KEXING BIOPHARM CO.(SH:688136) KAIYUAN SECURITIES·2024-09-20 08:03Investment 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 global network. The dual-driven model of "innovation + overseas commercialization" is expected to enhance the export of high-quality domestic biopharmaceuticals [3][11]. - The impact of regional centralized procurement is gradually diminishing, leading to a recovery in sales for core products. The company anticipates steady growth in revenue and profitability in the coming years [2][21]. - The company has successfully introduced 13 advantageous products, with plans to introduce over 15-20 more by 2025, 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, and immune system diseases [11][13]. Financial Performance - In 2023, the company reported revenue of 12.59 billion yuan, a decline of 4.32% year-on-year. However, in the first half of 2024, revenue increased by 17.09% to 7.60 billion yuan, with a net profit of 21.53 million yuan, marking a significant turnaround [21][22]. Product Portfolio - The company has a diverse product line, including six proprietary products and several introduced products in oncology and immune therapy. Key products include Erythropoietin (依普定) and Interferon α1b (赛若金), which are leading in their respective markets [13][14][27]. Market Expansion - The company has established a comprehensive marketing system, covering approximately 22,700 medical institutions and pharmacies, with a focus on expanding its overseas market presence [20][21]. Future Outlook - The company projects a net profit of 0.41 billion yuan in 2024, increasing to 2.28 billion yuan by 2026, with a corresponding EPS growth from 0.20 yuan to 1.15 yuan [3][5].