Jinwu Financial News | According to CITIC Construction Investment Research and Development Report, Kang Fang Biotech (09926) released its 2023 performance report. During the reporting period, the company's total revenue reached a record high of 4,526 billion yuan, up 440.10% year on year; the sales amount in the innovative drug market reached a new high, reaching 1,631 billion yuan, up 47.74% year on year. Ketanil (cardonilizumab) boosted rapid sales performance growth; the company achieved a record high net profit of 1,942 billion yuan, turning a loss into a profit, the first annual profit since listing. The company's development of oncological drugs and non-oncological drugs has fully entered the harvest period. New mechanisms and treatments have achieved efficient layout, and the commercialization process has been accelerated.
The bank expects the company's revenue in 2024, 2025, and 2026 to be 2,696 billion yuan, 4.413 billion yuan, and 6.239 billion yuan respectively, corresponding growth rates of -40.43%, 63.67%, and 41.38%, respectively, and net profit to mother of -521 million yuan, 106 million yuan, and 763 million yuan, respectively. Considering the continued deepening of the company's self-developed new drug development and the implementation of more major milestones in clinical development and commercialization, it maintained a “buy” rating.