KEXING BIOPHARM CO.(SH:688136) KAIYUAN SECURITIES·2024-09-20 06:37Investment Rating - The report assigns a "Buy" rating for the company, with a current stock price of 14.10 yuan and a projected PE ratio of 68.8/26.9/12.3 for the years 2024-2026 [1][3]. Core Insights - The company is positioned to accelerate its overseas business, leveraging over 20 years of marketing experience to build a robust platform for high-quality domestic biopharmaceuticals to enter international markets [3][11]. - The impact of regional centralized procurement is gradually diminishing, leading to a recovery in sales for core products, with a projected net profit of 0.41/1.04/2.28 billion yuan for 2024-2026 [3][21]. - The company has successfully introduced 13 advantageous products, with plans to introduce over 15-20 more products in the next two years, enhancing its product matrix across various therapeutic areas [4][11]. Summary by Sections Company Overview - The company focuses on the research, production, and sales of recombinant protein drugs and micro-ecological preparations, targeting key medical fields such as antiviral, oncology, immune system diseases, and digestive diseases [11][13]. Product Matrix - The current product line includes six proprietary products and several introduced products, with a strong emphasis on oncology and immune diseases [13][14]. - Key proprietary products include Erythropoietin (依普定) and Interferon α1b (赛若金), which are leading products in their respective markets [13][14]. Financial Performance - In 2023, the company reported a revenue of 1.26 billion yuan, a decline of 4.3% year-on-year, but is expected to recover with a projected revenue of 1.46 billion yuan in 2024, reflecting a growth of 16% [5][21]. - The company achieved a net profit of 215.3 million yuan in the first half of 2024, marking a significant turnaround from a loss in the previous year [21][22]. Market Expansion - The company has established a marketing network covering approximately 22,700 medical institutions, with a focus on expanding its presence in both developed and emerging markets [20][21]. - The overseas revenue for the first half of 2024 reached approximately 90.09 million yuan, showing a year-on-year growth of 32.97% [24][26]. Clinical Development - The company is actively advancing its self-developed pipeline, with several products entering late-stage clinical trials, including a long-acting growth hormone and modified interferon preparations [3][4][11].