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再鼎医药：业绩符合预期，2025年收入指引5.6至5.9亿美元-20250306
09688ZAI LAB(09688) 西南证券·2025-03-06 05:13

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a total revenue of 398.99millionfor2024,representingayear−on−yeargrowthof50398.99 million for 2024, representing a year-on-year growth of 50%. The revenue guidance for 2025 is set between 560 million and 590million,withexpectationsofachievingnon−GAAPoperatingprofitbyQ42025[7].−Productrevenuesareontherise,withsignificantgrowthdrivenbythecommercializationofAigamod,whichgenerated590 million, with expectations of achieving non-GAAP operating profit by Q4 2025 [7]. - Product revenues are on the rise, with significant growth driven by the commercialization of Aigamod, which generated 93.6 million in 2024 compared to 10millionin2023,followingitsinclusioninChina′sNationalMedicalInsuranceDrugList.OtherproductslikeZeleandNuzanalsoshowedgrowth,withrevenuesof10 million in 2023, following its inclusion in China's National Medical Insurance Drug List. Other products like Zele and Nuzan also showed growth, with revenues of 187 million and 43.2millionrespectively,markingincreasesof1143.2 million respectively, marking increases of 11% and 99% year-on-year [7]. - The company has improved operational efficiency, with a notable decrease in the proportion of R&D expenses and SG&A relative to revenue. R&D expenses for 2024 were 230 million, down from 270 million in 2023, while SG&A expenses increased slightly to 300 million from 280millionin2023.Theadjustedoperatinglossfor2024was280 million in 2023. The adjusted operating loss for 2024 was 280 million, significantly reduced from 370millionin2023[7].−Thecompanyhasastrongcashreserveofapproximately370 million in 2023 [7]. - The company has a strong cash reserve of approximately 880 million as of the end of 2024, which supports its long-term development [7]. - Several important milestones are anticipated in 2025, including the release of Phase III results for Bemarituzumab in first-line gastric cancer and submissions for market approval for TTFields in NSCLC and pancreatic cancer [7]. Financial Summary - Revenue projections for the company from 2025 to 2027 are 570million,570 million, 860 million, and 1.29billionrespectively,withgrowthratesof43.881.29 billion respectively, with growth rates of 43.88%, 50.47%, and 49.44% [9]. - The net profit attributable to the parent company is expected to turn positive by 2026, with projections of 46.68 million in 2026 and 343.88millionin2027,reflectingsignificantgrowthratesof130.98343.88 million in 2027, reflecting significant growth rates of 130.98% and 636.67% respectively [2][9]. - The earnings per share (EPS) is projected to improve from -0.14 in 2025 to $0.31 in 2027, indicating a turnaround in profitability [2][9]. - The return on equity (ROE) is expected to shift from -21.83% in 2025 to 31.82% in 2027, showcasing a strong recovery trajectory [2][9].