科伦药业（002422）：大输液及中间体中长期格局稳定，创新药出海具有市场潜力

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The long-term landscape for large-volume infusion and intermediates is stable, and the innovative drugs have market potential overseas [5] - The company has a strong competitive position in the large-volume infusion market and is expected to achieve significant cost reductions in 2025 [7] - The company has a leading global ADC research platform, with substantial potential in overseas markets [7] - The company is transitioning successfully from generics to innovation, with significant R&D investments expected to yield results [7] - The forecasted net profit for 2025-2027 is 27.4 billion, 33.7 billion, and 39.6 billion RMB, with corresponding growth rates of -6.7%, 23.2%, and 17.5% [7] Financial Summary - The company's revenue for 2023 is projected at 21,454 million RMB, with a year-on-year growth rate of 13.44% [6] - The net profit for 2023 is estimated at 2,456 million RMB, reflecting a year-on-year growth of 43.74% [6] - The earnings per share (EPS) for 2023 is expected to be 1.54 RMB [6] - The company’s total market capitalization is approximately 57,865.51 million RMB, with a closing price of 36.21 RMB [3][4]