Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The introduction of injectable Iloprost solution marks a steady entry into the pulmonary arterial hypertension (PAH) market, which is in urgent need of effective treatment options. The domestic PAH treatment market is expected to grow rapidly in the coming years, with a projected compound annual growth rate (CAGR) of over 30% in the next 3-5 years [1][2] - The global PAH treatment market is anticipated to reach USD 11 billion by 2030, with over 5 million PAH patients in China, highlighting a significant unmet medical need [1][2] - Iloprost is an effective drug for treating PAH, with studies showing it can significantly reduce pulmonary vascular resistance and improve cardiac output. Long-term use can increase the two-year survival rate of patients to 87% [1][2] Financial Summary - Revenue projections for the company are as follows: 2024: CNY 4.827 billion, 2025: CNY 6.129 billion, 2026: CNY 7.728 billion, with year-on-year growth rates of 30.8%, 27.0%, and 26.1% respectively [2][3] - The net profit forecast for the company is as follows: 2024: -CNY 0.4 billion, 2025: CNY 0.03 billion, 2026: CNY 0.66 billion, with adjusted profits of CNY 0.45 billion, CNY 1.5 billion, and CNY 3.4 billion for the respective years [2][3] - The company's operating income for 2023 is CNY 3.691 billion, with a projected increase to CNY 4.827 billion in 2024, and a net profit of -CNY 0.327 billion in 2023, improving to CNY 0.066 billion by 2026 [3][4] Market Position and Strategy - The company effectively connects patients with the pharmaceutical industry through its P2M (Patient to Manufacturer) model, leveraging a nationwide SaaS network and digital capabilities [2][4] - The company is the largest provider of digital chronic disease management solutions in China, focusing on digitizing hospital processes and providing comprehensive lifecycle services for chronic disease patients [1][2]
智云健康：引进注射用伊洛前列素溶液，稳步布局肺动脉高压市场