REMEGEN(SH:688331) Guotou Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy - A" investment rating for the company, with a target price of 72.73 CNY over the next six months [3][9]. Core Views - The company achieved a revenue of 1.083 billion CNY in 2023, representing a year-on-year growth of 40.26%. However, it reported a net loss attributable to shareholders of 1.511 billion CNY [1][2]. - The core products, Tai'ta Xip and Vidi Xit Monoclonal Antibody, have generated over 500 million CNY in sales each, with multiple clinical trials progressing both domestically and internationally [1][2]. - The future product pipeline is promising, with several innovative drugs in various stages of clinical development, indicating significant growth potential [2]. Financial Summary - Revenue for 2023 was 1.083 billion CNY, with a product revenue of 1.049 billion CNY, marking a 42.13% increase year-on-year [1][6]. - The projected revenues for 2024, 2025, and 2026 are estimated at 1.689 billion CNY, 2.349 billion CNY, and 3.990 billion CNY, respectively [2][6]. - The net profit projections for the same years are -810.5 million CNY, -356.5 million CNY, and 651.9 million CNY, indicating a path towards profitability by 2026 [2][6]. Clinical Development Pipeline - Tai'ta Xip has received approval for systemic lupus erythematosus (SLE) and is undergoing clinical trials for several other indications, including myasthenia gravis (MG) and primary Sjögren's syndrome (pSS) [2]. - Vidi Xit Monoclonal Antibody has been approved for use in urinary tract cancer (UC) and gastric cancer (GC) in China, with ongoing clinical trials in various combinations [2]. - The company is advancing multiple ADC (antibody-drug conjugate) candidates, which are expected to strengthen its position in the ADC field [2].