BIOKIN PHARMACEUTICAL(SH:688506) Soochow Securities·2025-05-06 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is increasing its R&D investment and has initiated its first overseas registration clinical trial for its core product BL-B01D1 [7] - The company reported a significant decline in Q1 2025 revenue and net profit due to the absence of large intellectual property licensing income, which was present in the same period last year [7] - BL-B01D1 has over 40 ongoing clinical studies, with several in advanced stages, indicating strong potential for future growth and market entry [7] - The company forecasts revenues of 2.018 billion for 2025, with projections of 2.035 billion and 2.541 billion for 2026 and 2027 respectively, reflecting a strong growth trajectory [7] Financial Summary - Total revenue for 2023 is projected at 561.87 million, with a significant increase to 5,822.72 million in 2024, followed by a decrease to 2,018.00 million in 2025 [1] - The net profit attributable to the parent company is expected to be a loss of 780.50 million in 2023, with a recovery to a profit of 3,707.51 million in 2024, followed by further losses in subsequent years [1] - The latest diluted EPS is projected to be (1.95) in 2023, improving to 9.25 in 2024, and then declining to (1.34) in 2025 [1] - The company’s market capitalization is approximately 114.72 billion, with a circulating A-share market value of about 29.44 billion [5]