ZHONGSHENGYAOYE(SZ:002317) KAIYUAN SECURITIES·2026-01-17 14:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company has signed a licensing agreement with Qilu Pharmaceutical for the domestic commercialization of RAY1225 injection, retaining all rights and interests for international markets. The total transaction value is expected to be RMB 1 billion, including an upfront payment of RMB 200 million and milestone payments of up to RMB 800 million [4][5] - The company forecasts a significant growth potential driven by its innovative drug pipeline, maintaining profit estimates for 2025-2027 with expected net profits of RMB 344 million, RMB 381 million, and RMB 425 million respectively, and corresponding EPS of RMB 0.40, RMB 0.45, and RMB 0.50 [4][5] Financial Summary - Revenue projections are as follows: RMB 2,611 million for 2023, RMB 2,467 million for 2024, RMB 2,802 million for 2025, RMB 3,154 million for 2026, and RMB 3,540 million for 2027, with year-over-year growth rates of -2.5%, -5.5%, 13.5%, 12.6%, and 12.2% respectively [7][9] - The company expects to achieve a gross margin of approximately 56% and a net margin of around 12% in the coming years, with a projected return on equity (ROE) of 9.5% by 2027 [7][9]