KEXING BIOPHARM CO.(SH:688136) KAIYUAN SECURITIES·2025-01-20 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to turn profitable in 2024, with a projected revenue growth of over 10% year-on-year and a net profit of approximately 30 million yuan [4] - The overseas revenue is anticipated to grow by over 60% year-on-year, driven by the approval of albumin paclitaxel in the EU, which has opened and deepened the EU market [4][5] - The company is focusing on cost reduction and efficiency improvement, with decreases in sales, R&D, and production costs compared to 2024 [4] - Long-term growth is expected as the company continues to introduce products and expand its overseas business [4] Financial Summary - Revenue is projected to increase from 1,316 million yuan in 2022 to 2,412 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 31.3% [6] - The net profit is expected to recover from a loss of 90 million yuan in 2022 to a profit of 228 million yuan in 2026 [6] - The earnings per share (EPS) is forecasted to rise from -0.45 yuan in 2022 to 1.14 yuan in 2026 [6] - The price-to-earnings (P/E) ratio is projected to decrease from -37.8 in 2022 to 15.0 in 2026, indicating improved valuation as profitability returns [6]