Konruns(603590) 平安证券·2024-04-26 10:30Investment Rating - The report maintains a "Recommended" rating for the company, expecting the stock to outperform the market by 10% to 20% within the next six months [10][23]. Core Insights - The company reported a revenue of 1.99 billion yuan in Q1 2024, representing a year-on-year increase of 20.67%, and a net profit attributable to shareholders of 420 million yuan, up 62.28% [2][27]. - The company’s gross profit margin improved to 89.02% in 2023, an increase of 3.58 percentage points, primarily due to cost savings in direct labor and manufacturing expenses [3][27]. - The core product, Suling, generated revenue of 613 million yuan, reflecting a growth of 13.89%, with expectations for continued rapid growth in 2024 [3][20]. Financial Summary - For the fiscal year 2023, the company achieved a total revenue of 9.20 billion yuan, a 6.15% increase, and a net profit of 1.50 billion yuan, which is a 48.24% increase [27]. - The earnings per share (EPS) for 2023 was reported at 0.96 yuan, with projections for 2024 and 2025 at 1.17 yuan and 1.49 yuan respectively [29][34]. - The company’s total assets were reported at 3.78 billion yuan for 2023, with a projected increase to 3.85 billion yuan in 2024 [9][29]. Research and Development Progress - The company is advancing its core research project KC1036, which is currently in Phase 3 clinical trials for treating advanced esophageal squamous cell carcinoma [18][20]. - The IND applications for KC1036 in treating adolescent advanced Ewing sarcoma and for combination therapy with PD-1 antibodies have been approved [18][20]. Market Outlook - The report anticipates a reduction in the contribution of income tax expenses to net profit in 2024, leading to adjusted net profit forecasts of 1.88 billion yuan and 2.38 billion yuan for 2024 and 2025 respectively [20][27]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 times for 2024, with expectations for significant data releases and patient enrollment completion in the second half of 2024 [20][27].