REMEGEN(SH:688331) Guoxin Securities·2024-04-07 16:00Investment Rating - The investment rating for the company is "Accumulate" [4][13]. Core Views - The company's core product sales continue to grow, with 2023 revenue reaching 1.083 billion yuan, a 40.3% increase year-on-year. The fourth quarter alone saw revenue of 313 million yuan, up 54.8% [5][8]. - The revenue growth is primarily driven by the sales of two core products, Taitasip and Vidisizumab. However, the company reported a net loss of 1.511 billion yuan for the year, compared to a net loss of 999 million yuan in the previous year [5][8]. - The company is actively advancing clinical development for multiple indications of Taitasip in both China and the US, with several clinical trials progressing smoothly [10][11]. - Vidisizumab is expanding its indications into frontline treatments, with ongoing clinical trials for various cancers [11][12]. Financial Summary - The company’s revenue forecast for 2024-2026 is adjusted to 1.629 billion yuan, 2.273 billion yuan, and 3.097 billion yuan, respectively [13]. - The net profit forecast for the same period is revised to -916 million yuan, -465 million yuan, and -71 million yuan, reflecting significant R&D investments [13]. - R&D expenses for 2023 were 1.306 billion yuan, a 33.0% increase, while sales expenses rose to 775 million yuan, a 75.9% increase, leading to a sales expense ratio of 71.6% [5][8][14]. Clinical Development - Taitasip has received full approval for the SLE indication in China and is progressing through global multi-center Phase III trials [10][11]. - The company has completed patient enrollment for the Phase III trial of Taitasip for MG in China and is expected to submit an NDA this year [10][11]. - Vidisizumab is involved in several clinical trials for various cancers, including bladder and gastric cancers, with ongoing patient enrollment [11][12]. Market Position - The company has established a commercial team of approximately 750 people for its autoimmune products and nearly 600 for its oncology products, covering over 2,200 hospitals nationwide [8]. - Taitasip has gained access to over 800 hospitals, while Vidisizumab has been approved in over 650 hospitals [8]. Conclusion - The company maintains a strong growth trajectory in sales and clinical development, with both core products showing differentiated competitive advantages, justifying the "Accumulate" rating [13].