Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved its first Non-IFRS profit in 2024, with total revenue of 9.42 billion RMB (up 51.8% year-on-year), product revenue of 8.23 billion RMB (up 43.6% year-on-year), net profit of 330 million RMB, EBITDA of 410 million RMB, and a gross margin of 84.9% (up 2.1% year-on-year). The sales and administrative expense ratio decreased to 50.9% (down 7.1% year-on-year), with cash on hand of 10.22 billion RMB and R&D investment of 2.5 billion RMB [2][5][8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 9.42 billion RMB, marking a 51.8% increase year-on-year. Product revenue reached 8.23 billion RMB, reflecting a 43.6% year-on-year growth. The net profit was 330 million RMB, with an EBITDA of 410 million RMB and a gross margin of 84.9% [2][5][8]. Strategic Goals - The company has set clear strategic goals for the next decade, aiming for a product revenue of 20 billion RMB by 2027 and plans for five pipelines to enter global multi-center Phase III clinical trials by 2030 [8]. Product Development - The company has seen significant growth in new products, with strong sales performance from its main products, including 达伯舒® (信迪利单抗注射液) and others. The product portfolio is expanding with new targeted drugs, including 达伯特® (KRAS G12C) and others. Notable new drug approvals include 信必乐® and 信必敏® [8]. Long-term Growth Drivers - The long-term growth is driven by the oncology and comprehensive product lines, with expectations of reaching 20 billion RMB in product revenue by 2027. The company plans to leverage at least 20 approved products and expand into new clinical innovations and indications [8]. Profit Forecast - The company forecasts net profits of 631 million RMB, 1.142 billion RMB, and 1.570 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38 RMB, 0.69 RMB, and 0.95 RMB [8].
信达生物（01801）：首次实现Non-IFRS利润转正，长期增长动力充沛