2023年报业绩点评：业绩大幅提升，IL-17年底提交上市申请

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.96, unchanged from the previous rating [2][3]. Core Insights - The company has significantly improved its performance, achieving a revenue of 1.014 billion with a year-on-year growth of 22.8%. The net profit attributable to the parent company reached 295 million, marking a substantial increase of 497.6% [2][3]. - The growth is primarily driven by the core product Yisai Pu's increased market penetration, rapid volume growth of Saipin and Jian Nipai, and recognition of certain income from the oncology pipeline collaboration with Shenyang Sanofi [2][3]. - The company is expected to submit NDA applications for its core pipeline products in the next four years, which is anticipated to further enhance performance growth [2][3]. Financial Summary - The company reported a total revenue of 1.014 billion in 2023, with a projected increase to 1.193 billion in 2024, reflecting an 18% growth [6]. - The net profit for 2023 was 295 million, with expectations of 301 million in 2024, indicating a 2% growth [6]. - The gross profit margin improved, and the company has capitalized on R&D investments while reducing expenses, contributing to the overall profitability [2][3]. Pipeline Development - The company has a robust pipeline with four core products expected to submit NDA applications from 2024 to 2027, including 608, 611, and 613, which are anticipated to enter Phase III clinical trials [2][3]. - The commercial team has a solid foundation in the immunology field, and there are expectations for the commercialization of core products [2][3]. Market Position - The company is recognized as a leader in the antibody drug sector in China, with a strong focus on innovative biopharmaceuticals and a well-established production base [2][3]. - The company has developed a significant market presence with three therapeutic antibody products already launched [2][3].