KAIYUAN SECURITIES·2025-07-23 02:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved superior efficacy in the IL-17A/F head-to-head III phase clinical trial for psoriasis, demonstrating a PASI 100 response rate of 49.5% compared to 40.2% for the control group [3] - The company is expected to maintain a strong growth trajectory with projected net profits of 2.276 billion, 2.521 billion, and 2.801 billion yuan for 2025-2027, respectively, with corresponding EPS of 2.52, 2.79, and 3.10 yuan per share [3][4] - The current price-to-earnings (PE) ratios are projected to be 17.4, 15.7, and 14.2 for the years 2025, 2026, and 2027, indicating a favorable valuation [3] Financial Summary - The company reported a revenue of 12.430 billion yuan in 2023, with a slight decline expected in 2024 to 11.812 billion yuan, followed by a recovery to 12.247 billion yuan in 2025 [6] - The gross margin is projected to be 64.1% in 2023, slightly decreasing to 62.9% in 2025, while the net profit margin is expected to stabilize around 19.5% for 2025 [6][8] - Return on equity (ROE) is forecasted to be 14.7% in 2025, with a gradual increase to 15.0% by 2027 [6][8]