Microcore organismSolcasinonodepositbonuscodesPioneer in the field of original new drugs, sales revenue increased by 3126 in the first quarter of 2024 compared with the same period last yearSolcasinonodepositbonuscodes.77%

Microcore Biology, a pioneer in the field of original new drugs in China, was founded in March 2001 by a team of senior returned doctors from the United States. With the top scientists and teams gathered by Shenzhen and Chengdu small molecule early R & D Center, the company has successfully opened the whole process from basic research to clinical transformation by using the technology platform of AI-aided design and chemical genomics. At present, the company has launched the first and best new drugs in the world, including 2 drugs and 4 indications in China, 2 indications in Japan and 1 indication in Taiwan.

According to the 2023 annual report, the profitability of the company's main business continues to increase, the sales of cedaben are stable, its PTCL indications are renewed into the health insurance catalogue in December 2023, and continue to obtain the status of "state talks". Breast cancer indications are also recommended by CSCO breast cancer diagnosis and treatment guidelines in 2023. By actively expanding the sinking channels of cedarben, the company has established cooperation with 62 first-class dealers, covering 27 provinces across the country.

The first quarterly report of 2024 showed that the company's operating revenue increased by 22.60% compared with the same period last year, mainly due to an increase in sales of Sieglitazide sodium. During the reporting period, sales of Sieglitazide sodium increased by 665.80% compared with the same period last year, and sales revenue increased by 3126.77%. Cedaben PTCL indications entered the health insurance catalogue for the fourth time in December 2023, with health insurance payment prices reduced by 6%, but sales still increased by 8% compared with the same period last year, and sales revenue remained stable. The net profit loss of the company's shareholders narrowed by 43.63% compared with the same period last year, showing the profitability and growth potential of the company.

Microcore biology has been deeply cultivated in the field of innovative drugs for many years, and a number of products are expanding new indications, opening up room for subsequent growth of products. Cedarbamine has been approved for use in the treatment of diffuse large B-cell lymphoma, and patients with non-small cell lung cancer have been enrolled in the first-line treatment of non-small cell lung cancer combined with tirelizum. at the 2024 CSCO guide, cedarbamide combined regimen was added to the third-line treatment of mCRC. In addition, positive progress has also been made in phase II clinical trials of ciglitabate sodium in the treatment of non-alcoholic steatohepatitis.

Microcore organisms have distributed distinct R & D projects in many fields, such as tumor, metabolic disease, central nervous system disease and so on, showing strong independent R & D strength and technology platform advantages. Taking into account the overseas license sharing and the rhythm of the product listing, the company expects total revenue of 6.7max 8.7 / 1.14 billion yuan and net profit of-0.92 MB 0.26 / 86 million yuan from 2024 to 2026. Based on the free cash flow DCF discounted valuation method, the company is valued at 13.397 billion yuan, corresponding to the share price of 32.57 yuan. Analysts covered for the first time, giving a "buy" rating.

In terms of risk tips, the data and progress of new drug research and development, product listing applications and approval, health insurance negotiations, increased competition, generic drugs and collection, and patents may affect the company's performance.

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