Kawin Technology(SH:688687) Minsheng Securities·2024-04-09 16:00Investment Rating - The report maintains a "Recommended" rating for the company [3][10]. Core Viewpoints - The company focuses on the antiviral field with stable main business operations, achieving a revenue of 1.412 billion yuan in 2023, a year-on-year increase of 21.73%, and a net profit attributable to shareholders of 117 million yuan, up 39.71% [3]. - The company is deepening its market strategy for key products, with significant growth in chemical drug sales, particularly for hepatitis C products, which have seen a sales revenue increase of 92.66% year-on-year [3]. - The company is steadily increasing its R&D investment, with multiple clinical projects making progress, including the approval of new drug KW027 for clinical trials [3]. Financial Forecasts and Key Indicators - The company is projected to achieve revenues of 1.699 billion yuan in 2024, 2.109 billion yuan in 2025, and 2.676 billion yuan in 2026, with corresponding net profits of 151 million yuan, 194 million yuan, and 257 million yuan respectively [6][11]. - The expected growth rates for revenue are 20.35% in 2024, 24.10% in 2025, and 26.89% in 2026 [6][11]. - The projected PE ratios are 31 for 2024, 24 for 2025, and 18 for 2026, indicating a favorable valuation trend [6][11].