ZHONGSHENGYAOYE(SZ:002317) Xinda Securities·2025-05-23 07:43Investment Rating - The report assigns a "Buy" rating for the stock of Zhongsheng Pharmaceutical (002317) based on its strong market potential and innovative drug pipeline [18]. Core Insights - The approval of Anglavei for market entry marks a significant breakthrough for the company in the innovative drug sector, with expectations for rapid market penetration in the flu medication market, projected to exceed 10 billion yuan [2][3]. - The company is advancing its innovative drug development, with promising clinical trial results for RAY1225, a dual-target GLP-1/GIP peptide drug, which is set to enter Phase III trials [4][5][7]. - The MASH project, ZSP1601, is progressing well and has the potential to become a first-in-class drug for treating metabolic dysfunction-associated steatotic liver disease, with positive early clinical data [8][9]. Financial Summary - The company’s total revenue is projected to grow from 2.611 billion yuan in 2023 to 3.774 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 17.3% [10][11]. - The net profit attributable to the parent company is expected to recover from a loss of 299 million yuan in 2024 to a profit of 517 million yuan by 2027, indicating a strong turnaround [10][11]. - The gross margin is forecasted to improve from 56.0% in 2024 to 60.6% in 2027, reflecting enhanced operational efficiency [10][11].