Jinwu Financial News | Guosheng Securities released research reports that Cinda Biotech (01801) released 2023 results, and the company achieved total revenue of 6.206 billion yuan in 2023, an increase of 36.2% over the previous year; adjusted losses were 515 million yuan, compared to 2,462 billion yuan for the same period in 2022, a year-on-year reduction of 79.1%.
According to the bank, at present, the company has commercialized 10 products, 3 products have submitted NDA, 5 products have entered phase 3/critical clinical trials, and 18 products are in early clinical trials. The field of non-oncology includes metabolic & cardiovascular, endocrinology, and ophthalmology. PCSK9 monoclonal antibodies have been approved for marketing, and the NDA (GLP-1R/GCGR) has been accepted, and IGF-1R monoclonal antibodies and IL23p19 monoclonal antibodies are expected to be declared within 2024. A major single product echelon for chronic diseases has been formed, which will help the company achieve the sales target of 20 billion products within 5 years.
The bank predicts that the company's revenue for 2024-2026 will be 7.292 billion yuan, 9.815 billion yuan, and 12.936 billion yuan respectively, with year-on-year increases of 17.5%, 34.6%, and 31.8%, respectively; net profit to mother will be -605 million yuan, 304 million yuan, and 1,022 billion yuan respectively. The company is a scarce domestic biotech with an international vision and an integrated platform for innovative drugs. A deep R&D team has been formed, and future growth can be expected. Optimistic about the company's international development and maintaining a “buy” rating.