Sun-Novo(SH:688621) Guotou Securities·2025-04-29 02:30Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 52.08 CNY per share over the next six months [4][6][19]. Core Insights - The company reported a revenue of 231 million CNY and a net profit of 30 million CNY for Q1 2025, reflecting a year-on-year decline of 8.49% and 59.34% respectively. However, new order growth is expected to improve the company's performance margins [2][4]. - The company is actively investing in innovative drug research and development, with over 89 self-developed projects covering various advanced fields, including peptide drugs and cell therapy [3][4]. - The company anticipates revenue growth of 16.90%, 15.12%, and 12.79% for the years 2025, 2026, and 2027 respectively, with net profits expected to grow by 17.5%, 15.0%, and 8.2% in the same period [13][21]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 231 million CNY and a net profit of 30 million CNY, with declines of 8.49% and 59.34% year-on-year [2][4]. - The company expects to generate revenues of 1.26 billion CNY, 1.45 billion CNY, and 1.64 billion CNY from 2025 to 2027, with corresponding net profits of 208 million CNY, 240 million CNY, and 259 million CNY [10][21]. Research and Development - The company is focused on building a competitive pipeline of innovative drugs, with significant investments in R&D across various fields, including peptide drugs and cell therapies [3][4]. - The company has initiated clinical trials for several projects, including STC007 for postoperative pain and ZM001 for lupus treatment [3]. Valuation Analysis - The report indicates that the company's current price-to-earnings (PE) ratio is 24.70, which is considered to be at a mid-low valuation level compared to historical averages [16][19]. - The estimated earnings per share (EPS) for 2025 is projected to be 1.86 CNY, with a target PE of 28 times, leading to a target price of 52.08 CNY per share [4][19].