Bio-Thera(SH:688177) Tebon Securities·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved strong revenue growth, with a total revenue of 705 million yuan in 2023, representing a year-on-year increase of 54.86%. The revenue for Q4 alone was 244 million yuan, showing a quarter-on-quarter growth of 67% [2][3] - The company has made significant progress in the overseas market for biosimilars, with two products receiving FDA approval. BAT1806 (Tocilizumab) was approved in September 2023, and BAT1706 (Bevacizumab) was approved in December 2023. Applications for marketing authorization have also been submitted to the EMA [3] - The company has a rich pipeline of innovative drugs, with multiple ADC products in clinical trials. BAT2094 (Batrifiban) is currently in the domestic listing application stage, while BAT4406F (CD20 antibody) is in a critical trial phase [4] Financial Summary - The company forecasts revenues of 1.396 billion yuan, 2.548 billion yuan, and 4.363 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -22 million yuan, 571 million yuan, and 1.329 billion yuan for the same years [4][10] - The gross margin is expected to be 69.4% in 2024, 71.0% in 2025, and 72.7% in 2026, indicating a stable profitability outlook [10] - The company reported a total asset value of 2.287 billion yuan as of 2023, with a projected increase to 5.214 billion yuan by 2026 [10][19]