ASK PHARM(002755) 长江证券·2024-09-16 05:08Investment Rating - The investment rating for the company is "Buy" and is maintained [3][4]. Core Views - The company's revenue for the first half of 2024 reached 923 million yuan, representing a year-on-year growth of 29.6%. The net profit attributable to shareholders was 75.59 million yuan, a significant turnaround from a loss of 158 million yuan in the same period last year, indicating that the company's generic drug business has reached a turning point and is back to growth [3][4]. - The company has a healthy cash flow with over 1.9 billion yuan in cash on hand as of June 30, 2024. R&D expenses have significantly decreased to 180 million yuan, down 44.2% year-on-year, mainly due to the completion of major clinical development phases for several new drugs. The company continues to focus on the development of innovative drugs and high-barrier complex formulations through both independent R&D and collaborative partnerships [3][4]. - The clinical progress of early-stage molecules is proceeding smoothly, showcasing potential for BIC (biological innovative compounds). ASKG712, a VEGF/ANG2 ophthalmic drug, has completed Phase I clinical trials and is currently in Phase IIa for treating diabetic macular edema. The company is also advancing two IL-15 cytokines in clinical trials [3][4]. Financial Summary - The company is projected to achieve net profits of 107 million yuan, 305 million yuan, and 369 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS (earnings per share) estimates are 0.12 yuan, 0.33 yuan, and 0.40 yuan [4][8]. - Total revenue is expected to grow from 1.443 billion yuan in 2023 to 2.319 billion yuan by 2026, with a gross profit margin increasing from 81% to 89% over the same period [8].