company is expected to enter a year of commercializing innovative products in 2024, with several major innovative drugs set to launch, while also expanding its business into emerging markets like Southeast Asia through its subsidiary Kanglinda [2][3] Group 2: Performance and Product Development - The company has experienced short-term performance fluctuations due to the inclusion of three core products in centralized procurement in 2023, but is projected to see a turning point in performance with the commercialization of innovative products and rapid growth of exclusive drugs starting in 2024 [3] - Kangzheng has transitioned from a CSO model focused on importing original drugs to a full-chain innovative drug development company, enriching its product structure through overseas licensing, domestic collaboration, and independent research and development [3] Group 3: Innovation and Product Pipeline - Over 60% of the company's revenue comes from exclusive/brand and innovative products, focusing on First-in-Class (FIC) and Best-in-Class (BIC) drugs, with nearly 40 innovative drug pipelines expected by the first half of 2025, including five drugs already commercialized and six in the NDA stage [4] - The company has around 20 self-developed products in its pipeline, with five entering clinical development and approximately 15 in preclinical stages [4] Group 4: International Expansion - Kangzheng is focusing on international markets, particularly Southeast Asia and the Middle East, which have large populations and unmet medical needs, and has the full chain capabilities for product production, introduction, development, registration, and marketing [5] - By the first half of 2025, the company has submitted nearly 20 drug and medical device applications in these regions, covering fields such as dermatology, ophthalmology, oncology, and immunology [5] Group 5: Spin-off Plans - The company has been independently operating its dermatology and ophthalmology businesses since 2021, with plans to spin off Dermy Pharmaceutical for a separate listing on the Hong Kong Stock Exchange in 2025, marking the first standalone business segment of Kangzheng Group [6]