Konruns(SH:603590) Capital Securities·2024-09-06 10:00Group 1 - Investment Rating: Buy [2] - The company reported a revenue of 405 million yuan, a decrease of 10.16%, and a net profit attributable to shareholders of 79.2 million yuan, down 14.73% [3] - The core products experienced sales fluctuations due to a marketing transformation initiated in 2024, with "Suling" generating 275 million yuan in revenue, down 11.01%, and "Mige Xi" generating 130 million yuan, down 3.05% [3][4] Group 2 - The company's innovative drug development is progressing steadily, with KC1036 for advanced esophageal squamous cell carcinoma in Phase III clinical trials and ZY5301 in orderly progress towards market application [4] - Revenue forecasts for 2024 to 2026 are adjusted to 952 million yuan, 1.068 billion yuan, and 1.230 billion yuan, with year-on-year growth rates of 3.5%, 12.1%, and 15.2% respectively [4][5] - Net profit forecasts for the same period are 158 million yuan, 189 million yuan, and 220 million yuan, with growth rates of 4.9%, 19.6%, and 16.6% respectively [5]