Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 11.20, indicating a potential upside of 48.9% from the current closing price of HKD 7.52 [2][3][10]. Core Insights - The company's performance is expected to recover in the second half of 2024, continuing into 2025-2027, driven by the launch of six innovative drugs and ongoing opportunities for business development (BD) abroad [3][7]. - The target price has been raised to HKD 11.20, reflecting optimism about the recovery in performance and valuation correction due to BD catalysts [3][7]. - The company anticipates a revenue and adjusted net profit growth of over 15% in 2025, primarily from new products and increased shareholder returns [7][12]. Financial Performance Summary - Revenue projections for 2025 are estimated at RMB 7,637 million, with adjusted net profit expected to reach RMB 1,221 million, reflecting an 11% increase from previous forecasts [6][12]. - The gross profit margin is projected to improve to 80.7% in 2025, up from 79.3% in the previous estimate [6]. - The company plans to launch three new products by 2025, contributing to a peak sales potential of RMB 60-80 billion from the six new products by 2027 [7][12]. Market Position and Valuation - The company has a market capitalization of approximately HKD 18,697.13 million, with a 52-week high of HKD 8.42 and a low of HKD 5.12 [5]. - The report highlights a strong cash return rate of over 6% based on current stock prices, supported by dividends and share buybacks totaling RMB 10.9 billion [7]. - The company's innovative drug revenue has increased its contribution to total revenue, enhancing overall profitability [7][12].
先声药业：2H24业绩增速复苏，2025新品集中上市驱动高增长，上调目标价-20250326