Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company reported a revenue of 72 million yuan for 2024, representing a year-on-year growth of 20.8%, and a net loss attributable to shareholders of 45 million yuan [7]. - In Q1 2025, the company achieved a revenue of 16 million yuan, with a slight year-on-year growth of 1.9%, and a net loss of 8 million yuan [7]. - The key project NL003 has successfully completed Phase III clinical trials for ulcer and resting pain, with results meeting expectations, and the new drug application has been accepted by the National Medical Products Administration [7]. - The company is actively preparing for the commercialization of NL003, which is expected to be approved by the end of 2025, and has established a nationwide sales network [7]. - The company is focusing on the development of gene therapy and recombinant protein therapeutic drugs, with a projected peak revenue of 3.7 billion yuan for NL003 by 2034 [7]. Financial Summary - The total revenue projections for the company are as follows: 112 million yuan in 2025, 337 million yuan in 2026, and 965 million yuan in 2027, with corresponding year-on-year growth rates of 56.0%, 199.2%, and 186.9% respectively [6][9]. - The gross profit margin is expected to improve from 61.1% in 2025 to 79.8% in 2027 [6]. - The company anticipates a return on equity (ROE) of 25.5% by 2027, indicating a significant turnaround from negative values in previous years [6].