Jinwu Financial News | Zheshang Securities has released a Research Report, initiating coverage on KEYMED BIO-B (02162). The company is an innovative drug enterprise focusing on autoimmune diseases and oncology, with high-potential pipelines laid out in multiple fields. Bullish on the company's leading advantages in the autoimmune sector and the commercialization prospects of innovative drugs, as well as the future international development potential of ADC and dual-antibody platforms.

The firm points out that the KEYMED BIO pipeline mainly covers the two fields of autoimmune diseases and oncology, with 12 key candidate drugs at different stages of development. Among the domestically manufactured drugs in the same category that have received IND approval in China and/or the USA, it ranks in the top three. Among these, CM310 is the first domestically approved IL-4Rα antibody, with significant leading potential across multiple indications and large market potential, having several crucial indications in late-stage clinical trials, laying a foundation for continuous volume growth.

The firm predicts that based on the DCF valuation model, the reasonable valuation for the company’s CM310 is expected to be 9.161 billion yuan, and the present value of domestic sales plus overseas licensing and sharing income for CMG901 is 6.922 billion yuan, leading to a combined valuation of approximately 16.083 billion yuan. Sensitivity test results show that the reasonable Market Cap range is 15.1-17.2 billion yuan. Converted at 0.9371 (the exchange rate of Hong Kong dollars to Chinese yuan on December 18, 2024), the Market Cap amounts to 16.1-18.3 billion Hong Kong dollars, corresponding to a Target Price of 57.69-65.55 Hong Kong dollars per share, initiating coverage with a "Buy" rating.