Sinocelltech(SH:688520) KAIYUAN SECURITIES·2024-04-26 03:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][13]. Core Views - The company has achieved rapid revenue growth in 2023, with a revenue of 1.887 billion yuan, representing a year-on-year increase of 84.46%. In Q1 2024, the company turned profitable for the first time, reporting a net profit of 74 million yuan [5]. - The core product, recombinant factor VIII (Anjain), saw sales of approximately 1.78 billion yuan in 2023, a year-on-year increase of 77%, with a gross margin of 97.42% [6]. - The company is expanding its product matrix, with several antibody drugs entering the market and contributing to future revenue growth [7]. Financial Performance Summary - In 2023, the company reported a revenue of 1.887 billion yuan, with a net loss of 396 million yuan, which is a 23.7% reduction in losses year-on-year. The net profit for Q1 2024 was 74 million yuan, marking a significant turnaround [5]. - The projected net profits for 2024-2026 are 342 million yuan, 719 million yuan, and 957 million yuan respectively, with corresponding EPS of 0.77, 1.62, and 2.15 yuan [5]. - The company’s revenue is expected to continue growing, with forecasts of 2.876 billion yuan in 2024, 3.742 billion yuan in 2025, and 4.493 billion yuan in 2026, reflecting year-on-year growth rates of 52.4%, 30.1%, and 20.1% respectively [8]. Product and Market Development - The company’s recombinant factor VIII product is rapidly gaining market share domestically and has submitted drug registration applications in multiple countries, including Pakistan, Brazil, and Indonesia, with expectations for overseas market entry by 2025 [6]. - The company’s first antibody drug, Ripa-tuzumab, entered the medical insurance system in December 2023, paving the way for increased hospital access and sales in 2024 [7].