Investment Rating - The report gives a "Buy" rating for the company, 康哲药业 (0867.HK), for the first time [7]. Core Views - The company has successfully transitioned into a new product era, with its innovative transformation showing significant results. The impact of national procurement on its products has reached a turning point, and the sales of exclusive/brand and innovative products continue to grow, indicating a recovery in performance [7]. - The company is focusing on dual engines of "cooperative research and independent research" to drive innovation, with a rich product pipeline covering multiple therapeutic areas. The company aims to enhance its market position through strategic international expansion and innovative product launches [6][10]. Summary by Sections 1. Successful Innovation Transformation - The company has adopted a dual approach of "cooperative research + independent research" to efficiently promote clinical development and commercialization. It has transitioned from a single drug agency model to an innovation-driven pharmaceutical enterprise since 2018 [10]. - As of the first half of 2025, the company has a pipeline of 40 products, with five innovative products approved for sale in China [10]. 2. Impact of National Procurement - The company faced a decline in revenue and net profit in 2023 due to three products being included in national procurement, leading to a significant drop in sales and market share [12]. - In 2025, the company’s performance rebounded, achieving revenue of 40.02 billion yuan (up 10.8% year-on-year) and a net profit of 9.41 billion yuan (up 3.3% year-on-year) [12]. 3. Innovative Drug Strategy - The company has successfully launched four innovative drugs, with a focus on chronic kidney disease, psoriasis, and epilepsy. Two additional products are pending approval, and three are in clinical phase III trials [34][36]. - The company’s innovative pipeline includes products targeting skin health, with plans for a spin-off of 德镁医药 to unlock its value in the skin health sector [21][34]. 4. Financial Forecast and Valuation - The company is expected to achieve net profits of 16.70 billion yuan, 20.05 billion yuan, and 23.72 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 18, 15, and 12 times [7]. - The company’s P/E valuation for 2025 is estimated at 18 times, which is lower than the average P/E of comparable companies at 28 times [7].
康哲药业（00867）：业绩重回上升轨道，潜力大单品迎来收获期