InventisBio (SH:688382) EBSCN·2025-05-06 08:13Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 169 million yuan in 2024, a decrease of 9.02% year-on-year, with a net loss attributable to the parent company of 240 million yuan [1][3]. - The successful approval of Gsorese tablets in November 2024 marks a significant milestone, alongside positive results from the D-2570 Phase II clinical trial for psoriasis [2][3]. - The company is advancing its clinical research with multiple products in various stages, including D-0502 in Phase III trials and D-0120 in Phase II trials [2]. Financial Summary - Revenue projections show a recovery with expected growth rates of 36.80% in 2025 and 35.89% in 2026, reaching 231 million yuan and 314 million yuan respectively [4][8]. - The net profit forecast for 2025 and 2026 has been revised down to -257 million yuan and -223 million yuan, respectively, with a new estimate for 2027 at -46 million yuan [3][4]. - The company’s total assets are projected to decline from 2,162 million yuan in 2023 to 1,438 million yuan by 2027, while total liabilities are expected to increase slightly [9]. Clinical Development Progress - The D-2570 product is being developed for multiple indications, including psoriasis, ulcerative colitis, and Crohn's disease, with promising clinical results indicating significant efficacy compared to existing treatments [2][3]. - The company has two products already authorized for sale and several others in various stages of clinical trials, showcasing a robust pipeline [2]. Market Performance - The current stock price is 22.56 yuan, with a market capitalization of approximately 13.047 billion yuan [5]. - The stock has shown a relative performance increase of 129.75% over the past year, indicating strong market interest [7].