CCHT(SZ:000661) Western Securities·2025-09-02 13:13Investment Rating - The report maintains an "Accumulate" rating for Changchun High-tech [6] Core Views - The company is undergoing a critical transformation period, with short-term performance under pressure due to a decline in net profit [1][3] - The subsidiary, Jinsai Pharmaceutical, has stabilized its revenue but faces short-term profit challenges [1][2] - The company is focusing on differentiated innovation with multiple products expected to commercialize in the future [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.603 billion yuan, a decrease of 0.54%, and a net profit attributable to shareholders of 983 million yuan, down 42.85% [1][6] - Jinsai Pharmaceutical reported revenue of 5.469 billion yuan, an increase of 6.17%, but a net profit decline of 37.35% [1][2] Research and Development - R&D investment reached 1.335 billion yuan, up 17.32%, accounting for 20.21% of revenue [2] - The approval of new products like Fuxin Qibai monoclonal antibody marks significant progress in the company's R&D pipeline [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 2.102 billion yuan, 2.241 billion yuan, and 2.407 billion yuan, reflecting a year-on-year decline of 18.6% in 2025, followed by growth in subsequent years [3][4] - The company is expected to gradually increase its performance as new products are launched [3]