CCHT(SZ:000661) CAITONG SECURITIES·2025-09-11 12:50Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Views - The company is transitioning from a single large product-driven growth model to a multi-innovative drug-driven growth model, with several innovative drugs entering late-stage clinical trials and market launch [8][17]. - The company maintains a solid leading position in growth hormone products, with multiple innovative drugs opening up new growth opportunities [8][17]. - The newly launched products, such as the nano-crystal form of medroxyprogesterone and the IL-1β inhibitor, are expected to address significant market needs and have the potential to become major products [8][54]. Summary by Sections Company Overview - The company is a comprehensive development enterprise focused on gene-engineered biopharmaceuticals, with its main asset being Changchun Jinsai Pharmaceutical [13]. - The company has a broad business scope, including gene engineering drugs, biological vaccines, and modern traditional Chinese medicine [13]. Financial Performance - The company's revenue slightly declined, with a projected revenue of 13.466 billion yuan in 2024, a year-on-year decrease of 7.55% [8][16]. - The company’s net profit attributable to shareholders is expected to drop significantly in 2024, with a forecast of 2.583 billion yuan, a decrease of 43.01% year-on-year [7][16]. Product Pipeline and Innovation - The company is increasing its R&D investment, with R&D expenses rising from 349 million yuan in 2017 to 2.69 billion yuan in 2024, representing 19.97% of revenue [21][24]. - The company has multiple innovative products in the pipeline, including the recently approved IL-1β inhibitor, which marks a shift from a focus on growth hormones to a broader innovative drug strategy [23][54]. Market Opportunities - The newly launched nano-crystal form of medroxyprogesterone significantly improves patient compliance and accessibility, addressing the challenges of traditional formulations [31][53]. - The approval of the IL-1β inhibitor for acute gout attacks is expected to provide a new treatment option, enhancing the company's product offerings in the pain management market [54]. Revenue Forecast - The company is projected to achieve revenues of 134.08 billion yuan in 2025, 142.99 billion yuan in 2026, and 155.19 billion yuan in 2027, with corresponding net profits of 22.24 billion yuan, 23.01 billion yuan, and 24.58 billion yuan [8][7].