According to the Guosheng Securities Research Report, the signs that Changchun Hi-Tech's performance is bottoming out are clear, and the medium- to long-term growth targets are clear. The company issued Jinsai Pharmaceutical's restricted stock incentive draft, which awarded a price of 38.08 yuan/share. The incentive target was no more than 256 people, all of whom were the core management, technical and business backbone of Jinsai. The plan is deeply tied to core key interests and is conducive to stabilizing the talent team; medium- to long-term high revenue and ROE goals reflect the company's confidence in penetrating existing products and commercializing the innovation pipeline. Compared with the 2025 Kinsai revenue of 9.819 billion yuan, the 2026 target is basically the same. The target growth rates for 2027-2028 are 30.6% and 25.8%, respectively. Innovative achievements continued to be realized in 2025. The self-developed Class 1 innovative monoclonal antibody, Jin Beixin, was successfully approved to fill gaps in the treatment of acute gout arthritis in China, while continuing to expand multiple indications to create a platform-based drug cluster. The core pipeline GS098 successfully completed overseas rights licensing, achieved breakthroughs in innovative technology, and continuous verification of pipeline commercialization and internationalization capabilities, providing sufficient reserves for the company's continued high performance in 2027-2028. Without considering the impact of one-time factors, combined with equity incentive targets, the company's net profit is expected to be 1.05 billion yuan, 15.7 billion yuan, and 2.05 billion yuan respectively in 2026-2028, corresponding growth rates of 577%, 50%, and 30%, respectively, corresponding to PE29.3X/19.5X/15.0X. Maintain a “buy” rating.
Zhitongcaijing · 2d ago
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According to the Guosheng Securities Research Report, the signs that Changchun Hi-Tech's performance is bottoming out are clear, and the medium- to long-term growth targets are clear. The company issued Jinsai Pharmaceutical's restricted stock incentive draft, which awarded a price of 38.08 yuan/share. The incentive target was no more than 256 people, all of whom were the core management, technical and business backbone of Jinsai. The plan is deeply tied to core key interests and is conducive to stabilizing the talent team; medium- to long-term high revenue and ROE goals reflect the company's confidence in penetrating existing products and commercializing the innovation pipeline. Compared with the 2025 Kinsai revenue of 9.819 billion yuan, the 2026 target is basically the same. The target growth rates for 2027-2028 are 30.6% and 25.8%, respectively. Innovative achievements continued to be realized in 2025. The self-developed Class 1 innovative monoclonal antibody, Jin Beixin, was successfully approved to fill gaps in the treatment of acute gout arthritis in China, while continuing to expand multiple indications to create a platform-based drug cluster. The core pipeline GS098 successfully completed overseas rights licensing, achieved breakthroughs in innovative technology, and continuous verification of pipeline commercialization and internationalization capabilities, providing sufficient reserves for the company's continued high performance in 2027-2028. Without considering the impact of one-time factors, combined with equity incentive targets, the company's net profit is expected to be 1.05 billion yuan, 15.7 billion yuan, and 2.05 billion yuan respectively in 2026-2028, corresponding growth rates of 577%, 50%, and 30%, respectively, corresponding to PE29.3X/19.5X/15.0X. Maintain a “buy” rating.
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