Sinocelltech(SH:688520) Guotou Securities·2025-05-02 14:35Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 42.88 CNY, compared to the current stock price of 36.50 CNY [4]. Core Insights - The company achieved a revenue of 2.513 billion CNY in 2024, marking a year-on-year growth of 33.13%, and recorded a net profit of 112 million CNY, indicating its first profitable year since listing [1][11]. - The core product, the recombinant factor VIII product Anjain®, saw stable sales with a revenue of 1.89 billion CNY in 2024, reflecting a growth of 6.18% despite price pressures from regional procurement [3][9]. - The company is actively expanding its overseas market presence, having signed agreements with partners in over ten "Belt and Road" countries and obtaining regulatory approvals for product launches in Pakistan and Indonesia [3][9]. Financial Performance - In Q1 2025, the company reported a revenue of 520 million CNY, a decrease of 15.15% year-on-year, with a net profit of 64 million CNY, down 14.06% [1]. - The gross margin for 2024 was 95.91%, a slight decline of 1.20 percentage points, while the gross margin for the core product Anjain® was 96.89% [2]. - The company’s R&D expenses in 2024 were 911 million CNY, a decrease of 20.64%, primarily due to most products being in early clinical research stages [2][10]. Market Strategy - The company has implemented flexible market strategies to ensure compliance with procurement pricing and to expand market share for Anjain® [3]. - The sales of antibody drugs, including Anpingxi® and two biosimilars, exceeded 620 million CNY in 2024, showing a significant growth of 499.80% [9]. - The company is focusing on real-world studies to gather clinical data, enhancing treatment protocols and patient confidence [9]. Future Projections - Revenue growth is projected at 16.9%, 20.8%, and 16.4% for 2025 to 2027, with net profit growth expected at 86.1%, 114.0%, and 62.6% respectively [11][12].