业绩稳步增长，核心产品商业化可期

Investment Rating - The report maintains a "Buy" rating for the company, with a reasonable value estimated at 61.33 CNY per share, compared to the current price of 45.30 CNY [31]. Core Insights - The company reported a revenue of 386 million CNY for 2023, representing a year-on-year increase of 27.83%. The net profit attributable to the parent company was a loss of 279 million CNY, which is a reduction in loss by approximately 179 million CNY compared to the previous year [2][3]. - The approval of the new product, recombinant human thrombin, is expected to provide significant advantages in hemostatic efficacy and safety, positioning it as an important product in local hemostatic agents for surgical procedures [12]. - The company is focusing on oncology, bleeding, and immune-related fields, with multiple core products expected to see commercial growth. The pipeline includes 16 major drugs under development, with two already approved for market [12]. Financial Summary - The company’s revenue is projected to grow from 386 million CNY in 2023 to 1.727 billion CNY by 2025, with growth rates of 27.6% in 2023, 158.0% in 2024, and 73.6% in 2025 [4]. - The EBITDA is expected to improve from a loss of 241 million CNY in 2023 to a profit of 379 million CNY by 2025 [4]. - The net profit is projected to transition from a loss of 279 million CNY in 2023 to a profit of 222 million CNY in 2025, indicating a significant turnaround in profitability [4].