SINO BIOPHARM(HK:01177) Guotai Junan Securities·2024-05-15 05:02Investment Rating - The report maintains a "Buy" rating for China Biopharmaceutical (1177) [2][3]. Core Views - The company is experiencing a harvest period with multiple pipelines coming to fruition, including the approval of self-developed PD-L1 inhibitors and other innovative drugs. The stock incentive plan reflects confidence in long-term development [2]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.15, 0.18, and 0.21 RMB respectively, up from previous estimates [2]. - The strategic partnership with Boehringer Ingelheim aims to co-develop oncology drug pipelines in China, enhancing the company's clinical pipeline [2]. Financial Summary - Revenue for 2023 is projected at 26,199 million RMB, with a growth forecast of 14.8% for 2024, 10.5% for 2025, and 12.7% for 2026 [6]. - The net profit for 2023 is estimated at 2,332 million RMB, with expected growth rates of 24.7% in 2024, 16.0% in 2025, and 15.2% in 2026 [6]. - The company's PE ratio is projected to decrease from 25 in 2023 to 14 by 2026, indicating potential valuation improvement [6].