Maintain the “gain” rating. Taking into account the intensive harvesting period of the company's multiple pipelines, the adjusted EPS forecast for 20242026 was 0.15/0.18/0.21 yuan (originally 0.15/0.18/0.20 yuan). Maintain* gain” rating.
Self-developed new drugs such as PD-L1 monoclonal antibodies have been launched one after another, and stock incentives promote long-term development. On May 9, the company announced that its self-developed PD-L1 inhibitor, bemosubimab, was approved for first-line treatment of ES-SCLC in combination with anlotinib, carboplatin, and etoposide: multiple indications of bemosubimab decanlotinib are in the development stage. Among them, endometrial cancer is already in the NDA stage. Furthermore, anectinib independently developed by the company was approved for marketing at the end of April. It is the first domestically produced dry drug approved for ROS1-positive NSCLC. The company's many self-developed innovative drugs have been launched one after another, ushering in an accelerated harvest period. On May 8, Zhengda Tianqing, a subsidiary of the company, announced a share incentive plan. It plans to use its own capital totaling no more than RMB 0 billion to purchase market shares and implement the incentive plan. The incentive targets include middle and senior managers and professionals at the same level to promote long-term development.
Internal and external pipelines go hand in hand, and multiple marginal improvements drive innovation and transformation. The company introduced two-wheel drive around independent research and development and cooperation in four key treatment areas, and the clinical pipeline is abundant. On April 8, the company signed a strategic cooperation agreement with Boehringer Ingelhanb, a well-known German pharmaceutical company, to jointly develop and commercialize Boehringer-like oncology drug pipelines in mainland China, including 3 assets in the clinical development stage (MDM2-P53 inhibitors, HER2 inhibitors, DLL3/CD3 bispecific T-cell connectors: PD-L1/CD137 developed by overseas R&D platform F-STAR was selected for the 2024 ASCO oral report. In addition, the company's biosimilar drug pipeline ushered in an accelerated harvest period. Desumab, bevacizumab, anduzumab, and rianximab were intensively approved for marketing, which is expected to increase performance. Many of the company's heavy housing products are already in the advanced clinical stage or NDA stage, and are expected to be approved for marketing one after another, including ALK inhibitors, pacandzumab, KRASG12C inhibitors, CDK2/4/6 inhibitors, PI3K inhibitors: JAKROK preparations, coagulation factor VIIa, etc., which will strongly guarantee the company's long-term development.
Catalysts: Drug release exceeds expectations: R&D progress of new products and new indications exceeds expectations.
Risk factors: Uncertainty in drug development; commercialization progress falls short of expectations: volume procurement.