KELUN PHARMA(002422) 太平洋证券·2025-04-24 05:14Investment Rating - The report maintains a "Buy" rating for the company with a target price of 42, compared to the last closing price of 34.82 [1][8]. Core Insights - The company has demonstrated strong profit growth, with a 19.53% year-on-year increase in net profit to 2.936 billion yuan for 2024, and a 22.66% increase in net profit after deducting non-recurring items [4][5]. - Revenue for 2024 reached 21.812 billion yuan, reflecting a 1.67% year-on-year growth, despite a decline in sales from large-volume infusions [5][10]. - The company is entering a commercialization phase for its innovative drugs, with significant contributions expected from its ADC drug pipeline [7][8]. Financial Performance - The company achieved a gross profit of 11.276 billion yuan in 2024, with a gross margin of 51.70%, slightly down by 0.73 percentage points from the previous year [6]. - The sales expense ratio decreased to 16.01%, down 4.73 percentage points year-on-year, while R&D expenses grew by 11.2% [6][8]. - The company forecasts revenues of 23.830 billion yuan, 26.150 billion yuan, and 28.600 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.464 billion yuan, 4.050 billion yuan, and 4.616 billion yuan [10][14]. Product Pipeline and Market Position - The innovative drug pipeline is expected to yield significant commercial value, with the core product, SKB264, contributing 5.169 million yuan in revenue in 2024 [7]. - The company has submitted three NDAs and anticipates further approvals in 2025, which could enhance its market position [7][8].