ZHIFEI-BIOL(300122) 中信建投·2025-03-26 06:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% in the next six months [4][16]. Core Views - On March 21, the company invested CNY 593 million in Chen'an Bio, acquiring a 51% stake, which allows the company to control Chen'an Bio. This investment is seen as a strategic move to expand into the therapeutic biopharmaceutical sector, particularly in metabolic diseases [2][3][8]. - Chen'an Bio has developed multiple products targeting diabetes and obesity, with several pipelines in late clinical stages or awaiting market approval. The investment is expected to create a new revenue stream for the company as these products move towards commercialization [3][8][10]. Financial Overview - The company forecasts revenues of CNY 274.39 billion, CNY 300.20 billion, and CNY 324.13 billion for 2024, 2025, and 2026, respectively. The net profit is projected to be CNY 23.49 billion in 2024, with a significant decline of 70.9% year-on-year, followed by growth in the subsequent years [3][16]. - Key financial metrics for the company include: - Revenue (CNY million): 38,264.01 in 2022, projected 52,917.77 in 2023, and 27,438.55 in 2024 - Net Profit (CNY million): 7,539.00 in 2022, projected 8,069.87 in 2023, and 2,348.74 in 2024 - EPS (CNY): 3.15 in 2022, projected 3.37 in 2023, and 0.98 in 2024 [3][16]. Strategic Developments - The investment in Chen'an Bio is part of the company's strategy to diversify its business from vaccines to therapeutic biopharmaceuticals, which is expected to be a significant growth driver in the future [3][10][15]. - The report highlights that Chen'an Bio's pipelines, including GLP-1 analogs and insulin products, are positioned well in the market, with some products nearing commercialization [8][9][10].