Konruns(603590) 平安证券·2025-04-03 03:14Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [14]. Core Views - The innovative value of KC1036 is expected to be reassessed, with the company preparing for a lighter load in 2025 after recognizing goodwill impairment in 2024. The report anticipates that the progress in innovation will support this reassessment [8][9]. - The company has made significant advancements in the clinical trials of KC1036, a first-in-class drug with independent intellectual property rights, targeting multiple indications including advanced esophageal squamous cell carcinoma and thymic cancer [8]. - The report highlights a substantial unmet clinical need in the treatment of advanced esophageal squamous cell carcinoma, suggesting a broad market opportunity given the high incidence of the disease in China [8]. Financial Summary - The company is projected to achieve a net profit of 44 million to 55 million yuan in 2024, a decline of 63% to 73% year-on-year, primarily due to goodwill impairment [8]. - Revenue forecasts for 2024, 2025, and 2026 are 868 million yuan, 990 million yuan, and 1,131 million yuan respectively, with a year-on-year growth of -5.7%, 14.1%, and 14.3% [7][12]. - The net profit for 2025 is expected to rebound to 133 million yuan, reflecting a significant recovery from the anticipated low in 2024 [7][12]. Clinical Development Progress - KC1036 has shown promising progress in clinical trials, with nearly 300 subjects enrolled across various studies. Key milestones include the completion of the first subject enrollment for the phase II trial in adolescents with advanced juvenile sarcoma [4][8]. - The report notes that the company is also advancing other projects, including KC1086 and KC3001, with potential IND submissions expected in 2025 [8].