Chongqing Genrix Biopharmaceutical (SH:688443) Guotai Junan Securities·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.66 CNY, indicating a potential upside from the current price of 33.60 CNY [14][20]. Core Insights - The company has released its 2023 annual performance report, which meets expectations, with revenue of 121.15 million CNY and a net loss attributable to shareholders of 80.1 million CNY, reflecting a 39.03% increase in losses due to increased R&D expenses as multiple products enter critical clinical phases [14][20]. - The report highlights the promising data for the company's core product, GR1501, which is expected to receive approval in the first half of 2024, indicating strong future growth potential [14][20]. - The company is advancing multiple pipelines into key clinical stages, including GR1802 and GR2001, with significant progress noted in their clinical trials [14][20]. Financial Summary - The company reported a significant increase in revenue from 39 million CNY in 2022 to an estimated 1 million CNY in 2023, with projections of 85 million CNY in 2024 and 319 million CNY in 2025 [20]. - The net profit attributable to shareholders is projected to improve from -2.19 CNY in 2023 to -1.42 CNY in 2025, indicating a gradual recovery [20]. - The total market capitalization of the company is approximately 12.32 billion CNY, with a circulating A-share of 367 million shares [20].