Core Viewpoint - The company is initiating coverage on Sangfor Technologies with an "Outperform" rating and a target price of HKD 45.5, highlighting its strong market position and growth potential in the pharmaceutical sector [1] Group 1: Market Position and Financial Performance - The company has a leading market share in its core products, including TPO (67%), EPO (42%), and the hair loss treatment brand Mandy (over 70%), which supports stable cash flow and growth [1][2] - The company is expected to achieve robust revenue growth, with projected peak sales from its innovative drug pipeline reaching between RMB 7 billion to 10 billion [2] Group 2: Innovation Pipeline - The company has over 30 drug candidates in development, with four innovative drugs currently undergoing NDA approval, which are expected to contribute to future revenue [2] - Key products in the pipeline, such as SSS06 (long-acting EPO) and IL-17A monoclonal antibody, are anticipated to have significant sales potential [2] Group 3: Strategic Partnerships - The global licensing agreement with Pfizer for SSGJ-707 (PD-1×VEGF dual antibody) is expected to enhance the company's global valuation, with peak global sales projected to reach USD 11.3 billion to USD 13.4 billion [3][4] - The partnership with Pfizer is expected to leverage their existing oncology portfolio, potentially expanding the market reach of SSGJ-707 [4] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at RMB 19.18 billion, RMB 11.90 billion, and RMB 14.05 billion, with net profits of RMB 9.36 billion, RMB 2.73 billion, and RMB 3.33 billion respectively [4]
三生制药(01530.HK)首次覆盖：主营业务稳健 迈向PD-1*VEGF的星辰大海