Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's 2024 revenue is projected to be 1.933 billion RMB, representing a year-on-year growth of 25.5%. The gross profit is expected to reach 1.274 billion RMB, with a significant increase of 67.8% year-on-year. The adjusted annual loss is anticipated to narrow by 73.7% to 118 million RMB, indicating improved operational efficiency [7] - Multiple products are set to commercialize this year, which is expected to lead to rapid revenue growth. Key products include SKB264, A166, A167, and A140, with approvals anticipated to enhance profitability significantly [7] - The company has a strong cash reserve of over 3.076 billion RMB, reflecting a year-on-year growth of 21.6%, which supports its ongoing research and development efforts [7] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 1.933 billion RMB, 1.783 billion RMB, 3.559 billion RMB, and 5.894 billion RMB respectively, with growth rates of 25.5%, -7.76%, 99.61%, and 65.61% [1][8] - The net profit attributable to the parent company is forecasted to be -266.77 million RMB in 2024, -604.96 million RMB in 2025, -216.79 million RMB in 2026, and a positive 444.17 million RMB in 2027, indicating a turnaround in profitability [1][8] - The earnings per share (EPS) are projected to be -1.17 RMB in 2024, -2.66 RMB in 2025, -0.95 RMB in 2026, and 1.95 RMB in 2027, reflecting a potential recovery in earnings [1][8]
科伦博泰生物-B（06990）：2024年业绩公告点评：业绩符合预期，多款产品商业化放量在即，创新驱动持续向上