NKF(603707) 华福证券·2025-05-26 06:12Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [7][18]. Core Views - The company's performance in 2024 met expectations, with a revenue of 3.924 billion yuan, a slight decrease of 0.20% year-on-year, and a net profit of 826 million yuan, a significant increase of 536.09% year-on-year [2][4]. - In Q1 2025, the company experienced a revenue decline of 11.85% year-on-year, totaling 885 million yuan, and a net profit decrease of 52.19%, amounting to 85 million yuan [2][4]. - The report emphasizes that short-term fluctuations do not alter the company's long-term growth potential, particularly as it positions itself as a unique overseas formulation commercialization platform [4][5]. Financial Performance Summary - For 2024, the company achieved a revenue of 39.24 billion yuan and a net profit of 8.26 billion yuan, with Q4 showing a revenue increase of 5.84% year-on-year [4][5]. - The report highlights a significant decline in revenue from the heparin raw material segment, down 51.61% year-on-year, while the formulation business grew by 18.30% [4][5]. - The company is expected to see net profits of 1.063 billion yuan in 2025, with growth rates of 29%, 33%, and 30% projected for the following years [5][6]. Market Opportunities - The global biosimilar market is anticipated to grow rapidly as key biological drug patents expire, presenting significant opportunities for the company [5]. - The company has made strategic acquisitions and partnerships, including the full asset acquisition of Coherus BioSciences' adalimumab biosimilar, which has already generated over 70 million yuan in sales since its launch [5][6]. - The upcoming approval of liraglutide in April 2025 is expected to convert prior investments into substantial revenue growth [4][5].