AKESO(09926) 民生证券·2025-04-02 03:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company achieved a total revenue of 2.124 billion RMB in 2024, a decrease of 53.08% year-on-year, while commercial sales revenue grew by 24.88% to 2.002 billion RMB [1][4]. - The company is building a core competitive advantage in tumor immunotherapy through its two main bispecific antibodies, Cardunilumab and Ivorisumab, with over 40 clinical therapy explorations [2][4]. - The company invested approximately 1.2 billion RMB in R&D in 2024, achieving significant milestones including three new drug approvals and multiple ongoing clinical studies [3][4]. Financial Performance - The company reported a gross profit of 1.835 billion RMB in 2024, with a gross margin of 86.39% [5][8]. - The projected revenues for 2025, 2026, and 2027 are 3.820 billion RMB, 6.519 billion RMB, and 8.860 billion RMB, respectively, with corresponding net profits expected to be 107 million RMB, 1.064 billion RMB, and 2.083 billion RMB [4][5]. - The earnings per share (EPS) is projected to improve from -0.57 RMB in 2024 to 2.32 RMB by 2027 [5][8]. Product Development and Commercialization - The company is advancing its commercialization process, with key products expected to be included in the national medical insurance directory by the end of 2024 [3][4]. - The company has initiated multiple clinical studies for its bispecific antibodies, establishing a strong pipeline for future growth [2][3].