REMEGEN(SH:688331) Tebon Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's core products, RC18 and RC48, are experiencing rapid sales growth, contributing to a 40.26% year-on-year increase in revenue to 1.083 billion yuan for the year 2023. However, the company reported a net loss of 1.543 billion yuan due to increased R&D and commercialization efforts [5][8] - The company plans to raise up to 2.55 billion yuan through a private placement to fund the research and development of innovative drugs, which will enhance its product pipeline and expedite clinical trials [5][8] - The report emphasizes the company's strong commercialization team, which has expanded to approximately 750 personnel covering over 2,200 hospitals, facilitating the market entry of its products [5][8] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.083 billion yuan, a 40.26% increase year-on-year. The net loss attributable to the parent company was 1.543 billion yuan [5][8] - The projected revenues for 2024, 2025, and 2026 are 1.685 billion yuan, 2.502 billion yuan, and 3.742 billion yuan, respectively [8][13] Product Development - The company has eight molecules in clinical development, with significant progress in various therapeutic areas including systemic lupus erythematosus (SLE), myasthenia gravis (MG), and oncology [5][6][8] - RC18 has received approval for treating moderate to severe SLE, and RC48 has been conditionally approved for gastric cancer and urothelial carcinoma [6][8] Market Strategy - The company is expanding its clinical trials internationally, with ongoing studies for multiple indications, including active lupus nephritis and primary Sjögren's syndrome [6][8] - The commercialization strategy includes a robust team that has successfully completed drug access for over 650 hospitals, enhancing market penetration [5][8]