SINO BIOPHARM(01177) 天风证券·2025-03-22 21:10Investment Rating - The report maintains a "Buy" rating for China Biologic Products Holdings, with a target price not specified [5]. Core Insights - The company reported a revenue of 28.87 billion (yoy +10.2%) and a net profit of 3.50 billion (yoy +50.1%) for the fiscal year 2024, indicating strong performance in line with expectations [1]. - The revenue from innovative products exceeded 10 billion, reaching 12.06 billion (yoy +21.9%), accounting for 41.8% of total revenue, with six innovative products approved for market launch [2]. - The company anticipates continued double-digit growth in 2025, driven by a robust pipeline of innovative products and favorable policy support [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 28.87 billion and a net profit of 3.50 billion, with adjusted net profit at 3.46 billion, reflecting a strong year-on-year growth [1]. - The forecast for 2025 includes an expected revenue of 32.21 billion, 36.53 billion, and 44.09 billion for the years 2025, 2026, and 2027 respectively, with adjusted net profits projected at 3.86 billion, 4.41 billion, and 5.37 billion [4]. Product Development - The company has 17 innovative products as of the end of 2024, with expectations to increase to 22 by the end of 2025, including five new products anticipated for launch [3]. - Key innovative drugs such as Bemesumab and Gossorese are expected to contribute significantly to revenue growth, with Bemesumab achieving notable clinical results in its first year [3]. Market Position - The company is positioned as a leader in the domestic pharmaceutical industry, with a strong focus on innovative drug development and a solid pipeline that is expected to yield significant returns [2][4].