INNOCARE(SH:688428) Ping An Securities·2025-03-31 07:13Investment Rating - The report maintains a "Recommended" rating for the company [8][10] Core Views - The company achieved a revenue of 1.009 billion yuan in 2024, with its core product, Aobutini, reaching sales of over 1 billion yuan, representing a year-on-year growth of 49% [4] - The gross margin for 2024 is reported at 86.3%, an increase of 3.7 percentage points year-on-year [4] - The company has a strong cash position with a cash balance of 7.76 billion yuan, which supports the acceleration of clinical trial development [4] - The revenue forecasts for 2025, 2026, and 2027 have been adjusted to 1.403 billion yuan, 1.702 billion yuan, and 1.994 billion yuan respectively, with growth rates of 39%, 21.3%, and 17.2% [8] Financial Summary - The company reported a significant reduction in losses, with an overall loss of 450 million yuan in 2024 compared to 650 million yuan in the same period of 2023 [4] - The operating expenses for 2024 are detailed as follows: sales expenses of 420 million yuan, R&D expenses of 815 million yuan, and management expenses of 169 million yuan, with respective year-on-year growth rates of 14.5%, 7.6%, and a decrease of 8.5% [4] - The projected net profit for 2025 is estimated at -413 million yuan, improving to -346 million yuan in 2026 and -237 million yuan in 2027 [6] Pipeline Progress - The company has made significant advancements in its pipeline, with Aobutini's NDA for 1L CLL/SLL accepted in August 2024, expected to be approved in 2025 [7] - The company is also advancing its ADC platform, with the ICP-B794 (B7H3 ADC) expected to submit an IND application in the first half of 2025 [7]