Konruns(SH:603590) Shanxi Securities·2025-09-04 11:15Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the near term [1][3]. Core Insights - The company is positioned as an innovative pharmaceutical enterprise focusing on oncology, with promising candidates such as KAT6 inhibitor KC1086 and multi-target inhibitors like KC1036 and ZY5301 showing significant clinical efficacy [3][4]. - In the first half of 2025, the company reported revenue of 460 million yuan, reflecting a year-on-year growth of 13.8%, with further growth potential anticipated [3]. - Revenue projections for 2025-2027 are estimated at 941 million, 1.078 billion, and 1.265 billion yuan, respectively, with net profits expected to reach 133 million, 159 million, and 193 million yuan [3][8]. Company Overview - The company is actively developing multiple innovative drugs, including KC1086, which has shown over 90% inhibition in ER+/HER2- breast cancer models, and KC1036, which has demonstrated significant overall survival benefits in esophageal squamous cell carcinoma (ESCC) [4][5]. - ZY5301 is targeting chronic pelvic pain due to pelvic inflammatory disease, achieving a pain disappearance rate of 53.45% in high-dose groups during clinical trials [6]. Financial Data and Valuation - The company’s financial forecasts indicate a revenue increase from 920 million yuan in 2023 to 1.265 billion yuan in 2027, with a projected net profit growth from 150 million yuan to 193 million yuan over the same period [8][10]. - The projected P/E ratios for 2025, 2026, and 2027 are 67.6, 56.4, and 46.5, respectively, indicating a decreasing trend in valuation multiples as the company grows [8][10].