INNOCARE(688428)2025-05-18 10:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core product, Acalabrutinib, has shown strong sales growth, leading to an upward revision of the annual sales guidance to 3.5 billion yuan [6] - In 2024, the company achieved revenue of 1.009 billion yuan, a year-on-year increase of 36.68%, while the net profit attributable to the parent company was -440 million yuan [6] - For Q1 2025, the company reported revenue of 381 million yuan, a year-on-year increase of 129.92% and a quarter-on-quarter increase of 22.32%, marking a return to profitability [6] - The company has adjusted its revenue forecasts for 2025-2027, expecting revenues of 1.47 billion, 1.79 billion, and 2.21 billion yuan respectively, with year-on-year growth rates of 45.7%, 21.7%, and 23.3% [6] Sales Performance - The core product Acalabrutinib achieved sales revenue of approximately 1 billion yuan in 2024, representing a year-on-year growth of 49.14% [6] - In Q1 2025, Acalabrutinib's sales revenue reached 311 million yuan, a year-on-year increase of 89.22% [6] Product Pipeline and Internationalization - The company is focusing on building a product matrix in the hematology field centered around Acalabrutinib, with multiple new indications approved and in clinical trials [7][8] - Acalabrutinib received approval for new indications in April 2025 and is expected to rapidly expand in the market due to its inclusion in medical insurance [7] - The company is actively exploring international collaborations and licensing agreements for its important pipelines, including a dual antibody product developed in collaboration with Connoa [8] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025, 2026, and 2027 are 1.47 billion, 1.79 billion, and 2.21 billion yuan respectively, with corresponding P/S ratios of 25.1, 20.6, and 16.7 [10] - The gross margin is expected to remain high, with projections of 87.3% in 2025 and 87.1% in 2027 [10] - The net profit margin is projected to improve from -23.2% in 2025 to -17.5% in 2027 [10]