Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in core products in 2024, with new drugs potentially providing flexibility in revenue generation [5][7] - The company reported a total revenue of 9.108 billion RMB in 2024, representing a year-on-year growth of 16.5%, with drug sales contributing 8.928 billion RMB, also up by 16.8% [7] - The net profit attributable to shareholders reached 2.09 billion RMB, marking a significant increase of 34.9% year-on-year [7] - Key products such as Tevizo and Mandi are experiencing robust growth, with Tevizo sales projected at 5.06 billion RMB in 2024, reflecting a 20.4% increase [7] - The company has a promising pipeline of innovative drugs, including the PD1/VEGF dual antibody, which shows potential for high returns from overseas markets [7] Financial Summary - Revenue projections for the company are as follows: 10.102 billion RMB in 2025, 11.164 billion RMB in 2026, and 12.430 billion RMB in 2027, with growth rates of 10.9%, 10.5%, and 11.3% respectively [6][8] - The net profit attributable to shareholders is forecasted to be 2.343 billion RMB in 2025, with a growth rate of 12.1% [6][8] - The company's price-to-earnings ratio (P/E) is projected to be 12.42 in 2025, decreasing to 9.68 by 2027 [6][8] - The company aims for a target market value of 40 billion RMB, supported by steady growth in core business and innovative products [7]
三生制药（01530）：2024年核心品种稳健增长，新药出海有望提供弹性