ASK PHARM(SZ:002755) Orient Securities·2025-05-07 11:26Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 22.36 CNY [1]. Core Views - The company has achieved rapid growth in performance, with innovative pipelines continuing to deliver results. The first innovative product has been approved for market, marking 2025 as a year of commercialization [4][8]. - The company has successfully transformed through innovation, with significant sales growth driven by new product launches and effective cost control [8]. - The financial forecast has been slightly adjusted due to increased sales expenses from new drug launches, with projected net profits for 2025 and 2026 being 215 million CNY and 312 million CNY respectively [5]. Financial Performance Summary - The company reported a revenue of 1,778 million CNY in 2024, a year-on-year increase of 23.15%, and a net profit of 160 million CNY, up 207.92% [8]. - For 2025, the expected revenue is 2,021 million CNY, reflecting a growth of 13.7%, with a projected net profit of 215 million CNY, a growth of 34.2% [7]. - The gross margin is expected to remain stable around 80.5% to 81.0% over the forecast period [7]. Valuation Summary - The absolute valuation predicts a reasonable market value of 20.76 billion CNY, corresponding to a target price of 22.36 CNY per share [5][10]. - The company's financial ratios indicate a projected price-to-earnings ratio (P/E) decreasing from -110.6 in 2023 to 34.8 in 2027, reflecting improving profitability [7].