特宝生物：慢乙肝治愈不断深入，公司业绩持续高增长

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to achieve a net profit attributable to shareholders of 8.10 to 8.40 billion RMB in 2024, representing a year-on-year growth of 46% to 51% [1] - The company's main product, Paigebin, is driving rapid growth in performance, supported by ongoing clinical research in hepatitis B treatment [2] - The company has expanded its clinical cure outpatient services for chronic hepatitis B, with 566 outpatient clinics established across 28 provincial regions in China [2] - Key projects in the liver disease field are progressing, with new indications for existing products receiving approval [3] Summary by Sections Performance Review - The company forecasts a net profit of 8.10 to 8.40 billion RMB for 2024, with a growth rate of 46% to 51% year-on-year [1] - For the first quarter of 2024, the expected net profit is between 2.55 to 2.85 billion RMB, reflecting a growth of 36% to 52% [1] Business Analysis - The main business is performing steadily, with Paigebin's volume driving significant growth [2] - The company is actively involved in various hepatitis B clinical cure and liver cancer prevention projects, with results being presented at major conferences [2] - The outpatient service for chronic hepatitis B is expanding, enhancing market education and management for patients [2] Key Projects and Pipeline - The company is advancing key projects in the liver disease sector, with new indications for existing products receiving IND approval [3] - Collaborations with other companies are enhancing the pipeline in the non-alcoholic fatty liver disease (NASH) area [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 8.20 billion RMB (+48%), 11.08 billion RMB (+35%), and 14.18 billion RMB (+28%) for the years 2024 to 2026, respectively [4] - Corresponding EPS for these years are expected to be 2.02 RMB, 2.72 RMB, and 3.49 RMB, with P/E ratios of 36, 27, and 21 [4]