HUALAN BIOLOGICAL(002007) 中邮证券·2024-11-25 01:11Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The approval of Bevacizumab injection marks a significant milestone for the company, indicating a shift towards profitability for its subsidiary, Hualan Gene Engineering Co., Ltd. The drug is expected to contribute to revenue and profit starting next year [11][12] - The company has a rich pipeline with 10 products in clinical trials, including four in Phase III, which positions it for future growth [13] - The projected net profits for the company from 2024 to 2026 are estimated at 1.36 billion, 1.57 billion, and 1.81 billion yuan respectively, with corresponding EPS of 0.74, 0.86, and 0.99 yuan [14] Financial Summary - The latest closing price is 17.39 yuan, with a total market capitalization of 31.8 billion yuan [3][5] - The company reported a revenue of 53.42 billion yuan in 2023, with a projected decrease to 51.31 billion yuan in 2024, followed by growth in subsequent years [16] - The company's net profit for 2023 was 1.48 billion yuan, with a forecasted decline to 1.36 billion yuan in 2024, before recovering in the following years [18] - The company's asset-liability ratio stands at 16.7%, indicating a strong financial position [7]