AMOYTOP(688278)2024-09-25 02:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company, TeBao Bio, is a leader in long-acting recombinant protein drugs, with its core product, Pegasys, experiencing rapid growth due to its unique position in the hepatitis B treatment market [1][2]. - The company has launched five products since its listing in 1996, with Pegasys being the only long-acting interferon drug available in China, significantly improving the clinical cure rate for chronic hepatitis B patients [1][2]. - The company has set ambitious profit growth targets through an equity incentive plan, aiming for a net profit growth of 30% for 2024, 30.8% for 2025, and 29.4% for 2026 [1][2]. Summary by Sections Company Overview - TeBao Bio focuses on the research, development, production, and sales of recombinant proteins and their long-acting modified drugs, having launched its first product in 1997 and becoming a publicly listed company in 2020 [1][13]. Product Performance - Pegasys has become the company's absolute core product, generating revenue of 1.79 billion yuan in 2023, accounting for 85.24% of total revenue, with a year-on-year growth of 54.18% [26][49]. - The company’s other products, including Terli and Terkin, have maintained stable sales, while new products like FluJin and Yipeisheng are expected to contribute significantly to future revenue [2][9]. Market Potential - The domestic market for chronic hepatitis B treatment is vast, with an estimated 5-6 million patients, and Pegasys has a low penetration rate of 6.4%, indicating significant growth potential as awareness and treatment rates improve [1][2]. Financial Projections - The company forecasts net profits of 778.79 million yuan in 2024, 1.065 billion yuan in 2025, and 1.380 billion yuan in 2026, with profit growth rates of 40.21%, 36.76%, and 29.59% respectively [8][2]. Research and Development - TeBao Bio has invested heavily in R&D, with a total expenditure of 280 million yuan in 2023, representing 13.33% of revenue, and is focused on advancing multiple key projects, including long-acting growth hormones and other innovative therapies [45][48]. Equity Incentive Plan - The company announced an equity incentive plan in August 2024, granting 6 million restricted shares to employees, with performance targets linked to net profit growth over the next three years [29][31].