Golden Financial News | China Great Wall released a Research Report indicating that CloudTop New Medicine (01952) Naifukang has successfully entered the 2024 Medical Insurance Directory. The firm is Bullish on Naifukang and the company's commercialization capabilities, believing that as the new Medical Insurance Directory and local procurement plans are gradually implemented, Naifukang's revenue is expected to grow rapidly, with anticipated revenues of 0.4/1.2/1.8 billion yuan from 2024 to 2026.
The firm stated that EVER001 has the potential to become the best in its class, believing that EVER001 is likely to become the best product for treating primary membranous nephropathy. Additionally, the company holds global rights for this product in the field of nephrology, with promising prospects for overseas market expansion. Moreover, Iqumod is now on sale in Macau, and the commercialization potential of Iqumod is being viewed positively, with expected revenues of 0.016/0.114/0.146 billion yuan from 2024 to 2026.
By the end of 2024, the company has successfully commercialized three Innovative Drugs: Yijia, Naifukang, and Iqumod. In the short to medium term, revenue is expected to maintain rapid growth, with profit expected to reach breakeven. In the medium to long term, the transformation to self-research is steadily advancing, with the BTK inhibitor EVER001 showing impressive clinical 1b/2a data in treating primary membranous nephropathy, likely to become the best in its class, and holds overseas potential. The mRNA self-research platform possesses full Industry Chain development and manufacturing capabilities, and EVM16 has initiated IIT clinical research, with multiple pipelines set to submit IND by 2025. The firm expects the company to achieve revenue of 0.7/1.75/2.81 billion yuan from 2024 to 2026, and net income of -0.98/-0.04/0.38 billion yuan, maintaining a 'Buy' rating.
