Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 6.635 billion yuan in 2024, representing a year-on-year growth of 0.4%, while the net profit attributable to shareholders was 733 million yuan, up 2.6%. The adjusted net profit reached 1.018 billion yuan, marking a significant increase of 41.65% [3][6] - The revenue from innovative drugs reached 4.928 billion yuan, accounting for 74.3% of total revenue, which is the highest since the company's listing [3][6] - The company is set to launch multiple innovative drugs, including Enlitai and Xianbixin, which are expected to significantly contribute to revenue growth [4][5] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.635 billion yuan and a net profit of 733 million yuan. The adjusted net profit was 1.018 billion yuan, indicating a robust growth trajectory [3][8] - The projected revenues for 2025, 2026, and 2027 are 7.659 billion yuan, 9.073 billion yuan, and 10.493 billion yuan, respectively, with year-on-year growth rates of 15.43%, 18.47%, and 15.65% [6][8] Innovative Drug Pipeline - The company has received approval for two new innovative drugs in 2024, expanding its portfolio to a total of eight approved innovative drugs. This includes the anticipated launch of Xianbixin, which is expected to enhance treatment options for stroke patients [4][5] - The innovative drug revenue is expected to continue growing, supported by the inclusion of Koseira and Enlitai in the national medical insurance directory, which will facilitate sales growth [4][5] Valuation Metrics - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.52 yuan, and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 [6][8] - The report suggests that the company's valuation is likely to recover as the revenue from innovative drugs increases and multiple new products are launched [6]
先声药业（02096）：创新药收入占比创新高，多款新产品商业化在即