ZHONGSHENGYAOYE(SZ:002317) GOLDEN SUN SECURITIES·2025-05-25 06:23Investment Rating - The investment rating for the company is "Buy" and it has been maintained [5]. Core Views - 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 improve operational efficiency and profitability through strategic focus on core business segments, with a projected net profit growth of 203% in 2025 [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 308 million yuan, 369 million yuan, and 422 million yuan respectively, with growth rates of 203%, 19.6%, and 14.4% [3]. - The expected earnings per share (EPS) for the years 2025, 2026, and 2027 are 0.36 yuan, 0.43 yuan, and 0.50 yuan respectively [9]. - The company’s revenue is projected to increase from 2.81 billion yuan in 2025 to 3.42 billion yuan in 2027, reflecting a growth rate of 13.9% and 10% respectively [9]. Market Position - The company is the only domestic entity with both COVID-19 and flu innovative drugs, positioning itself to enhance the treatment strategies for both diseases [2]. - The company has established a multi-modal research and development ecosystem, focusing on independent research complemented by collaborative efforts, which is expected to yield further innovative products [3].