开展股权激励，有望推动公司加速发展。根据公司 9 月 23 日发布的《关于 2023 年限制性股票激励计划首次授予结果公告》，于 8 月 16 日首次向21 人授予 249 万股（占总股本 1.56%），授予价格为 17.03 元/股，本次股权激励彰显了公司对自身未来发展的信心，也表明了对公司骨干人才的重视，激励员工为公司的稳定长期发展做出贡献。The company recently released the third quarterly report of 2023, the company's Q1-Q3 achieved operating income of 7.20 yuan, an increase of 22.46% over the same period last year; net profit of 149 million yuan, up 43.37% over the same period last year; and net profit of 138 million yuan, an increase of 146.74% over the same period last year.
Support the main points of rating
The results of the three quarters are outstanding, with strong growth on the profit side. The company's 2023Q1-Q3 realized operating income of 7.20 yuan, an increase of 22.46% over the same period last year, a net profit of 149 million yuan, an increase of 43.37% over the same period last year, and a net profit of 138 million yuan, an increase of 146.74% over the same period last year, mainly due to the growth of income and profits of the main business after the renewal and lifting of the medical insurance contract of "Suling". In a single quarter, the company's 2023Q3 achieved operating income of 2.69 yuan, an increase of 24.40% over the same period last year, and its net profit was 56 million yuan, an increase of 157.69% over the same period last year.
Carrying out equity incentive is expected to accelerate the development of the company. According to the announcement on the results of the first award of the 2023 restricted stock incentive plan issued by the company on September 23, 2.49 million shares (accounting for 1.56% of the total share capital) were awarded to 21 people for the first time on August 16 at a price of 17.03 yuan per share. this equity incentive not only demonstrates the company's confidence in its future development, but also shows the importance it attaches to the company's backbone talents and motivates employees to contribute to the stable and long-term development of the company.
A number of research projects are carried out in an orderly manner, and the results are expected to be realized gradually. KC1036 tablets are currently carrying out phase II clinical studies in an orderly manner. More than 100 patients with advanced solid tumors have been included in many clinical trials, and significant clinical effects have been observed in a variety of solid tumors such as esophageal cancer and thymic cancer.
The III phase clinical trial of Jincao tablet was carried out smoothly, and all the subjects were enrolled. The application for registration of a new drug of hemagglutinin from Agkistrodon acutus for injection has been accepted, which may bring new hemostatic options for pet surgery. Important progress has been made in a number of projects, and we expect the company to continue to accelerate the R & D pipeline process and gradually realize the R & D results.
Valuation
As the company reported outstanding growth in revenue and profit in the third quarter, we raised the company's profit forecast. It is expected that the company's net profit from 2023 to 2025 will be 191 million yuan, 216 million yuan and 246 million yuan respectively, corresponding to 1.19,1.35,1.54 yuan for EPS.
Main risks faced by rating
The market competition risk of products on sale, the less-than-expected risk of innovative drug research and development, the policy risk of pharmaceutical industry and so on.
