ApicHope(SZ:300723) GOLDEN SUN SECURITIES·2025-05-26 10:50Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company has acquired the remaining 15.25% stake in its subsidiary, Guangzhou Rui'an Bo, making it a wholly-owned subsidiary, which enhances its control over the innovative drug AR882 [1][2] - The clinical trials for AR882 are progressing smoothly, with significant milestones achieved, including FDA's Fast Track designation and completion of patient enrollment for key Phase III trials [2] - The company has a diverse pipeline with 71 projects under development, focusing on metabolic, inflammatory, and neurological diseases, which positions it for long-term competitive advantage [3] Financial Projections - The company is projected to achieve net profits of CNY 200 million, CNY 255 million, and CNY 321 million for the years 2025 to 2027, representing growth rates of 137%, 27.5%, and 25.8% respectively [3][8] - The expected P/E ratios for 2025, 2026, and 2027 are 112X, 88X, and 70X respectively [3] Stock Information - As of May 23, the closing price was CNY 49.45, with a total market capitalization of CNY 22,336.21 million [4]