KEXING BIOPHARM CO.(SH:688136)2024-05-27 10:02Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company has announced a restricted stock incentive plan aimed at ensuring the smooth implementation of its "internationalization" strategy. The plan involves granting restricted stocks equivalent to 1.90% of the company's total share capital to 147 employees, representing 14.05% of the total workforce [5][17]. - The incentive plan includes performance targets based on overseas sales revenue and the number of overseas registration approvals, with significant growth expectations for 2024 and 2025 [5][6]. - The company is expected to achieve substantial growth in overseas sales, with projections indicating a net profit of 0.08 billion in 2024 and 1.08 billion in 2025, reflecting a significant improvement in profitability [6][7]. Financial Summary - Total revenue for 2023 is projected at 1.259 billion, with a year-on-year growth rate of -4.3%. For 2024, revenue is expected to increase to 1.519 billion, representing a growth rate of 20.7% [7][8]. - The net profit for 2023 is forecasted to be -0.190 billion, with a significant turnaround expected in 2025, reaching 0.108 billion [7][8]. - The company's gross margin is projected to remain stable, with slight improvements from 70.8% in 2023 to 73.0% in 2026 [7][8].