三生国健（688336）：核心上市产品销售额稳健增长，在研管线持续发力

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core listed products have shown steady sales growth, and the pipeline of research projects is progressing well. In 2024, the company achieved revenue of 1.194 billion yuan, a year-on-year increase of 17.7%, and a net profit attributable to shareholders of 705 million yuan, a year-on-year increase of 139.15% [4][5] - The company has a total of 22 autoimmune projects in its research pipeline, with significant advancements in clinical trials and approvals in both China and the US [5] - The financial forecast for 2025-2027 has been adjusted, with expected revenues of 1.327 billion yuan, 1.525 billion yuan, and 1.862 billion yuan respectively, and net profits of 309 million yuan, 346 million yuan, and 452 million yuan respectively [4][7] Financial Performance Summary - In 2024, the company reported a revenue of 1.194 billion yuan, with a year-on-year growth of 17.7%. The net profit attributable to shareholders was 705 million yuan, reflecting a significant increase of 139.15% [4][7] - The projected revenue for 2025 is 1.327 billion yuan, with a year-on-year growth of 11.2%, and the net profit is expected to be 309 million yuan, a decrease of 56.2% compared to 2024 [7] - The gross margin is projected to be 73.0% in 2025, with a net margin of 23.3% [7] Research and Development Pipeline - The company has 22 autoimmune projects in its pipeline, including 1 NDA project and multiple clinical trials at various stages [5] - Key projects include SSGJ-608 for moderate to severe plaque psoriasis, SSGJ-611 for moderate to severe atopic dermatitis, and SSGJ-613 for acute gouty arthritis, all of which are progressing towards NDA submissions [5] Market Position and Valuation - The current market capitalization of the company is approximately 16.789 billion yuan, with a price-to-sales ratio projected at 12.7 for 2025 [1][4] - The company's stock has shown a trading range between 15.22 yuan and 30.30 yuan over the past year, indicating volatility in market performance [1]