Investment Rating - Buy (Maintained) with a target price of HKD 7.62 [1] Core Views - The company is entering a period of intensive product launches, with a strong pipeline of innovative drugs [2] - Revenue in 2023 reached RMB 6.61 billion (+4.5%), while net profit was RMB 710 million (-23.2%) [2] - The proportion of innovative drugs continues to rise, accounting for 72% of total revenue in 2023 [2] - The company has six innovative drugs in the commercialization stage, with several key products expected to be approved in 2024 [2] Revenue Breakdown by Segment - Neurology: Revenue of RMB 1.97 billion (-13.1%), accounting for 29.8% of total revenue [2] - Oncology: Revenue of RMB 1.58 billion (+10.2%), accounting for 23.9% of total revenue [2] - Autoimmune: Revenue of RMB 1.42 billion (+10.5%), accounting for 21.4% of total revenue [2] - Other Segments: Revenue of RMB 1.65 billion (+22.3%), accounting for 24.9% of total revenue [2] Key Product Developments - Xianbixin Sublingual Tablets: NDA accepted by NMPA in June 2023, expected to meet clinical needs for stroke treatment [2] - Enlituo (CMAB009): Expected to be approved for colorectal cancer in H2 2024 [2] - Suvizumab: Submitted for NDA in March 2024 for recurrent ovarian cancer [2] - ADC189: Expected to submit NDA in 2024 [2] R&D Pipeline Progress - Xianbixin for Cerebral Hemorrhage: Phase II clinical trials ongoing with over 80 subjects enrolled [2] - Daliresen: Phase III clinical trials completed in March 2024, NDA expected in H2 2024 [2] - Lederceptib: Exclusive rights obtained for development, production, and commercialization in Greater China [2] Financial Forecasts - Revenue: Expected to reach RMB 7.56 billion, RMB 8.6 billion, and RMB 9.78 billion in 2024, 2025, and 2026 respectively [2][7] - Net Profit: Expected to grow to RMB 974.65 million, RMB 1.28 billion, and RMB 1.69 billion in 2024, 2025, and 2026 respectively [3] - EPS: Forecasted at RMB 0.37, RMB 0.49, and RMB 0.65 for 2024, 2025, and 2026 respectively [3] Valuation and Peer Comparison - The company's 2024 PE ratio is 13.2x, lower than the industry average of 17.4x [8] - Comparable companies include CSPC Pharmaceutical Group, Sino Biopharmaceutical, and Hansoh Pharmaceutical [9] - The company is valued at a 19x PE ratio, supporting the target price of HKD 7.62 [8]
2023年年报点评：复苏在即，迎来产品密集落地期