迈威生物(688062)：由仿及创渐入佳境 ADC深度布局引领潮流

Group 1 - The company has a rich pipeline focusing on oncology and chronic diseases, with 16 products in the market or clinical stages, including 3 biosimilars that are rapidly increasing in sales [1] - The Nectin-4 ADC has potential for best-in-class (BIC) status, with ongoing phase III clinical trials for both monotherapy and combination therapy, aiming to establish a competitive barrier in the treatment of urothelial carcinoma [1] - The internationalization process is accelerating, with the expansion of biosimilar markets along the "Belt and Road" initiative, laying the foundation for future innovative products to enter the global market [1] Group 2 - The company has completed an integrated layout for research, production, and sales, with three products already on the market and core ADC pipelines entering the registration clinical stage, indicating promising future revenue [2] - Revenue forecasts for 2025, 2026, and 2027 are projected to be 613 million, 1.03 billion, and 1.80 billion respectively, with a reasonable equity value of 13.447 billion, corresponding to a stock price of 33.65 [2] - The company is preparing for a mainboard listing on the Hong Kong Stock Exchange to further promote its internationalization efforts [1]