KELUN PHARMA(002422) 东方证券·2024-11-01 00:44Investment Rating - The report maintains a "Buy" rating for the company with a target price of 39.48 CNY based on a reasonable valuation level of 21 times the earnings for 2024 [3][6]. Core Insights - The company achieved a revenue of 16.789 billion CNY (+6.64%) and a net profit attributable to the parent company of 2.471 billion CNY (+25.85%) in the first three quarters of 2024, indicating rapid growth and improved profitability driven by optimized product structure in infusion products, rising volume and price of antibiotic intermediates, milestone payments from innovative drugs, and excellent cost control [1][2]. - The ADC platform is leading domestically, with products expected to enter a harvest phase soon. Notably, SKB264 (TROP-2 ADC) is anticipated to receive approval for treating triple-negative breast cancer by the end of this year, while several other ADC products are progressing well in development [1][2]. - The company has established an integrated layout from research to production in synthetic biology, with strong demand for antibiotics leading to increased volume and price, enhancing profitability [2]. Financial Summary - The company forecasts earnings per share (EPS) of 1.88 CNY, 2.11 CNY, and 2.36 CNY for 2024, 2025, and 2026 respectively. The projected revenue for 2024 is 23.337 billion CNY, with a year-on-year growth of 8.8% [3][5]. - The gross margin is expected to be 51.7% in 2024, with a net margin of 12.9% and a return on equity (ROE) of 14.1% [5][9].