HitGen(SH:688222) Minsheng Securities·2024-10-28 07:30Investment Rating - The report maintains a "Recommended" rating for Chengdu XianDao [2][4] Core Views - Chengdu XianDao's revenue for the first three quarters of 2024 reached 298 million yuan, a year-on-year increase of 21.38%, with net profit attributable to shareholders at 30.12 million yuan, up 64.71% [2] - The company has seen robust growth in multiple technology platforms, driving rapid profit increases [2] - The third quarter of 2024 showed a revenue of 104 million yuan, a 14.96% year-on-year growth, and a net profit of 19.92 million yuan, up 59.82% [2] - The company is advancing its international strategy, forming partnerships with major global pharmaceutical companies to enhance its DNA-encoded compound library (DEL) capabilities [2] - Chengdu XianDao is focusing on new drug discovery and optimization services driven by DEL technology, with projected revenues of 433 million, 503 million, and 584 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 16.6%, 16.2%, and 16.1% [2][5] Financial Summary - Revenue for 2023 is projected at 371 million yuan, with a net profit of 41 million yuan [5] - The company expects to achieve a net profit of 52 million yuan in 2024, 63 million yuan in 2025, and 75 million yuan in 2026, with corresponding PE ratios of 100, 83, and 69 [5] - R&D expenses are anticipated to be 93 million yuan in 2024, increasing to 124 million yuan by 2026, indicating a commitment to enhancing drug discovery capabilities [5]