Beijing Tri Prime Gene Pharmaceutical (BJ:837344) Jianghai Securities·2024-09-19 12:41Investment Rating - The report assigns a "Buy" rating for the company, with a target PE of 42 times [2][3]. Core Insights - The company is a leader in the recombinant human α1b interferon market, with a strong focus on expanding its clinical applications and product pipeline [2][9]. - The company has a robust R&D team and has developed various innovative drug delivery methods, including nebulized and injectable forms of interferon [2][20]. - The financial forecast indicates significant revenue growth, with projected revenues of 3.18 billion, 4.34 billion, and 5.79 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 30.0%, 36.5%, and 33.3% [2][4]. Summary by Sections Company Overview - The company, Beijing Sanyuan Gene Pharmaceutical Co., Ltd., is recognized as a pioneer in the field of gene engineering drugs in China, with its core product, "Yundesu®" recombinant human α1b interferon, being widely used in various medical fields [2][9][10]. Product Pipeline and R&D - The company has a rich pipeline with 4 projects in clinical stages, 3 post-marketing studies, and 4 preclinical projects, focusing on unmet clinical needs such as chronic hepatitis B and pediatric RSV pneumonia [2][20]. - The company has established five core technology platforms that enhance its drug development capabilities, including high-efficiency expression and purification of recombinant proteins, and innovative inhalation delivery systems [20][21]. Financial Performance - The company reported a revenue of 1.71 billion yuan in 2022, with a projected increase to 3.18 billion yuan in 2024, indicating a recovery from the pandemic's impact [4][16]. - The gross margin for 2023 was reported at 79.69%, with a net margin of 12.95%, reflecting a slight decrease from the previous year due to competitive pricing strategies [17][18]. Market Position and Competitive Landscape - The company holds a leading market share in the domestic interferon α1b sector, with its products being essential in treating viral infections and tumors, particularly in pediatric medicine [2][9]. - The market for hepatitis drugs in China reached 856.86 billion yuan in 2022, indicating a significant opportunity for growth in this sector [2]. Strategic Partnerships - The company has entered into a strategic partnership with Beijing Jiadehe to advance the development of tumor cell therapy products, enhancing its capabilities in cancer treatment [2][11].