Gan & Lee(SH:603087) Orient Securities·2025-08-12 11:05Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.07 billion yuan in the first half of 2025, representing a year-on-year growth of 57.2%, and a net profit attributable to the parent company of 600 million yuan, up 102.0% year-on-year, which aligns with expectations [8] - The company is actively advancing its business development (BD) process, focusing on global expansion with promising clinical data for its core products, including GZR18 and GZR4, which show significant market potential [8][9] - The company completed a board restructuring, with a new chairman who has extensive experience in drug development, indicating a commitment to innovation and global market strategies [8] Financial Forecasts and Investment Recommendations - The earnings per share (EPS) are projected to be 1.91 yuan, 2.40 yuan, and 2.84 yuan for 2025, 2026, and 2027 respectively [2] - The company is expected to maintain a revenue growth rate of 38.0% in 2025, with a target price set at 70.67 yuan based on a 37 times price-to-earnings (PE) ratio for 2025 [2][5] - Key financial metrics include a gross margin of 78.7% and a net margin of 27.2% for 2025, reflecting strong profitability [4][9]