Kawin Technology(SH:688687) EBSCN·2025-05-09 10:19Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for 2024 is expected to decline by 12.87% to 1.23 billion yuan due to the implementation of centralized procurement policies, which have led to price reductions for key products [2][3] - The company anticipates the successful approval and market launch of its core product, KW-001 (long-acting interferon α-2 injection), in 2025, following the completion of Phase III clinical trials [2][3] - The report projects a recovery in revenue growth starting in 2025, with an estimated revenue of 1.35 billion yuan, reflecting a growth rate of 9.73% [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.23 billion yuan, a decrease of 12.87% year-on-year, while net profit attributable to shareholders was 142 million yuan, an increase of 22.18% [1][2] - For Q1 2025, the company reported a revenue of 232 million yuan, up 8.90% year-on-year, with a net profit of 26 million yuan, reflecting a growth of 15.92% [1][2] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 171 million yuan and 221 million yuan, respectively, representing an 11% reduction from previous estimates [3] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 28, 21, and 19 times, respectively [3] Research and Development - The company has maintained a high level of investment in research and development, with several projects in the pipeline, including KW-045 and KW-051, which have completed their respective clinical trials [2][3]