Bio-Thera(SH:688177) Huaxin Securities·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company [13][14]. Core Insights - The company achieved a revenue of 705 million yuan in 2023, representing a year-on-year growth of 54.86%. The net profit attributable to the parent company was a loss of 395 million yuan, which is a reduction of 17.87% compared to the previous year [13][14]. - The company is expected to enter a revenue realization phase in 2024 with the FDA approval of its products, including BAT1806, which is the first biosimilar to tocilizumab approved by the FDA [14]. - The company has a strong pipeline with ongoing research and development, including ADC drugs, and is positioned to capture market share in the biosimilar sector [14]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 1.137 billion yuan, 1.581 billion yuan, and 2.212 billion yuan, respectively, with corresponding growth rates of 61.3%, 39.1%, and 40.0% [3][14]. - The net profit attributable to the parent company is forecasted to be -144 million yuan in 2024, 192 million yuan in 2025, and 639 million yuan in 2026, indicating a significant turnaround [3][14]. - The diluted earnings per share (EPS) are projected to be -0.35 yuan in 2024, 0.46 yuan in 2025, and 1.54 yuan in 2026 [3][14]. Market Position and Strategy - The company is one of the earliest players in the domestic market for biosimilars and has made significant strides in international markets, with two products already receiving FDA approval [14]. - The company’s strategy includes expanding its product offerings and enhancing its research capabilities, with a 24.70% increase in R&D investment in 2023 [14]. Conclusion - The report emphasizes the company's potential for growth driven by its strong product pipeline and market expansion strategies, supporting the "Buy" investment rating [13][14].