Sinocelltech(SH:688520) Western Securities·2025-09-17 12:36Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by over 20% in the next 6-12 months [3][11][6]. Core Insights - The company's revenue for the first half of 2025 was 972 million yuan, a decrease of 25.50% compared to the previous period, primarily due to regional price reductions and healthcare cost controls affecting the market for its core product, Anjain® [1][6]. - The company is focusing on expanding its market presence and ensuring competitive pricing in key provinces, aiming for a recovery in Anjain® sales [2][3]. - The company has made significant investments in R&D, totaling 388 million yuan, and has a robust pipeline with 13 products in clinical research stages, including innovative therapies targeting various cancers and autoimmune diseases [2][3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 2.194 billion yuan, 2.543 billion yuan, and 3.021 billion yuan, reflecting a year-on-year growth of -12.7%, 15.9%, and 18.8% respectively [4][3]. - The net profit for 2025 is projected to be -33 million yuan, with a significant recovery expected in subsequent years, reaching 230 million yuan by 2027 [4][3]. - The company reported a gross margin of 94.79% in the first half of 2025, with expenses for sales, management, R&D, and finance at 43.4%, 8.8%, 39.0%, and 4.5% respectively [1][6].