KHPG(SZ:002773) Xinda Securities·2026-01-20 00:25Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company is a leading player in the domestic ophthalmic innovative drug sector, with a product portfolio covering various therapeutic areas including ophthalmology, psychiatry/neuroscience, digestion, respiratory, hypertension, and diabetes. It has over 25 marketed products, with 11 being exclusive varieties and 20 included in the national medical insurance catalog [5][6] - The company has a robust financial performance, achieving a revenue of 3.624 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 6.23%, and a net profit of 1.033 billion yuan, with a net profit margin steadily increasing to 29% [5][6] - The global ophthalmic drug market is expected to exceed $70 billion by 2030, with the domestic market projected to surpass 20 billion yuan. The company's core product, Conbercept, has maintained a market share of approximately 40.55% as of the first half of 2025, with significant growth potential due to low penetration rates [6][19] Summary by Sections Company Overview - The company has transitioned from traditional pharmaceuticals to innovative drug development, establishing itself as a leader in the ophthalmic sector. It was founded in 1996 and has evolved through various stages, including the establishment of subsidiaries focused on biopharmaceuticals and gene therapy [23][25] Product Pipeline - The company has 13 research and development pipelines in clinical stages, with key products including KH110 (Alzheimer's disease) and KH109 (anxiety) in Phase III, and KH631 (gene therapy for nAMD) in Phase II. The gene therapy products are positioned to disrupt traditional treatment methods in ophthalmology [8][32] Market Potential - The company is well-positioned in the ophthalmic disease market, which is characterized by high unmet clinical needs. The penetration rate of Conbercept is currently only 0.6%, indicating substantial room for growth as the market expands [6][19] Financial Projections - Revenue projections for the company are 4.889 billion yuan for 2025, 5.126 billion yuan for 2026, and 5.418 billion yuan for 2027, with corresponding net profits of 1.254 billion yuan, 1.337 billion yuan, and 1.431 billion yuan respectively. The earnings per share (EPS) are expected to grow from 1.36 yuan in 2025 to 1.55 yuan in 2027 [9][10]