Core Viewpoint - The report analyzes the potential opportunities for SSGJ-707 in the global market and discusses the likelihood of Pfizer's future investment in SSGJ-707 based on its fundamentals and the significant potential of the PD(L)1VEGF pathway [1][2]. Group 1: Financial Projections - The company has raised its target price to 46.71 yuan, maintaining a buy rating, with projected revenues of 191.78 billion, 118.95 billion, and 140.51 billion yuan for 2025-2027, respectively [1]. - The forecasted net profit attributable to the parent company is 102.14 billion, 28.08 billion, and 35.08 billion yuan for the same period, with EPS estimates of 4.26, 1.17, and 1.46 yuan [1]. Group 2: Market Potential - The PD(L)1VEGF dual antibody is expected to cover a market worth 200 billion USD, with the PD(L)1 monoclonal antibody market projected to reach 100 billion USD by 2029 [2]. - SSGJ-707 is currently in the second position globally and has shown superior tumor suppression effects compared to competitors in preclinical studies [2]. Group 3: Sales Forecast - The peak sales potential for SSGJ-707 in China is estimated to reach 6.3-8.4 billion yuan, while the global peak sales potential is projected to be 11.1-13.4 billion USD [3]. - Pfizer acquired overseas rights for SSGJ-707 at a record amount and has the option for commercialization in China, aiming to combine SSGJ-707 with its existing drugs to cover over 500,000 first-line patients in Europe and the U.S. [3]. Group 4: Future Drug Development - The company plans to launch 13 new drug assets between 2025 and 2027, enhancing its portfolio in hematology, immunology, nephrology, and dermatology, which could generate significant revenue [3]. - The company is also exploring three additional dual antibodies (705, 706, 708) in the dose exploration phase, indicating further potential for growth [3].
三生制药(1530.HK)：PD1VEGF双抗的全球之路