Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of 836.1 million as of the end of 2024, supporting future drug development [7] - The 2025 revenue guidance for the oncology/immunology business is set between 450 million, driven by continued growth in furmonertinib sales [7] Financial Performance and Forecast - Revenue for 2023 is projected at 694 million in 2025, and further growth to 996 million in 2027 [6][11] - The net profit is expected to rebound dramatically from 393 million in 2025, reflecting a growth rate of 942.79% [6][11] - The company’s earnings per share (EPS) is forecasted to increase from 0.45 in 2025 [6][11] - The return on equity (ROE) is expected to rise significantly to 34.2% in 2025 [6] Company Events and Future Catalysts - The company plans to submit a New Drug Application (NDA) for savolitinib in the second-line NSCLC indication in 2025, with promising clinical data [7] - The company is advancing its antibody-drug conjugate (ATTC) platform, which is expected to start clinical trials in the second half of 2025 [7] - The company has a diversified and validated late-stage product pipeline, with several drugs expected to receive regulatory approvals in China [8]
和黄医药（00013）：迈入可持续盈利阶段，2025年业绩指引增长积极