SINO BIOPHARM(01177) 海通国际证券·2025-03-25 14:32Investment Rating - The report maintains an "Outperform" rating for Sino Biopharmaceutical [2][11][17] Core Insights - The company achieved revenue of CNY 28.9 billion in FY24, reflecting a year-on-year growth of 10.2% with a gross profit margin of 81.5% [3][14] - Innovative products are expected to drive double-digit revenue growth in FY25, particularly in oncology and surgery/analgesia segments [4][15] - The company plans to launch seven innovative products in FY25, including key candidates such as TQB3616 and Meloxicam [5][16] Financial Performance - FY24 revenue was CNY 28.9 billion, with a net profit of CNY 3.5 billion, marking a 50.1% increase year-on-year [3][14] - R&D expenses increased by 15.6% to CNY 5.1 billion, representing 17.6% of total revenue [3][14] - The company expects revenue to reach CNY 32.4 billion in FY25, a growth of 12.3% year-on-year [6][16] Segment Performance - Revenue from innovative drugs reached CNY 12.1 billion, up 22% year-on-year, while generics contributed CNY 16.8 billion, growing 3% [4][15] - The oncology segment generated CNY 10.7 billion, driven by strong sales of key products [18] - The surgery/analgesia segment saw a revenue increase of 19% to CNY 4.5 billion, primarily due to the sales of Flurbiprofen Cataplasms [18] Valuation - The target price is adjusted to HKD 5.52, based on a 2025E PE of 25.2x [6][17] - The report reflects a slight adjustment in revenue forecasts for 2025-26 due to uncertainties in biosimilar revenue growth [6][16]