品种陆续在海外获批上市，公司平台价值有望兑现

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 30.55 CNY, based on a current price of 14.35 CNY [6]. Core Insights - The company has established a relatively complete overseas commercialization system and has gained market access in approximately 40 countries, including Brazil, the Philippines, and Indonesia, achieving sales in these regions [4][20]. - The company has introduced over ten new products since 2021, focusing on oncology treatments, including five products in the breast cancer treatment field, which are expected to generate significant sales due to market demand [4][68]. - The company aims to leverage its overseas commercialization platform to enhance revenue growth, with projected revenues of 12.59 billion, 14.15 billion, and 18.97 billion CNY for 2023 to 2025, respectively [26]. Summary by Sections Company Overview - The company, established in 1997, focuses on the research, production, and sales of recombinant protein drugs and microbiological preparations, with a strategic emphasis on internationalization since 2021 [34][12]. Financial Performance - The company's revenue has shown stability, with total revenue increasing from 1.19 billion CNY in 2019 to 1.31 billion CNY in 2022, and a slight increase of 2.65% year-on-year in the first three quarters of 2023 [15][37]. - The net profit attributable to the parent company turned negative in 2022, with a loss of 90.3 million CNY, but the loss narrowed to 54.3 million CNY in the first three quarters of 2023 due to improved cost control [15][37]. Market Expansion - The company has a strong presence in emerging markets, with a sales network covering all countries with populations over 100 million, and is actively pursuing product registrations in these regions [4][20]. - The report highlights the potential for rapid market expansion in emerging markets, supported by favorable policies and increasing demand for pharmaceutical products [87][98]. Product Pipeline - The company has introduced over ten products, including key oncology drugs, and is preparing for market entry in Europe, with significant potential for sales growth in the breast cancer treatment segment [4][68]. - The company has submitted over 70 product registration applications in more than 40 countries, indicating a robust pipeline for future growth [19][20].