Hinova Pharmaceuticals (SH:688302) Southwest Securities·2025-05-12 05:45Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company has made progress in its research pipeline, particularly with the drug HC-1119, which is expected to receive approval by the end of 2024 [8] - The company reported a revenue of 0.367 million yuan for 2024, with a net profit attributable to the parent company of -199.5 million yuan, indicating a reduction in losses compared to previous periods [8] - The company is advancing its PROTAC drug development, with significant milestones achieved in clinical trials for various indications [8] Financial Summary - Revenue Forecast: The company is projected to achieve revenues of approximately 159 million yuan in 2025, 379.7 million yuan in 2026, and 580 million yuan in 2027, reflecting a growth rate of 43,243.59% in 2025 [3][10] - Net Profit: The net profit attributable to the parent company is expected to improve from -150.64 million yuan in 2025 to a positive 5.37 million yuan in 2027, with a growth rate of 105.93% in 2027 [3][11] - Earnings Per Share (EPS): EPS is projected to improve from -1.52 yuan in 2025 to 0.05 yuan in 2027 [3][11] - Return on Equity (ROE): ROE is expected to turn positive at 0.56% by 2027, improving from -14.46% in 2025 [3][11] Research and Development Progress - The company has completed patient enrollment for its oral AR PROTAC drug HP518 in a Phase II clinical trial for mCRPC, and it has received FDA fast track designation for another indication [8] - The clinical trial for HP568 targeting ER+/HER2- advanced breast cancer has received approval from the NMPA and is set to begin patient dosing [8] Investment Recommendations - The report suggests monitoring the company closely due to the anticipated approval of its first innovative drug, 德恩鲁胺 (Deenluzumab), which has already been accepted for NDA [8]