Chipscreen(SH:688321) GUOTAI HAITONG SECURITIES·2026-03-10 03:19Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 48.38 CNY, compared to the current price of 30.15 CNY [5][11]. Core Insights - The company is expected to achieve steady revenue growth in 2026, with a projected revenue of 12.61 billion CNY, driven by the successful renewal of medical insurance for its core products, Xidabena and Xiglitazone, which are anticipated to see significant volume growth [11][15][16]. - The report highlights that multiple core indications for Xidabena are expected to reach clinical endpoints in 2026, providing a continuous growth impetus for the company [18][22]. - The efficacy of Xioroni in treating pancreatic cancer is noted to be outstanding, positioning it competitively on a global scale [28][29]. - Several new drugs are expected to report data in 2026, marking a significant period for the company's research and development achievements [33]. Financial Summary - The company’s total revenue is projected to grow from 910 million CNY in 2025 to 1,261 million CNY in 2026, reflecting a year-on-year increase of 38.6% [4]. - Net profit attributable to the parent company is expected to rise from 51 million CNY in 2025 to 166 million CNY in 2026, indicating a substantial recovery from a loss of 115 million CNY in 2024 [4]. - The earnings per share (EPS) is forecasted to increase from 0.12 CNY in 2025 to 0.38 CNY in 2026, further demonstrating the company's improving profitability [4]. Product Development and Clinical Trials - Xidabena is undergoing multiple pivotal clinical trials, with significant studies expected to report results in 2026, including trials for 1L MEL and 3L+ CRC [19][21]. - Xioroni is also advancing in clinical trials for first-line pancreatic cancer, with promising early results that suggest a competitive edge in the market [28][30]. - The company is actively developing several new drugs, including TYK2 inhibitors and PDL1 oral small molecules, which are anticipated to complete initial clinical phases in 2026 [33][35].