CCHT(SZ:000661) Huaxin Securities·2025-09-24 15:14Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The collaboration with ALK-Abelló A/S aims to expand the desensitization treatment market, potentially creating new growth points for the company [5]. - The launch of Fuxin Qibai monoclonal antibody addresses the acute treatment of gout, filling a gap in the long-acting targeted therapy market in China [6]. - The company is increasing its R&D investment, particularly in the oncology sector, with a focus on developing new drugs based on ADC technology [7][8]. - Revenue forecasts for 2025-2027 are projected at 133.25 billion, 136.94 billion, and 137.85 billion yuan respectively, with corresponding EPS of 5.66, 5.88, and 6.00 yuan [9][11]. Summary by Sections Market Performance - The current stock price is 120.5 yuan, with a total market capitalization of 49.2 billion yuan and a total share count of 408 million [1]. Investment Highlights - The partnership with ALK allows the company to exclusively distribute three products in mainland China, enhancing its market share in the desensitization treatment sector [5]. - The pediatric market for allergy treatments is significant, with a prevalence rate of 18.46% among children aged 0-18 in China, indicating a strong potential for growth [5]. - Fuxin Qibai has shown promising clinical results, with a 90% reduction in gout recurrence risk at 12 weeks, suggesting a sales potential exceeding 20 billion yuan [6]. R&D Investment - In the first half of 2025, the company invested 1.335 billion yuan in R&D, a 17.32% increase year-on-year, representing 20.21% of its revenue [7]. - The increase in R&D spending is aimed at attracting new talent and establishing a new drug development platform focused on oncology [8]. Financial Projections - The company anticipates a decline in revenue growth rates, with a forecasted decrease of 7.6% in 2024, followed by a slight recovery in subsequent years [11]. - The projected net profit for 2025 is 2.308 billion yuan, reflecting a 10.6% decrease from the previous year [11].