Investment Rating - The report maintains a "Buy" rating for 康哲药业 (0867.HK) [11] Core Viewpoints - 康哲药业's revenue for 2024 is projected at 74.69 billion HKD, a year-on-year decrease of 6.79%, with a net profit of 16.13 billion HKD, down 32.54% year-on-year [5] - The company is increasing its investment in innovative research and development, with R&D expenses rising by 69.1% to 330 million HKD, reflecting a focus on new product launches and sales promotion [6] - Traditional business lines are stabilizing, with the ophthalmology and dermatology segments showing growth, while the cardiovascular and digestive disease lines have seen declines [7] - The company has a robust pipeline of innovative drugs, with over 10 projects in clinical progress in China, including submissions for NDA applications [8] - 康哲药业 is expanding its overseas operations in Southeast Asia, aiming to become a key player in the region's pharmaceutical market [10] Financial Summary - Revenue projections for 2025-2027 are 83.20 billion HKD, 94.54 billion HKD, and 110.43 billion HKD, with expected growth rates of 11%, 14%, and 17% respectively [11] - Net profit forecasts for the same period are 16.28 billion HKD, 18.95 billion HKD, and 22.55 billion HKD, with growth rates of 0%, 16%, and 19% respectively [11] - The gross margin is expected to stabilize around 73% to 74.5% over the next few years, indicating a recovery in profitability [13]
康哲药业：港股点评：产研销综合能力，海内外平台布局，创新价值亟待重估-20250319