CCHT(SZ:000661) GUOTAI HAITONG SECURITIES·2025-09-09 03:00Investment Rating - The investment rating for the company is "Accumulate" [6][19]. Core Views - The report emphasizes that the core subsidiary, Jinsai Pharmaceutical, is increasing its investment in research and sales, which is impacting short-term profitability. The focus is on the innovation pipeline data and business development transactions as catalysts for growth, maintaining the "Accumulate" rating [2][12]. Financial Summary - Total revenue for 2023 is projected at 14,566 million, with a year-on-year growth of 15.4%. However, a decline of 7.6% is expected in 2024, followed by a slight decrease of 0.3% in 2025, and a recovery with growth of 2.8% in 2026 and 2.7% in 2027 [4]. - Net profit attributable to the parent company is forecasted to be 4,532 million in 2023, with a significant drop of 43.0% to 2,583 million in 2024. The net profit is expected to further decline to 2,148 million in 2025, before recovering to 2,376 million in 2026 and 2,525 million in 2027 [4]. - Earnings per share (EPS) is projected to decrease from 11.11 yuan in 2023 to 5.26 yuan in 2025, with a gradual increase to 6.19 yuan by 2027 [4]. Market Data - The company's target price is set at 157.94 yuan, with the current price at 127.49 yuan [6][12]. - The market capitalization is reported at 52,008 million, with a 52-week price range of 78.90 to 128.00 yuan [7]. Investment Highlights - Jinsai Pharmaceutical, as a leader in the growth hormone industry, is expected to maintain its competitive edge despite a deteriorating competitive landscape for long-acting growth hormones. The company has five years of real-world data proving the safety of its long-acting products and has received approvals for three major indications [12]. - The report highlights the diversification of product revenue, with a focus on new key products such as Jinbeixin and Meishiya, which are expected to capture significant market potential [12]. - The company has a rich pipeline of research projects, with several candidates expected to submit IND applications in the second half of the year, indicating potential for international market expansion [12].