AKESO(09926) 民生证券·2025-04-02 05:15Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company has demonstrated strong growth in product sales, achieving a total revenue of 2.124 billion RMB in 2024, with a year-on-year decline of 53.08%. However, commercial sales revenue increased by 24.88% to 2.002 billion RMB, and gross profit reached 1.835 billion RMB, reflecting a 16.53% increase in commercial sales gross profit [1][4]. - The company is building a core competitive advantage in tumor immunotherapy through its two main bispecific antibodies, Cardunilumab and Ivorisumab, which are undergoing extensive clinical exploration across over 40 indications. Notably, Ivorisumab has shown significant efficacy in treating advanced non-small cell lung cancer [2][4]. - The company is investing efficiently in research and development, with approximately 1.2 billion RMB allocated in 2024. This has resulted in the approval of three new drugs and the advancement of multiple clinical trials, including the first bispecific ADC drug entering clinical trials [3][4]. - The commercialization process is expected to accelerate, with key products entering the national medical insurance directory by the end of 2024, enhancing hospital access and coverage [3][4]. Financial Projections - The company is projected to achieve revenues of 3.82 billion RMB, 6.52 billion RMB, and 8.86 billion RMB from 2025 to 2027, with corresponding net profits of 107 million RMB, 1.064 billion RMB, and 2.083 billion RMB [4][5]. - The expected growth rates for revenue are 79.9% in 2025, 70.6% in 2026, and 35.9% in 2027, while net profit is anticipated to grow by 120.8% in 2025 and 896.9% in 2026 [5][4].