In 2023, the company achieved revenue of 386 million yuan (+27.83%), mainly due to sales volume of donafinil tablets; net loss to mother of 279 million yuan, a year-on-year decrease of 179 million yuan; Q1-Q4 sales revenue of 1.08/1.12/0.62 billion 104 million yuan, respectively, and net loss to mother of 0.57/0.88/76 million yuan, respectively. In the first quarter of 2024, revenue of 108 million yuan (+0.12%) was achieved, and a net loss of 39 million yuan to mother was achieved.

Donafinil continues to be dosed. In December 2023, medical insurance coverage for hepatocellular carcinoma of donafenib tablets was renewed, and medical insurance coverage for thyroid cancer was added. As of December 31, 2023, it had entered 979 hospitals, covering 1,696 hospitals, and 844 pharmacies, laying the foundation for continued sales. Recombinant human thrombin was approved and commercialized in partnership with Yuanda Life Sciences. The company's recombinant human thrombin was approved for listing on December 26, 2023 for “the use of standard surgical hemostasis techniques (such as suturing, ligation, or electrocoagulation) in adults to control bleeding is ineffective or impracticable to promote bleeding from surgical wounds or hemostasis of capillaries and small venous hemorrhages”. The company authorized Yuanda's exclusive marketing rights in the Greater China region of Liaoning. Yuanda Life Science has rich experience in admission and sales of hemostatic drugs, and the release of subsequent products is expected to accelerate.

The marketing review of jacketinib tablets for the new drug was completed, and self-exempt phase III enrollment was completed. High-risk myelofibrosis in the treatment of jacktinib is in the new drug marketing review stage. It is the first domestically produced JAK inhibitor drug to submit a marketing application. In the field of self-prevention, its phase III clinical study to treat severe alopecia areata has been completed, and the development progress is at the forefront of domestically produced JAK inhibitors; phase III clinical trials to treat moderate to severe atopic dermatitis and ankylosing spondylitis are also being accelerated; phase II clinical trials for autoimmune related diseases such as idiopathic pulmonary fibrosis and moderate to severe plaque psoriasis are ongoing. In addition, the company's double/triple target antibody platform product IND continues to advance.

Profit forecast and rating: The company's revenue for 24-26 is expected to be $633/11.23/$1,777 million, respectively, up 63.8%/77.4%/58.3% year-on-year. In 2024, the company catalyzes a lot, and is optimistic about the accelerated release of commercial products, the approval of jacketinib, the clinical promotion of catalysis for self-exempt indications, and the disclosure of data on innovative products. Maintain a “buy” rating.

Risk warning: risk of R&D falling short of expectations, increased risk of market competition, risk of changes in industry policies