AKESO(HK:09926) Minsheng Securities·2024-03-19 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved impressive performance in 2023, turning a profit with a net income of 1.942 billion RMB, a significant improvement from the previous year's loss. Revenue reached 4.526 billion RMB, marking a 440% increase year-on-year, the highest since its listing [2]. - The company has a strong innovation and research capability, with over 50 clinical innovation projects, including 19 products in clinical trials, 6 of which are potential First-In-Class or Best-In-Class bispecific antibodies. R&D investment in 2023 was 1.254 billion RMB, a 5% decrease from the previous year [2]. - Three products have been successfully commercialized, with significant sales growth. The product Katanil (PD-1/CTLA-4) achieved sales of 1.358 billion RMB, a 149% increase year-on-year. The company has also made progress in clinical trials for new indications [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 2.774 billion RMB, with a net profit of -372 million RMB. The forecasts for 2025 and 2026 are revenues of 4.053 billion RMB and 5.900 billion RMB, with net profits of 205 million RMB and 483 million RMB, respectively [3][6]. - The company's cash reserves stood at 4.9 billion RMB, indicating a strong liquidity position [2]. - The report highlights a significant increase in operating cash flow to 2.468 billion RMB in 2023, with expectations of 2.109 billion RMB in 2024 [9].