Core Viewpoint - The report from Guojin Securities highlights that Sanofi's deep investment in the self-immune sector is expected to provide stable income from existing products in the short term [1] Group 1: Company Overview - Sanofi has been focused on the self-immune sector for over 20 years and has launched three products that are anticipated to ensure stable revenue and profit contributions in the near term [1] - The company has a pipeline of 26-28 products expected to enter commercialization in the coming years, leveraging its existing sales team and departmental experience to support the commercialization of new products [1] Group 2: Market Potential - The early-stage pipeline in the self-immune sector is considered high-quality and is expected to become a new generation of potential targets for growth [1] - Based on the DCF valuation model, the calculated reasonable market value for the company is 47.9 billion, corresponding to a target price of 77.56 yuan, with an initial coverage rating of "Buy" [1]