Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Insights - The company reported a revenue of 9.11 billion yuan for 2024, representing a year-over-year growth of 16.5%. The net profit attributable to shareholders was 2.09 billion yuan, with a year-over-year increase of 34.9% [4][6] - The company is expected to achieve revenues of 10.20 billion yuan, 11.49 billion yuan, and 13.15 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 13%, and 14% [6][8] - The adjusted net profit for 2024 was 2.32 billion yuan, exceeding expectations with a year-over-year growth of 18.8% [4][6] Financial Performance Summary - The company’s total revenue for 2023 was 7.84 billion yuan, with a growth rate of 14% year-over-year [3] - The net profit attributable to shareholders for 2023 was 1.55 billion yuan, showing a decline of 19% year-over-year [3] - Earnings per share (EPS) for 2023 was 0.65 yuan, projected to increase to 0.87 yuan in 2024 and further to 1.26 yuan by 2027 [3][8] Pipeline and Market Potential - The company has several upcoming product approvals, including a license-in product for gastric cancer and new indications for existing drugs, which are expected to drive future growth [6] - The company is focusing on expanding its international market presence, particularly with its dual-antibody products [6]
三生制药（01530）：2024年年报点评：业绩超预期，近上市管线将兑现，IO双抗出海预期