Haisco(SZ:002653) GF SECURITIES·2024-06-12 05:31Investment Rating - The investment rating for the company is "Buy" with a target price of 39.41 CNY per share, compared to the current price of 31.05 CNY per share [4]. Core Insights - The company’s self-developed THR-β agonist HSK31679 has shown positive results in treating metabolic associated fatty liver disease (MAFLD) patients, as recognized at the EASL conference [1]. - HSK31679 is currently undergoing two Phase II clinical trials for indications of primary hypercholesterolemia and MAFLD, with rapid progress noted [2]. - The drug has demonstrated significant efficacy in reducing liver fat content in MAFLD patients, with a notable 50% of patients in the highest dosage group achieving a reduction of ≥30% in liver fat content [2]. - The company is expected to have a strong growth trajectory, with projected EPS of 0.39, 0.59, and 0.90 CNY per share for the years 2024 to 2026, respectively [2]. Financial Summary - The company reported revenue of 3,355 million CNY in 2023, with a projected growth rate of 11.3% [3]. - EBITDA for 2023 is estimated at 632 million CNY, with a significant increase expected in subsequent years [3]. - The net profit attributable to the parent company for 2023 is projected to be 295 million CNY, reflecting a growth rate of 6.5% [3]. - The company’s financial metrics indicate a P/E ratio of 85.74 for 2023, with a forecasted decrease to 34.50 by 2026 [3].