Zelgen(SH:688266) Hua Yuan Zheng Quan·2025-09-04 09:48Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing smooth commercialization progress, with significant potential for its pipeline in overseas markets [5] - The company's revenue for the first half of 2025 reached 376 million yuan, representing a year-on-year growth of 56.07%, driven by the inclusion of its product in the national medical insurance directory [7] - The company's key product, Jikaxitini, was successfully approved for market launch in May 2025 and is recommended as a first-line treatment for primary myelofibrosis [7] - The pipeline shows promising potential, with several products advancing through clinical trials and expected to contribute to future revenue growth [7] Financial Summary - Revenue projections for 2025-2027 are estimated at 824 million yuan, 1.388 billion yuan, and 2.391 billion yuan respectively, with year-on-year growth rates of 54.68%, 68.36%, and 72.28% [6][8] - The company is expected to achieve a net profit of 117 million yuan in 2026 and 561 million yuan in 2027, with significant growth rates of 222.86% and 379.53% respectively [6][8] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 242 for 2026 and 50.44 for 2027 [6][8]