Investment Rating - The report maintains a "Buy" rating with a target price of HKD 9.81 [4] Core Insights - The company has successfully renewed multiple products in the 2024 National Medical Insurance Directory, including Tevizo and HER2 monoclonal antibody, and has added a new indication for Tevizo in pediatric ITP [1][2] - The company is expected to see stable pricing for renewed products due to ongoing support from the medical insurance fund for innovative drugs, which will contribute to steady growth [1][2] - The company’s revenue is projected to grow by 12.8% in 2024 and 12.2% in 2025, with a corresponding net profit growth of 13.6% in 2025 [4] Summary by Sections - Product Renewals and New Additions: Tevizo and HER2 monoclonal antibody have been successfully renewed, with Tevizo gaining a new indication for pediatric ITP. The newly approved drug, sodium naftifine oral disintegrating tablet, has also entered the medical insurance directory [1][2] - Pipeline Development: The company is advancing its pipeline with several innovative products entering NDA or Phase III clinical trials, expected to be approved between 2025E and 2027E, providing new growth momentum [1][3] - Sales and Market Expansion: The company has established a robust sales capability across various channels, including blood, oncology, nephrology, and rheumatology, and is continuously enriching its innovative pipeline [3] - Valuation Metrics: The current market capitalization corresponds to 6.6 times the estimated PE for 2025, indicating an attractive valuation. The expected dividend payout ratio is 30%, with a projected dividend yield of 4.5% for 2025 [1][4]
睿智投资|三生制药 (1530 HK) - 预期特比澳持续快速增长,创新品种蓄势待发