Core Viewpoint - Company maintains adjusted net profit forecast for 2025 at 2.407 billion and introduces 2026 adjusted net profit at 2.602 billion, with current stock price corresponding to 12.7/11.5 times adjusted P/E for 2025/2026 [1] Financial Performance - Company reported 2024 revenue of 9.108 billion, a year-on-year increase of 16.5%; net profit attributable to shareholders was 2.090 billion, up 34.9%; adjusted operating net profit reached 2.319 billion, reflecting an 18.8% increase, outperforming expectations due to stable growth of core products and increased income from joint ventures [2] Core Product Growth - Core product Terbinafine achieved revenue of 5.062 billion in 2024, a year-on-year increase of 20.4%, accounting for 55.6% of total revenue; EPO market leader with 42% share from Yibiao and Saibo, generating 1.018 billion, up 8.3%; Mandib achieved revenue of 1.337 billion, an 18.9% increase, with new foam agent enhancing competitiveness [3] R&D Pipeline - Company received approval for three new drugs including Aicoparib suspension in 2024 and submitted NDA for four products; R&D pipeline includes over 30 products across various therapeutic areas, with 10 in phase III clinical trials; 707 (anti-VEGF/PD-1 dual antibody) has entered phase III clinical trials, showing potential for BIC [4] Business Development Collaborations - Company completed several license-in collaborations in 2024, including partnerships for GLP-1, oral paclitaxel, and others, which are expected to provide revenue increments; anticipation for more business development collaborations, especially license-out projects, to enhance performance [5]
中金：维持三生制药(01530)“跑赢行业”评级 上调目标价至13.50港元