BrightGene Bio-medical Technology(SH:688166) Minsheng Securities·2024-10-15 06:00Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company has achieved significant results in the Phase II clinical trial of BGM0504 injection for weight loss, demonstrating good safety and efficacy [3] - The company is expected to continue its stable growth in traditional business while focusing on the clinical progress of innovative drugs [3] - Revenue projections for 2024-2026 are estimated at 1.339 billion, 1.529 billion, and 1.762 billion yuan respectively, with net profit forecasts of 211 million, 236 million, and 267 million yuan [3][4] Financial Forecasts - Revenue (million yuan): 1,180 in 2023, projected to grow to 1,339 in 2024, 1,529 in 2025, and 1,762 in 2026 [4][6] - Net profit (million yuan): 202 in 2023, expected to rise to 211 in 2024, 236 in 2025, and 267 in 2026 [4][6] - Earnings per share (EPS): 0.48 in 2023, projected to increase to 0.50 in 2024, 0.56 in 2025, and 0.63 in 2026 [4][6] - Price-to-earnings ratio (PE): 64 in 2023, expected to decrease to 62 in 2024, 55 in 2025, and 49 in 2026 [4][6] Clinical Trial Results - BGM0504 injection showed significant weight loss results, with average weight reductions of 10.8%, 16.2%, and 18.5% for the 5mg, 10mg, and 15mg groups respectively at week 24 [3] - Cardiovascular risk indicators also improved significantly, with systolic blood pressure reductions of 11.7 mmHg, 14.7 mmHg, and 12.5 mmHg for the respective dosage groups at week 24 [3] - The drug demonstrated a strong safety profile, with most adverse reactions being mild and self-resolving [3]