ZHONGSHENGYAOYE(SZ:002317) GOLDEN SUN SECURITIES·2025-05-25 06:04Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The approval of the flu drug Anladiwei tablets marks a significant innovation achievement for the company, being the first global RNA polymerase PB2 protein inhibitor for flu treatment with clear mechanisms and independent intellectual property rights [1] - The company has solidified its leading position in the respiratory drug market, with Anladiwei showing superior efficacy compared to Oseltamivir in clinical trials, reducing median time to fever relief by nearly 10% [2] - The company is expected to see a substantial increase in net profit, with projections of CNY 308 million, CNY 369 million, and CNY 422 million for 2025, 2026, and 2027 respectively, reflecting growth rates of 203%, 19.6%, and 14.4% [3] Summary by Sections Company Overview - The company has achieved a significant milestone with the approval of Anladiwei tablets, which are now the only flu treatment in China to compete directly with Oseltamivir in clinical trials [2] - The company is actively promoting the integration of COVID-19 and flu treatment strategies, enhancing its market position [2] Financial Performance - In Q1 2025, the company reported a net profit of CNY 82.61 million, a year-on-year increase of 61%, laying a foundation for high-quality development throughout the year [3] - Revenue projections for 2025-2027 indicate a recovery with expected revenues of CNY 2.81 billion, CNY 3.11 billion, and CNY 3.42 billion, respectively, with growth rates of 13.9%, 10.7%, and 10.0% [9] Research and Development - The company has established a robust R&D ecosystem, focusing on self-initiated research complemented by collaborative efforts, with ongoing clinical trials for various innovative drugs [3] - The company is advancing its dual-target (GLP-1/GIP) injection RAY1225 in the U.S. and has received ethical approval for its domestic Phase III clinical trials [3]