CCHT(000661)2024-05-29 08:56Financial Performance and Market Valuation - The company's PE ratio is the lowest among all pharmaceutical companies in the market, at 10 times [2] - The company's net profit in 2023 increased significantly compared to the previous year, driven by growth in certain business segments [4] - The company plans to control costs and optimize expenses in areas such as R&D, sales, and management to ensure stable profit growth [7][15] R&D and Product Pipeline - The company's R&D expenses are expected to reach 2.7 billion RMB in 2024, with a sales expense ratio of 35% [14][16] - Key products in the pipeline include Jinna Monoclonal Antibody Injection, Triptorelin Microspheres for Injection, and long-acting growth hormone new indications, with expected market launches between 2025 and 2026 [8][19] - The company is actively promoting the sales and R&D of growth hormone products in the adult market, with the inclusion of adult growth hormone deficiency in the national medical insurance directory in December 2023 [17] Market Competition and Strategy - The global growth hormone market remains stable, with the company's water-based and long-acting formulations gaining market share since the launch of the electronic injection pen in 2016 [4] - The company is focusing on improving the market position of its core products, increasing the proportion of long-acting products, and enhancing professional, branded, digital, and compliance capabilities [6] - The company is actively exploring overseas markets and promoting internationalization, with a focus on the US market for growth hormone products [14][17] Investor Relations and Corporate Governance - The company emphasizes the importance of transparent and timely information disclosure to boost investor confidence [13] - The company is considering measures such as share buybacks and dividend policies to stabilize the stock price and enhance shareholder value [14][16] - The company has changed its audit firm due to regulatory requirements and will continue to comply with relevant laws and regulations [14] Challenges and Risks - The company faces challenges in asset and credit impairment losses, indicating potential issues in asset management [3] - The company may encounter risks such as policy changes, project failures, and talent loss, and will actively respond to these challenges [16] - The sales expense ratio remains high, partly due to the promotion of new products and adjustments in the management structure of subsidiary Jinsai Pharmaceutical [7][15]