Group 1 - The core product Tevaz is expected to continue outperforming sales expectations due to its unique position as the only approved drug for CIT indications globally, with significant market share growth potential [1] - The competitive landscape for Tevaz is favorable, with limited likelihood of generic drug entry in the short to medium term, and pricing pressure remains low [1] - The market underestimates the growth potential of Tevaz, with projected sales CAGR of 11% from 2024 to 2026, leading to a long-term sales peak of 7 billion RMB [1] Group 2 - Mandi's sales are expected to grow significantly, reaching a peak of 2.5 billion RMB, driven by a large and increasingly younger population suffering from hair loss [2] - The dual-channel marketing strategy (online and offline) is enhancing brand recognition for Mandi, with new formulations and products expanding market reach [2] - The company is diversifying its consumer healthcare product line with new products like Winlevi and semaglutide expected to launch in the next 2-3 years, leveraging Mandi's established brand and distribution channels [2] Group 3 - The company is on the verge of a product innovation phase, with 30 products in the pipeline, 12 of which are expected to be approved in mainland China by 2025-2027 [3] - A significant licensing agreement with Pfizer for the self-developed PD-1/VEGF dual antibody SSGJ-707 could yield up to 6.05 billion USD, validating the company's drug development capabilities [3] - The company is transitioning from reliance on traditional blockbuster products to a model driven by new product iterations and international expansion, with projected revenue and net profit CAGR of 10% and 15% respectively from 2024 to 2026 [3]
三生制药(1530.HK)：核心大单品长期空间可观 创新研发成果即将集中落地 首予买入