Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 60% from the current price of HKD 6.49 [4][7][13]. Core Insights - The company has successfully introduced four innovative drugs into the national medical insurance directory, with a fifth drug approved for market release in June 2024. These drugs are expected to contribute approximately RMB 400-500 million in revenue in 2024 [4][9]. - The company has a rich pipeline of innovative drugs, with 30 global projects primarily focused on First-in-Class (FIC) and Best-in-Class (BIC) drugs. The rapid advancement of the drug Lurconidine is highlighted, with significant market potential in treating conditions like vitiligo and atopic dermatitis [5][10]. - The skin aesthetics and ophthalmology segments are anticipated to grow rapidly, supported by a robust product line and a strong sales team [6][11]. - The company is focusing on international expansion, particularly in Southeast Asia, leveraging local talent and market demand to establish a strong foothold [12]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively. Earnings per share (EPS) are expected to be RMB 0.71, RMB 0.80, and RMB 1.01 for the same years [8][13]. - The report indicates a temporary decline in performance, but forecasts a return to double-digit growth by 2025 as new drugs are launched [7][13].
康哲药业：创新药即将快速放量，在研管线丰富