Chipscreen(SH:688321) Tai Ping Yang Zheng Quan·2025-04-30 13:22Investment Rating - The report maintains a "Buy" rating for the company [1][8][14] Core Insights - The company's core products are experiencing steady growth, with significant advancements in clinical projects and new product launches [6][7][8] - In 2024, the company achieved a revenue of 658 million yuan, representing a year-on-year growth of 25.63%, while the net profit attributable to shareholders was a loss of 115 million yuan, a decline of 228.97% [5][10] - The company is expected to generate revenues of 789 million yuan, 981 million yuan, and 1.22 billion yuan in 2025, 2026, and 2027 respectively, with growth rates of 19.97%, 24.32%, and 24.30% [8][10] Revenue and Profitability - The company's revenue for Q1 2025 was 162 million yuan, showing a year-on-year increase of 24.24%, while the net profit attributable to shareholders was a loss of 19 million yuan, a decrease of 4.64% [5] - The core product, Sidaben, generated nearly 500 million yuan in revenue in 2024, marking a growth of 7.06% [6] - The new product, Sigle, achieved revenue of 140 million yuan in 2024, with a remarkable growth of 231.76% [6] Clinical Development - The company is advancing multiple innovative drug pipelines, including ongoing Phase III clinical trials for Sidaben in various cancer treatments [7] - The company has received approval for several clinical trials, including a Phase III trial for Sidaben in combination with other therapies for colorectal cancer [7] Financial Forecast - The report projects a net profit attributable to shareholders of -28 million yuan in 2025, followed by a profit of 58 million yuan in 2026 and 111 million yuan in 2027, with respective growth rates of 75.97%, 309.14%, and 92.48% [8][10]