occurrences

Sansheng Guojian released its 2024 mid-year report. In the first half of the year, it achieved revenue of 0.597 billion yuan, a year-on-year increase of 24.87%, achieved net profit of 0.13 billion yuan, an increase of 36.68% over the previous year, and achieved net profit deducted from non-mother of 0.126 billion yuan, an increase of 50.81% over the previous year.

Revenue from major products continues to grow

In the first half of the year, the company Yisaipu achieved revenue of 0.33 billion yuan (+9.4% compared with the same period), mainly benefiting from the continuous penetration of the Sepp pre-filled dosage market; due to the gradual expansion of the scope of implementation of Exaipu's collection expansion, we expect the subsequent growth rate to slow down. Septin's revenue increased 48.9% year-on-year in the first half of the year, mainly due to product entry guidelines and expert consensus, and continued progress in hospital admission. The year-on-year increase of 47.8% under the low base of guinib was observed.

Self-sparing varieties form an echelon, and 2025 is expected to usher in the harvest period

The company's self-defense varieties formed an echelon and achieved many results. IL-17A antibody psoritis indications have completed phase III clinical trials. This indication is expected to be applied for marketing this year, and patients with other ankylosing spondylitis and radiologically-negative axial spondylitis indications have completed the first phase II clinical enrollment. IL-5 Asthma Indication Phase III clinical trial was initiated and the first patient was enrolled. The IL-4Rα antibody drug initiated phase III clinical trials for moderate to severe atopic dermatitis and completed the enrollment of the first patient, and IL-1beta antibody for acute gout arthritis initiated phase III clinical trials.

Maintain a “buy” rating

We expect the company's revenue for 2024-2026 to be 1.188/1.205/1.42 billion yuan, with year-on-year growth rates of 17.20%/1.38%/17.90%, net profit to mother of 0.296/0.253/0.29 billion yuan respectively, year-on-year growth rates of 0.58%/-14.76%/14.98%, and EPS 0.48/0.41/0.47 yuan/share, respectively. As the company's IL-4Rα expands COPD and lays out potential targets such as IL-33, self-defense products have begun to enter the harvest period and maintain a “buy” rating.

Risk warning: Adalim biosimilar collection; self-immune drug development/sales fall short of expectations; risk of worsening competition pattern for self-immune drugs