科伦药业（002422）：点评：创新突破，看好拐点

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to see an upward turning point in operations and performance driven by innovation, particularly with the ongoing global clinical data readouts for SKB264, which may enhance valuation opportunities [1][5] - The first quarter of 2025 showed a significant decline in revenue and profit, primarily due to high base effects from the previous year and price fluctuations [1][2] Financial Performance Summary - In 2024, the company achieved revenue of 21.812 billion yuan (YOY +1.67%) and a net profit of 2.936 billion yuan (YOY +19.53%) [1][13] - For Q1 2025, the company reported revenue of 4.390 billion yuan (YOY -29.42%) and a net profit of 0.584 billion yuan (YOY -43.07%) [1][13] Business Segmentation Summary - The infusion segment experienced a revenue decline to 8.912 billion yuan in 2024 (YOY -11.85%), while the sales volume was 4.347 billion bags/bottles (YOY -0.70%) [2] - Non-infusion pharmaceuticals saw a revenue increase to 4.169 billion yuan in 2024 (YOY +5.41%), driven by the sales of innovative drugs [3] - The intermediates and raw materials segment achieved revenue of 5.856 billion yuan in 2024 (YOY +20.90%), with significant contributions from various antibiotic intermediates [4] Innovation and Commercialization - The company has a robust pipeline with over 30 projects, focusing on oncology, and several innovative drugs have been approved for market entry [5] - The internationalization efforts are highlighted by the overseas licensing of SKB264, with a total development and sales milestone exceeding 1.2 billion USD [5] Earnings Forecast and Valuation - The projected EPS for 2025-2027 is 1.88, 2.11, and 2.54 yuan respectively, with a PE ratio of 19 times based on the closing price on May 15, 2025 [11][13] - The company is expected to benefit from its innovative drug technology platform and cost reduction strategies in the intermediates and raw materials segment [11]