天风证券：给予泽璟制药买入评级

Core Viewpoint - Zai Jian Pharmaceutical is recognized as an excellent innovative pharmaceutical company with both sales growth and research achievements, receiving a "buy" rating from Tianfeng Securities [1] Group 1: Commercialization and Product Pipeline - Zai Jian Pharmaceutical has successfully commercialized three key products, including Tofacitinib, Recombinant Human Thrombin, and Gilteritinib, with a fourth product, Recombinant Human Thyroid-Stimulating Hormone, expected to be launched soon [2] - The company is advancing its ZG006 product, a CD3/DLL3/DLL3 tri-antibody, which is in Phase 2 clinical trials and may become the first of its kind to enter Phase 3 trials globally [3] Group 2: Clinical Trial Results - ZG005, a PD-1/TIGIT dual antibody, has shown promising results in cervical cancer trials, with an overall response rate (ORR) of 40.9% and a disease control rate (DCR) of 68.2% in patients who had not previously received immune checkpoint inhibitors [4] Group 3: Financial Forecasts - The company is projected to achieve revenues of 820 million, 1.201 billion, and 1.603 billion RMB from 2025 to 2027, with net profits expected to be -20 million, 121 million, and 282 million RMB respectively, maintaining a "buy" rating [5] - Recent institutional ratings indicate a strong buy sentiment, with eight institutions giving a buy rating and an average target price of 77.18 RMB over the past 90 days [6]