Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which highlights the company's innovative capabilities and potential for value realization [6] - The company is expected to maintain its profit forecasts, with projected net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for the years 2025 to 2027, respectively, and corresponding EPS of 0.97, 1.09, and 1.23 yuan per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025 to 2027, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - Revenue for 2023 was 7.836 billion yuan, with projections of 9.108 billion yuan for 2024 and 10.078 billion yuan for 2025, reflecting a year-over-year growth of 14.1%, 16.2%, and 10.7% respectively [9] - Net profit for 2023 was 1.549 billion yuan, with projections of 2.090 billion yuan for 2024 and 2.328 billion yuan for 2025, showing a year-over-year growth of (19.1)%, 34.9%, and 11.4% respectively [9] - The gross margin is expected to remain stable at around 84.2% from 2025 to 2027, while the net margin is projected to increase from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is projected to improve from 0.8% in 2025 to 1.1% in 2027 [9]
三生制药（01530）：与辉瑞就SSGJ-707达成授权，创新价值弹性兑现