Dizal Pharmaceutical(SH:688192) ZHESHANG SECURITIES·2025-05-14 01:55Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Insights - The company's performance is driven by the expansion of medical insurance coverage for its key products, Shuwotini and Golixitini, leading to significant revenue growth [1][2] - The company is expected to see accelerated commercialization of its pipeline, with strong differentiation advantages [4] - The revenue forecast for 2025 to 2027 is projected at 7.53 billion, 12.59 billion, and 21.74 billion respectively, reflecting robust growth [4][9] Summary by Sections Performance Overview - In 2024, the company achieved sales revenue of 360 million, a year-on-year increase of 294.24%, with a significant impact from medical insurance price compensation affecting approximately 52 million of the revenue [1] - For Q1 2025, the company reported revenue of 160 million, a year-on-year increase of 96.32%, attributed to the implementation of the new national medical insurance catalog for its core products [1] Product Pipeline and Catalysts - Shuwotini received priority review from the FDA for its new drug application in January 2025, with expectations for approval [2] - Golixitini is set to be launched in June 2024, being the first selective JAK1 inhibitor for treating peripheral T-cell lymphoma, showing promising efficacy and safety [2] - DZD8586 and DZD6008 are innovative products in clinical trials, with data expected to be presented at the 2025 ASCO conference, indicating potential for further advancements [3] Financial Projections - The company forecasts significant revenue growth from 2025 to 2027, with expected revenues of 7.53 billion, 12.59 billion, and 21.74 billion respectively, driven by the commercialization of its key products [4][9] - The projected net profit for 2024 is 846 million, with a decline in subsequent years due to increased costs associated with product launches and development [9]