Haisco(SZ:002653) GF SECURITIES·2024-05-29 09:31Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 39.41 CNY per share, compared to the current price of 30.11 CNY per share [4]. Core Insights - Insmed's DPP1 inhibitor, brensocatib, has shown positive results in treating bronchiectasis, with a significant reduction in the occurrence of pulmonary exacerbations (PEs) by 21.1% and 19.4% in the treatment groups compared to the placebo [2]. - HSK31858, an oral DPP1 small molecule inhibitor developed by the company, is expected to enter Phase III clinical trials in the second half of 2024, with promising applications in non-cystic fibrosis bronchiectasis, asthma, and chronic obstructive pulmonary disease [2]. - The company has established a partnership with Chiesi for HSK31858, receiving an upfront payment of 13 million USD and potential milestone payments totaling up to 462 million USD [2]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected to be 0.39, 0.59, and 0.90 CNY, respectively [2][3]. Financial Summary - Revenue is expected to grow from 3,355 million CNY in 2023 to 6,713 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of 28.2% [3][8]. - The company's EBITDA is projected to increase from 632 million CNY in 2023 to 1,410 million CNY in 2026 [3]. - Net profit attributable to the parent company is forecasted to rise from 295 million CNY in 2023 to 1,003 million CNY in 2026, with a significant growth rate of 53.8% in 2026 [3][8]. - The report indicates a decrease in the price-to-earnings (P/E) ratio from 85.74 in 2023 to 33.45 in 2026, suggesting improved valuation as earnings grow [3][8].