Jinwu Financial News | According to Western Securities Research Report, Genting Xinyao (01952) made many advances in drug registration and commercialization in 2023. Driven by new product sales, the company's revenue increased dramatically in 2023. Eiga and Nifukang achieved sales of 99 million yuan and 21 million yuan respectively. If non-cash projects are not included, the company's gross margin exceeds 80%, and the company's innovative layout is gradually entering the harvest period.
According to the bank, 2024 is the year of the company's commercialization transformation. Iga and Nifukang are expected to accelerate release, and several other catalysts are about to be implemented. It is expected that in 2024, Nifukan will be approved in Singapore, Hong Kong, Taiwan, South Korea, etc.; according to Iqamod Asia phase 3 clinical data, indications for ulcerative colitis will be approved in Macau, China, and an NDA will be submitted in mainland China, and the company's commercial product matrix is expected to be further enriched.
The bank expects the company to achieve revenue of 7.00/15.50/2,470 billion yuan in 2024-2026, a year-on-year increase of 455.9%/121.4%/59.3%; net profit to mother -7.91/-6.72/-530 billion yuan, an increase of 6.4%/15.0%/21.1% year on year. Considering the market volume of Iga and Nafukang, more than 2024 catalysts will soon be launched, maintaining the “increase” rating.