ANKE BIO(300009) 华安证券·2025-03-03 05:06Investment Rating - The report gives a "Buy" investment rating for the company [2][11]. Core Viewpoints - The company focuses on innovative pharmaceutical products, with a multi-field layout in the biopharmaceutical industry, aiming to become a leading innovative enterprise [5][17]. - The core products include recombinant human interferon α2b "Andafeng," recombinant human growth hormone "Ansume," and trastuzumab "Ansaiting," among others [5][17]. - The company achieved a revenue of 2.866 billion yuan in 2023, a year-on-year increase of 22.94%, and a net profit of 847 million yuan, up 20.47% year-on-year [6][25]. - The company is expected to see revenue of 2.677 billion yuan in 2024, a decrease of 6.6% year-on-year, but a recovery in subsequent years is anticipated [11][13]. Summary by Sections Company Overview - Established in 1993, the company specializes in the research, production, and sales of biopharmaceuticals, focusing on gene-engineered drugs and diagnostic reagents [17][18]. - The company has been recognized as a national innovative enterprise and has established several technology platforms [17][18]. Financial Performance - The company’s revenue has grown from 636 million yuan in 2015 to 2.866 billion yuan in 2023, with a compound annual growth rate of 20.7% [25]. - In the first three quarters of 2024, the company reported a revenue of 1.921 billion yuan, a decrease of 4.95% year-on-year [6][25]. Product Segmentation - The biopharmaceutical segment is the core business, contributing significantly to overall revenue, with a revenue of 2.1 billion yuan in 2023, accounting for 73.27% of total revenue [28][36]. - The company’s growth hormone product line is expected to see significant market potential, with the domestic growth hormone market projected to grow substantially [39][40]. Market Position - The company holds a leading market share in recombinant human growth hormone, with a 16.9% market share in the domestic market as of 2023 [42]. - The competitive landscape is intensifying, with several players vying for market share in the growth hormone sector [42].