IPO申购指南：九源基因

Investment Rating - The investment rating for Jiuyuan Gene (2566.HK) is "Cautious Subscription" [2] Core Viewpoints - Jiuyuan Gene, established in 1993, focuses on four rapidly growing therapeutic areas: orthopedics, metabolic diseases, oncology, and hematology. The company has developed a diversified product portfolio, including eight marketed products and over ten products in the pipeline, with a notable product being the bone repair material containing rhBMP-2, which ranks first in sales revenue in China's bone repair material market in 2023 [2] - The orthopedic industry is expected to grow at a compound annual growth rate (CAGR) of 4.7% over the next eight years, while the metabolic disease sector is projected to grow at a CAGR of 8.5% during the same period. Jiuyuan Gene's pipeline products are well-positioned to capitalize on this growth [2] - The company reported revenues of RMB 1,307.3 million, RMB 1,125.4 million, RMB 1,287.4 million, and RMB 702.4 million for the years 2021, 2022, 2023, and the first half of 2024, respectively. The net profits for the same periods were RMB 119.4 million, RMB 59.9 million, RMB 119.8 million, and RMB 105.3 million [2] - Post-IPO, the company's market capitalization is expected to be between HKD 28.2 billion and HKD 30.8 billion, with a static price-to-earnings (PE) ratio of approximately 20 times, indicating a reasonable valuation. The competitive landscape shows that the company has a significant advantage in orthopedics, supporting the cautious subscription recommendation [2]