JENKEM(SH:688356) EBSCN·2024-10-13 01:06Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Views - The core product, PEG-irinotecan, has entered Phase III trials, indicating promising clinical application prospects for the treatment of small cell lung cancer [1][2]. - The safety profile of JK1201I is favorable, with a tendency to extend patient survival, suggesting potential benefits from the treatment [3]. Financial Summary - The company's revenue for 2024 is projected to be 1.02 billion yuan, significantly down from the previous forecast of 2.10 billion yuan, representing a 51.5% decrease [1]. - The net profit forecast for 2025 is adjusted to 1.66 billion yuan, down 42.5% from the earlier estimate of 2.89 billion yuan [1]. - The estimated net profit for 2026 is projected at 1.98 billion yuan, with EPS expected to be 1.68, 2.74, and 3.27 yuan for 2024, 2025, and 2026 respectively [1]. R&D and Investment - The company emphasizes technological upgrades, R&D innovation, and talent development, with R&D expenses for the first half of 2024 amounting to 27.95 million yuan, accounting for 21.73% of revenue [1]. - The total investment for the PEG-irinotecan project is estimated at 76.5 million yuan, with 3.51 million yuan invested in the first half of 2024 and a cumulative investment of 68.66 million yuan [1].