Sun-Novo(688621) GOLDEN SUN SECURITIES·2025-05-22 08:57Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. to accelerate its innovation transformation, enhancing industry competitiveness and profitability [1] - The acquisition will enable the company to incubate and implement self-developed products, leveraging its R&D advantages alongside Langyan's production and sales strengths, thus creating new profit growth points [1] - The company is constructing a business ecosystem that integrates "R&D services + pipeline cultivation + new quality industrial chain," focusing on innovative drug development and expanding its pharmaceutical industrial segment [3][10] Financial Performance - The company expects its net profit for 2025-2027 to be CNY 233 million, CNY 288 million, and CNY 355 million, representing growth rates of 31.3%, 23.8%, and 23.0% respectively [11] - Projected revenues for 2025 are CNY 1.291 billion, with a year-on-year growth rate of 19.8% [12] - The company's earnings per share (EPS) for 2025 is estimated at CNY 2.08, with a corresponding P/E ratio of 22X [11][12] Business Development - The company is actively increasing R&D investments and enriching its product pipeline, with several key products entering clinical trial phases, which are expected to generate significant revenue [3] - The company has initiated a stock incentive plan, granting 2.43% of its total shares to 127 key personnel, aimed at aligning their interests with the company's long-term performance [2] Strategic Initiatives - The company is collaborating with Huawei Cloud to build a "polypeptide molecular large model platform," enhancing its capabilities in polypeptide drug development through advanced AI technologies [10] - The company is diversifying its revenue streams by pursuing both self-initiated projects and acquiring rights to promising drugs, thereby strengthening its market position [9]