Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The European Commission has officially approved Fruzaqla (furazolidone) for marketing, marking a significant milestone for the company as it accelerates into a global revenue phase [2][4] - The approval is based on data from the FRESCO-2 international phase III trial, which demonstrated a median progression-free survival of 3.7 months for the furazolidone group compared to 1.8 months for the placebo group, and a median overall survival of 7.4 months versus 4.8 months for the placebo group [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of -648 million, 18 million, and 1.131 billion yuan respectively, with price-to-sales ratios of 4.82, 3.63, and 2.92 [2] Financial Summary - The company reported a revenue of 5.935 billion yuan in 2023, with a year-on-year growth of 99.9%, but expects a decline of 21.6% in 2024 [6] - The net profit for 2023 was 715 million yuan, a significant recovery from a loss of 2.561 billion yuan in 2022, but is projected to incur a loss of 684 million yuan in 2024 [6] - The gross margin improved to 54.0% in 2023, with expectations of 45.3% in 2024 and further growth to 59.0% by 2026 [6] Pipeline and Future Catalysts - The company has several important catalysts expected in the second half of 2024, including the NDA submission for savolitinib for MET mutation NSCLC and the anticipated approval of solriamfetol for immune thrombocytopenia [5] - Furazolidone is expected to be approved in Japan by October 2024, with strong sales growth anticipated in overseas markets, projecting over 140 million USD in sales for 2024 [4]
和黄医药：公司信息更新报告：呋喹替尼如期在欧盟获批，公司加速迈进全球收获期