Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The domestic production registration application for "Hewei" has been accepted, marking a significant advancement in the localization process [5] - CKBA Phase II clinical data disclosure is imminent, with plans to actively expand into other indications [6] - The company aims to establish "Hewei" as a leading brand in the gastrointestinal field, targeting over 1 billion yuan in revenue within 3 to 5 years [5] Financial Summary - Expected revenues for 2024-2026 are 806 million, 1.005 billion, and 1.253 billion yuan, with growth rates of 5.9%, 24.7%, and 24.7% respectively [7] - Projected net profits for the same period are 137 million, 183 million, and 238 million yuan, with growth rates of -14.4%, 33.3%, and 30.1% respectively [7] - The expected EPS for 2024-2026 is 0.32, 0.43, and 0.56 yuan, corresponding to P/E ratios of 46, 34, and 26 times [7] - The gross margin is expected to improve from 60.6% in 2023 to 70.2% in 2026 [10]
泰恩康：“和胃”国产化更进一步，CKBAⅡ期临床数据披露在即-20250313