Cosunter(SZ:300436) China Post Securities·2025-08-03 14:01Investment Rating - The report recommends a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is leading in the innovative treatment of hepatitis B, with its drug GST-HG141 entering Phase III clinical trials, showing significant advantages in suppressing HBV DNA and potentially depleting HBV cccDNA [4]. - Another drug, GST-HG131, has completed Phase II clinical trials and is the only oral HBsAg inhibitor globally, demonstrating rapid HBsAg reduction and is part of a three-drug oral therapy aimed at achieving clinical cure for hepatitis B [5]. - The company is projected to achieve revenues of 454 million, 503 million, and 585 million from 2025 to 2027, with net profits expected to improve from a loss of 49.37 million in 2025 to a profit of 8.84 million in 2027 [6][9]. Company Overview - The latest closing price of the company's stock is 97.00 yuan, with a total market capitalization of 154 billion yuan and a circulating market capitalization of 133 billion yuan [3]. - The company has a total share capital of 1.59 billion shares, with 1.37 billion shares in circulation [3]. - The largest shareholder is Fujian Aohua Group Co., Ltd [3]. Financial Forecast - The company is expected to see a revenue growth rate of 4.43% in 2024, followed by 2.83% in 2025, and accelerating to 16.11% by 2027 [9]. - The EBITDA is projected to increase significantly from 21.67 million in 2024 to 174.81 million by 2027 [9]. - The net profit margin is expected to turn positive by 2027, with an EPS of 0.06 yuan [9].