ANKE BIO(SZ:300009)2024-05-27 12:00Investment Rating - The report does not explicitly state an investment rating for the company. Core Insights - The company, Anke Bio (300009.SZ), is a significant player in the growth hormone industry, with a strong focus on short-acting growth hormones, which account for over 30% of its total growth hormone revenue in 2023 [8][10]. - Anke Bio's revenue has shown a compound annual growth rate (CAGR) of 20.3% from 2014 to 2023, with 2023 revenue reaching 2.87 billion [4]. - The company has recently launched its first antibody drug, trastuzumab (安赛汀), which has been approved for the treatment of HER2-positive breast and gastric cancers, marking its entry into a competitive market [6][36]. Summary by Sections Company Overview - The actual controllers of the company are Song Lihua and Song Liming, who collectively hold approximately 33.4% of the shares [1]. Revenue and Growth - Anke Bio's revenue from 2014 to 2023 has been robust, with a CAGR of 20.3%, and the company reported a revenue of 6.6 billion in Q1 2023, reflecting a year-on-year growth of 10.4% [4][10]. - The company's gene-engineered drugs, which include growth hormones, have been the primary growth driver, with a revenue of 2.03 billion in 2023, accounting for 70.9% of total revenue [17]. Product Segmentation - The company categorizes its products into three main types: gene-engineered drugs, external patches, and others, with the first two being classified as biological products and modern traditional Chinese medicine [5]. - The growth hormone products are primarily short-acting powder injections, with the short-acting water injection type gaining market share since its approval in 2019 [8][19]. Market Position - Anke Bio holds a market share of 12%-16% in the growth hormone sector, ranking second behind Changchun High-tech [9]. - The competitive landscape for growth hormones is intensifying, particularly with the entry of long-acting water injections, which are expected to capture over 50% of the market by 2027 [12]. Recent Developments - The approval of trastuzumab in October 2023 signifies Anke Bio's expansion into the antibody drug market, which is becoming increasingly crowded [36][40]. - The company has faced challenges in the long-acting water injection segment, with its product development lagging behind competitors [50][54]. Financial Performance - Anke Bio has maintained a high gross margin, with biological drugs exceeding 85% and traditional Chinese medicine around 81% in 2023 [81]. - The company has a history of generous dividends, with a cash dividend rate of 67% over the past seven years, and the actual controllers have not sold shares since the company went public [88].