Guosheng Securities: Changchun High-tech main business is expected to stabilize, maintaining a "buy" rating.

Guosheng Securities Research Report pointed out that Changchun High-tech is the leader in the billion-dollar growth hormone industry, and its main business is expected to stabilize. Based on the current actual patient drug use situation and potential market space, the company holds a rational attitude towards the sales of growth hormone products, and will continue to actively promote the sales of related products to ensure the stable operation of core products; at the same time, the company will continue to develop new indications for long-acting growth hormone, actively explore new fields and markets, and the indication for adult growth hormone deficiency is in Phase III clinical trials; the combination of somatomedin with somatotropin for indications related to muscle gain and fat loss is currently in investigator-initiated clinical research. Considering that the company is in the stage of innovative transformation, the company is balancing short-term performance and long-term development in its layout, with relatively high expenses currently. It is estimated that the company's net profit attributable to the mother will be 20.59 billion yuan, 21.11 billion yuan, and 24.30 billion yuan respectively for the years 2025-2027, with corresponding growth rates of -20.3%, 2.5%, and 15.1%. Maintain a "buy" rating.