Investment Rating - The report does not specify a clear investment rating for 康哲药业 (0867.HK) [1] Core Views - 康哲药业's 2024 annual report shows that the company's revenue was 74.7 billion HKD, a decrease of 6.8% year-on-year, with pharmaceutical sales revenue at 86.2 billion HKD, down 9% [7] - The annual profit was 16.1 billion HKD, down 32.3%, but the performance met expectations [7] - Over 50% of the revenue came from exclusive products and innovative products, with significant growth in the dermatology/aesthetic and ophthalmology lines [7] - The company has made breakthroughs in innovative research and development, marking the beginning of a new era for innovative products [7] - 康哲药业 aims to establish a foothold in the Southeast Asian market through its new entity 康联达健康 and has acquired a manufacturing facility in Singapore [7] Financial Summary - Revenue projections for 康哲药业 from 2025 to 2027 are estimated at 83.1 billion HKD, 105.2 billion HKD, and 121.6 billion HKD respectively, with growth rates of 10.9%, 25.8%, and 15.1% [9][10] - The net profit attributable to the parent company is projected to be 1.63 billion HKD in 2025, 2.24 billion HKD in 2026, and 2.72 billion HKD in 2027, with growth rates of 0.85%, 37.43%, and 20.98% respectively [2][10] - The earnings per share (EPS) is expected to increase from 0.67 HKD in 2025 to 1.11 HKD in 2027 [2][10] - The company's price-to-earnings (P/E) ratio is projected to decrease from 12.60 in 2025 to 7.58 in 2027, indicating potential undervaluation [2][10] Business Segments - The cardiovascular segment is expected to see a revenue decline to 27.7 billion HKD in 2025, while the digestive and autoimmune segment is projected to grow to 33.1 billion HKD [10] - The ophthalmology segment is anticipated to grow significantly, reaching 8.8 billion HKD in 2025, while the dermatology and aesthetic segment is expected to grow to 9.8 billion HKD [10] - Other products are projected to maintain stable revenue around 3.8 billion HKD [10]
康哲药业：业绩符合预期，开启创新“新征程”-20250320