Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has successfully turned a profit, with a promising clinical pipeline [4][5]. - Revenue for 2024 is projected at 25.13 billion yuan, a year-on-year increase of 33.13%, while Q1 2025 revenue is expected to be 5.20 billion yuan, reflecting a decline of 15.15% [4]. - The core product, Recombinant Factor VIII, achieved sales of 18.9 billion yuan in 2024, a growth of 6.18% year-on-year [4]. - The antibody product line saw significant growth, with 2024 revenue reaching 6.2 billion yuan, a remarkable increase of 499.80% [4]. - The company is advancing its clinical research, with several products in various stages of development, including SCTB14 and SCTB41 [5]. Financial Summary - The company is expected to achieve revenues of 28.27 billion yuan, 32 billion yuan, and 37.07 billion yuan for the years 2025, 2026, and 2027 respectively [6]. - Projected net profits for the same years are 2.23 billion yuan, 3.36 billion yuan, and 5.78 billion yuan [6]. - The company’s EBITDA for 2025 is estimated at 503.97 million yuan, with a growth rate of 12.50% [8]. - The earnings per share (EPS) is projected to increase from 0.25 yuan in 2024 to 1.30 yuan by 2027 [8].