ZHONGSHENGYAOYE(SZ:002317) Huaan Securities·2026-01-18 08:17Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the domestic commercialization cooperation for RAY1225 has been established, marking a significant phase in the company's innovative transformation [3][4] - The company has signed a licensing agreement with Qilu Pharmaceutical for the production and commercialization of RAY1225 in China, retaining all intellectual property rights [4][5] - RAY1225 is a long-acting GLP-1 drug with promising results in clinical trials for weight loss and blood sugar reduction, showing better efficacy and safety compared to similar products [5][8] Financial Performance and Forecast - The company forecasts revenues of 28.08 billion, 31.23 billion, and 35.01 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.8%, 11.2%, and 12.1% [8][10] - The net profit attributable to the parent company is projected to be 3.05 billion, 3.43 billion, and 3.91 billion yuan for the same years, reflecting significant growth of 201.9%, 12.5%, and 14.0% [8][10] - The report maintains previous profit forecasts, with a corresponding valuation of 62X, 55X, and 48X for the years 2025, 2026, and 2027 [8] Product Development - The innovative drug for influenza, Anladiwei tablets, has been approved for market release, expected to gradually increase in volume [7][8] - The ongoing clinical trials for RAY1225 and the anticipated overseas rights authorization are areas of continued focus for the company [5][8]