Haisco(SZ:002653) GF SECURITIES·2024-06-25 07:01Investment Rating - The investment rating for the company is "Buy" with a current price of 33.06 CNY and a reasonable value of 39.71 CNY per share [1]. Core Views - The company has recently received approval for HSK7653, a DPP4 inhibitor for the treatment of type 2 diabetes, which offers a new treatment option for patients [1]. - HSK7653 is a bi-weekly oral hypoglycemic agent that improves patient compliance compared to daily medications, addressing issues of missed or overdosed doses [1]. - Clinical trial data for HSK7653 shows promising safety and efficacy, with significant reductions in HbA1c levels compared to baseline [1]. - The company is expected to see strong revenue growth, with projected revenues of 4,067 million CNY in 2024, representing a growth rate of 21.2% [2][3]. Summary by Sections Investment Rating - Current Price: 33.06 CNY - Reasonable Value: 39.71 CNY - Previous Rating: Buy on June 24, 2024 [1]. Product Approval - HSK7653 has been approved for improving blood sugar control in adults with type 2 diabetes [1]. - The drug features a long half-life, allowing for bi-weekly dosing, which enhances patient adherence [1]. Clinical Data - Phase III clinical trials have shown HSK7653 to be non-inferior to daily oral linagliptin, with HbA1c reductions of -0.96% and -0.99% for the 10mg and 25mg doses, respectively [1]. - The trials included a total of 475 patients, demonstrating the drug's effectiveness [1]. Financial Projections - Expected revenues for 2024 are 4,067 million CNY, with a growth rate of 21.2% [2]. - Projected EPS for 2024 is 0.39 CNY, increasing to 0.91 CNY by 2026 [2][3]. - The company’s reasonable value is estimated at 39.71 CNY per share, maintaining a "Buy" rating [1].