Investment Rating - The report assigns an investment rating of "Buy" for the company, expecting a future return of over 15% in the next six months [16]. Core Insights - The company achieved its first profit in 2024, with a net profit of 348 million RMB, compared to a loss of 378 million RMB in the same period of 2023 [2]. - Operating cash flow has been positive for three consecutive years, reaching 116 million RMB in 2024, a 106% increase year-on-year [2]. - The company’s revenue for 2024 was 1.098 billion RMB, representing a 40.7% growth compared to the previous year [5]. - The CDMO business generated 207 million RMB in revenue, a 47% increase, with a three-year compound annual growth rate (CAGR) of 69% [3]. - The core product, Puxinting, saw a revenue increase of 42% in 2024, contributing significantly to the overall revenue growth [4]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are estimated at 1.281 billion RMB, 1.329 billion RMB, and 1.416 billion RMB respectively, with corresponding net profits of 47 million RMB, 82 million RMB, and 138 million RMB [5]. - The gross margin is expected to decline from 71.2% in 2024 to 45.9% by 2027 [5]. - The company’s total market capitalization is approximately 16.07 billion HKD [6]. Business Dynamics - The company has successfully launched 34 overseas registration applications, with 20 applications accepted, marking a significant step in its globalization strategy [4]. - The company has a strong project pipeline with 153 projects in total, including 48 ADC projects, and has secured 2 pre-BLA projects [3].
东曜药业-B：首次扭亏为盈，经营现金流连续三年正向-20250320