INNOCARE(688428)2025-04-19 00:25Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.29 RMB, compared to the last closing price of 17.86 RMB [1][6]. Core Insights - The company's revenue for 2024 reached 1.009 billion RMB, representing a year-on-year growth of 36.7%. The core product, Aobutini, achieved sales exceeding 1 billion RMB, with a year-on-year increase of 49.1% due to the expansion of MZL indications and improved commercialization capabilities [4]. - The gross margin increased to 86.3% in 2024, up 3.7 percentage points from 2023, primarily driven by changes in revenue structure and enhanced production efficiency of Aobutini [4]. - The company reported a loss of 453 million RMB for the period, a reduction of 193 million RMB or 29.9% year-on-year, attributed to increased drug sales, improved cost efficiency, and reduced unrealized exchange losses [4]. - As of December 31, 2024, the company had approximately 7.8 billion RMB in cash and cash equivalents [4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 1.009 billion RMB, with growth rates of 36.68% for 2024, 29.87% for 2025, 41.80% for 2026, and 32.16% for 2027 [9]. - The company expects to continue narrowing losses, with projected net losses of 441 million RMB in 2024 and 461 million RMB in 2025 [9]. Product Pipeline and Clinical Progress - In the hematological malignancies sector, Aobutini's NDA for first-line CLL/SLL has been accepted by NMPA, with approval expected in 2025. Additionally, Aobutini in combination with BCL2 inhibitor ICP-248 is entering Phase 3 clinical trials [5]. - In the autoimmune sector, Aobutini's Phase 3 clinical trial for ITP is accelerating, and the 2b phase for SLE has completed patient enrollment [5]. Future Catalysts - The company has a rich pipeline of catalysts expected within the next 12 months, including potential approvals for Aobutini and other products in various indications [6].