REMEGEN(SH:688331) Donghai Securities·2024-08-21 08:01Investment Rating - The report maintains a "Buy" rating for the company [3][10] Core Insights - The company experienced rapid revenue growth, achieving 742 million yuan in revenue for H1 2024, a 75.59% increase year-on-year, while the net profit attributable to the parent company was -780 million yuan, widening from -703 million yuan in the same period last year [9] - The company’s two core commercialized products, Taihexisip and Vidisizumab, continue to see increasing sales, aligning with expectations, although significant R&D expenditures have led to further losses [9] - The approval of new indications for Taihexisip and the active development of combination therapies for Vidisizumab are expected to enhance market opportunities [9] Financial Summary - The company reported a total revenue of 1,083 million yuan in 2023, with projections of 1,586 million yuan in 2024, 2,175 million yuan in 2025, and 2,952 million yuan in 2026, reflecting a growth rate of 46.4% in 2024 [11][12] - The net profit attributable to the parent company is projected to be -989 million yuan in 2025 and -358 million yuan in 2026, indicating a gradual improvement in profitability [11][12] - The company’s R&D expense ratio was 108.69% in H1 2024, reflecting a significant investment in product development [9]