Investment Rating - The report maintains a "BUY" rating for CSPC Pharmaceutical, indicating a potential return of over 15% over the next 12 months [15]. Core Insights - CSPC's total revenue is projected to decline by 7.8% YoY to RMB29.0 billion in FY24, primarily due to significant drops in oncology and cardiovascular drug sales [7]. - The company anticipates a return to positive organic revenue growth in FY2025, driven by new product launches and business development (BD) initiatives [7]. - CSPC has made substantial progress in out-licensing innovative assets, aiming to secure 3-4 out-licensing deals annually to generate recurring revenue [7]. - The target price for CSPC is revised to HK$5.71 from HK$5.97, reflecting a 15.5% upside from the current price of HK$4.94 [3][7]. Financial Summary - Revenue for FY23 is reported at RMB31,450 million, with a slight YoY growth of 1.7%, while FY24 revenue is expected to drop to RMB29,009 million [2][12]. - Net profit for FY23 is RMB6,072.7 million, showing a decline of 2.6% YoY, with further expected declines in FY24 to RMB4,338.8 million [2][12]. - The earnings per share (EPS) for FY23 is reported at RMB0.49, with projections of RMB0.37 for FY24 [2][12]. Business Development and Pipeline - CSPC's business development efforts are expected to create a sustainable revenue stream, with a robust pipeline of 40-50 assets identified for out-licensing potential [7]. - The company is focusing on clinical trials for its EGFR ADC (SYS6010), which is currently in Phase 3 development globally [7]. Market Performance - CSPC's market capitalization is reported at HK$58,871 million, with a 52-week high of HK$7.12 and a low of HK$4.34 [3]. - The stock has shown a 1-month absolute performance of 4.9% and a 3-month performance of 3.3% [5].

点评： 1） Lp(a)升高是动脉粥样硬化性心血管疾病（ASCVD）的独立危险因素，全球约14 亿人受此影响。 Lp(a)由遗传主导，其致动脉粥样硬化效力是LDL 的5-6 倍，且通过促炎、促血栓、抑制纤溶等多途径加 速心血管疾病进展。遗传学证据表明，降低Lp(a)可减少风险。全球约20%-30%人群Lp(a)水平超标，传 统药物（如他汀类）对Lp(a)的降幅有限（约10%-20%），PCSK9 抑制剂虽可降低Lp(a) 14%-35%，但仍 无法满足高风险患者需求，因此亟需特异性靶向药物。 医药生物行业事件点评报告：恒瑞医药授权默沙东 LP(A)口服小分子抑制剂 国内药企再获重磅BD 事件：3 月25 日，恒瑞医药与默沙东达成协议，将HRS-5346 项目有偿许可给默沙东，默沙东获大中华 地区以外全球范围开发、生产和商业化独家权利。默沙东支付2 亿美元首付款，恒瑞最高可获17.7 亿美 元里程碑付款及销售提成。协议预计二季度生效，HRS-5346 海外获批上市及里程碑付款存在不确定 性。 3） Lp(a)抑制剂的研发标志着心血管疾病治疗从"广谱降脂"向"精准靶向"转变。目前，ASO 和siRNA 药物在进度 ...