ApicHope(SZ:300723) Huaxin Securities·2025-04-28 07:14Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company is undergoing a transformation towards innovation, with significant investments in research and development expected to yield results soon [7][10]. - Despite a decline in revenue and profit due to changes in procurement and sales models, a gradual recovery in income is anticipated starting from Q2 2025 [6]. - The new drug AR882 is highlighted as a key product in the company's transition to an innovative pharmaceutical enterprise, with promising clinical trial results [8][10]. Summary by Sections Market Performance - The company reported a revenue of 1.45 billion yuan in 2024, a year-on-year decrease of 42.07%, and a net profit attributable to shareholders of -540 million yuan [5]. Investment Highlights - The adjustment in marketing strategy has led to significant changes in revenue and profit, with an expected recovery in sales starting Q2 2025 [6]. - R&D investment increased to approximately 324.79 million yuan in 2024, representing a 7.77% year-on-year growth and accounting for 22.40% of total revenue [7]. - The company has participated in four rounds of national drug procurement, with nine products successfully shortlisted, leading to an expected reduction in the impact of procurement on revenue [6]. Profit Forecast - Revenue projections for 2025-2027 are 1.565 billion, 1.939 billion, and 2.313 billion yuan respectively, with corresponding EPS of 0.36, 0.54, and 0.79 yuan [9][12]. - The company is expected to achieve a net profit of 163 million yuan in 2025, with a significant recovery in profitability anticipated in subsequent years [12].