Chongqing Genrix Biopharmaceutical (SH:688443) Guotai Junan Securities·2024-04-30 05:32Investment Rating - The report maintains an "Accumulate" rating for the company [1][3] - The target price is set at 48.35, up from the previous forecast of 43.66 [1][3] - The current price is noted at 40.94 [1][3] Core Insights - The company has received approval for GR1501, with a strong pipeline supporting future growth [1] - The 2023 annual report and 2024 Q1 report indicate that performance is in line with expectations, with increased R&D investment [1][3] - The company reported a non-GAAP net profit of -813 million yuan in 2023, a widening loss compared to 2022, primarily due to increased R&D expenses [1][3] Financial Summary - Revenue is projected to grow significantly from 1 million yuan in 2022 to 85 million yuan in 2023, and further to 319 million yuan in 2024 [3] - The net profit is expected to improve from -801 million yuan in 2023 to -727 million yuan in 2024 [3] - R&D investment increased by 36.5% in 2023, reaching 620 million yuan, with a total of 419 R&D personnel [1][3] Product Pipeline - GR1501 is expected to be approved in H1 2024, with indications for psoriasis and ankylosing spondylitis [1] - The company is advancing multiple products through clinical trials, with GR1802 and GR2001 entering key phases [1][3] - The company aims to leverage first-mover advantages in the market once GR1501 is launched [1]