三生国健（688336）：重押研发，稳中有进

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 35.67 RMB [8][9]. Core Insights - The company reported a revenue of 1.19 billion RMB for 2024, representing a year-on-year increase of 17.7%, and a net profit attributable to shareholders of 705 million RMB, up 139.2% year-on-year [1]. - The company is recognized as a leader in the domestic autoimmune drug market, with a rich pipeline and strong innovation capabilities, allowing it to maintain its competitive edge [1]. - The company plans to distribute dividends amounting to 55.51 million RMB, which is 7.88% of the net profit for the year [2]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 320 million RMB, 340 million RMB, and 410 million RMB respectively, indicating a decrease of 55% in 2025, followed by increases of 6% and 20% in the subsequent years [5]. - The projected revenue for 2025 is approximately 1.38 billion RMB, reflecting a growth of 15.56% year-on-year [7]. Pipeline Development - The company has several key products in its pipeline, with 608 (IL-17) expected to submit an NDA for psoriasis in 2024, and 611 (IL-4) anticipated to read out Phase III data for adult atopic dermatitis in 2025 [3]. - The company has made significant investments in R&D, totaling 541 million RMB in 2024, which is 45% of its revenue, marking a 72% year-on-year increase [4]. Market Position and Valuation - The company is valued at approximately 17.3 billion RMB, with a P/E ratio of 24.55 for 2024 and projected to be 54.03 for 2025 [9][14]. - The average market capitalization of comparable biotech companies is around 20.3 billion RMB, indicating a premium valuation for the company based on its innovative pipeline and commercialization capabilities [5][14].