Capital Securities·2025-08-25 12:06Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The commercialization value of Oubatinib is being realized, and the pipeline of innovative drugs is steadily advancing [4] - In the first half of 2025, the company achieved operating revenue of 731 million yuan, a year-on-year increase of 74.26%, while the net profit attributable to shareholders was -30.09 million yuan [8] - Oubatinib's sales in the hematological oncology indications are rapidly increasing, with significant growth potential in sales expected [8] - The company has multiple innovative drugs in development, with a rich product pipeline and several catalysts expected in the next 1-3 years [8] Financial Summary - The company’s total share capital is 1.765 billion shares, with a total market value of 53.592 billion yuan [2] - The projected operating revenues for 2025 to 2027 are 1.51 billion yuan, 1.914 billion yuan, and 2.452 billion yuan, with year-on-year growth rates of 49.6%, 26.7%, and 28.2% respectively [9] - The projected net profit attributable to shareholders for the same period is -259 million yuan, -241 million yuan, and -251 million yuan [9] - The current price-to-earnings ratio (PE) is -256.56, with projected PE ratios for 2025, 2026, and 2027 being -207.3, -222.0, and -213.9 respectively [2][9]