ZHONGSHENGYAOYE(SZ:002317) Guotou Securities·2026-01-19 14:05Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 12-month target price of 26.68 CNY per share [5]. Core Insights - The company has entered into a licensing agreement with Qilu Pharmaceutical to commercialize the GLP-1/GIP dual-target drug RAY1225 in China, which is expected to lead to significant sales growth [2][3]. - The company retains all rights to RAY1225 outside of China, including clinical development and marketing [2]. - Qilu Pharmaceutical's strong commercialization capabilities position RAY1225 for successful market entry and sales expansion in China [3]. Financial Projections - Projected revenues for the company from 2025 to 2027 are 28.53 billion CNY, 32.81 billion CNY, and 37.41 billion CNY, respectively [3]. - Expected net profits for the same period are 3.02 billion CNY, 3.78 billion CNY, and 4.46 billion CNY [3]. - The company is anticipated to enter a phase of realization of its innovative transformation, justifying a PE valuation of 60 times for 2026 [3]. Market Performance - As of January 16, 2026, the company's stock price was 22.10 CNY, with a total market capitalization of approximately 18.78 billion CNY [5]. - The stock has shown significant performance with a 12-month absolute return of 94.0% [6].