This report is read as follows:
The company issued a new round of equity incentives, incentive assessment objectives fully demonstrate confidence in the future development, pharmaceutical cooperation in the next city, the brand influence is further enhanced. Maintain the overweight rating.
Main points of investment:
Maintain the overweight rating. Regardless of equity incentive and cost amortization, the EPS forecast from 2023 to 2025 is maintained at 0.66 RMB 0.84 and the target price is maintained at RMB 32.83, corresponding to PE 50X in 2023, maintaining the overweight rating.
A new round of equity incentives shows confidence. The company announced the 2023 restricted stock incentive plan (draft), which intends to grant 5.5287 million restricted shares (1.39% of the total share capital) to the incentive target, of which 4.423 million shares were awarded for the first time to core managers and technical (business) backbones (accounting for 37% of the total staff of 1101 at the end of 22 years), at a price of 11.77 yuan per share. At the company level, the revenue target is not less than 1.02 billion yuan in 2023, 2.264 billion yuan in 2023-2024, and 3.783 billion yuan in 2023-2025, that is, the revenue target in 2023-2025 is 10.20 shock 12.44 trillion yuan (year-on-year + 21% "22% impulse" 22%), which fully demonstrates confidence in future development. Encourage and promote the construction and stability of the company's core talent team, which is conducive to the long-term development of the company.
Grasp the source of innovation and cooperate with pharmaceutical companies in the next city. From TKIs targeted therapy, PARPi drugs, to immunotherapy drugs, to ADC drugs, the company has achieved the prospective layout and compliance application of accompanying diagnostic products. On August 15, it was announced that it had reached an ADC drug concomitant diagnostic cooperation with AstraZeneca PLC. The company's human 10 gene mutation joint detection kit (reversible terminal termination sequencing) will be based on ENHERTU drugs to develop concomitant diagnostic uses to screen HER2 (ERBB2) mutation positive non-small cell lung cancer (NSCLC) patients. The continuous landing of cooperation between pharmaceutical companies fully demonstrates the trust and affirmation of the company's brand, which is conducive to further enhance the company's competitiveness in the oncology precision medical market.
Catalyst: new products such as MSI have been approved to be put on the market, and the progress of cooperation among pharmaceutical companies has been landed.
Risk hint: the listing and promotion of new products are lower than expected; the risk of price reduction in product collection