Konruns(SH:603590) AVIC Securities·2024-03-23 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 30.68 CNY [10]. Core Views - The report highlights that the company's innovative product, Jin Cao Pian, has successfully reached the primary endpoint in its Phase III clinical trial for chronic pelvic pain in women with pelvic inflammatory disease [10]. - The company is expected to benefit from the recovery in surgical procedures in medical institutions, supported by continuous R&D innovation and product pipeline enrichment [26]. - The report anticipates that the company will achieve diversified innovation results in the future, maintaining a "Buy" rating [26]. Summary by Sections Company Overview - The company is recognized as a leading player in the blood coagulation agent segment in China, with ongoing R&D projects including KC1036 and a pet injectable product [26]. Financial Projections - The projected diluted EPS for 2023, 2024, and 2025 are 1.01 CNY, 1.17 CNY, and 1.42 CNY, respectively, with corresponding dynamic P/E ratios of 31.20, 26.79, and 22.17 [26]. - The report provides a detailed profit forecast, indicating a revenue increase from 866.73 million CNY in 2022 to 1,082.68 million CNY in 2023, and further to 1,602.55 million CNY by 2025 [28]. R&D Progress - The report notes that the clinical trial for Jin Cao Pian has met its primary endpoint, marking a significant advancement in the company's product pipeline [10]. - KC1036 has received approval for clinical trials targeting advanced esophageal squamous cell carcinoma in adolescents, indicating a strong pipeline for future growth [19][26].