Core Viewpoint - The company is strategically focusing on the nuclear medicine sector, with a comprehensive and diversified product layout, aiming to capture market share in a rapidly growing market projected to reach $21.9 billion by 2029, with a CAGR of 16.4% from 2024 to 2029 [1] Group 1: Nuclear Medicine Sector - The company has established a global full industry chain layout in targeted anti-tumor drugs, with its core product, Yttrium-90 microsphere injection (Egan Tai), being the first nuclear medicine for liver cancer treatment in China, having treated nearly 2,000 patients [1] - The company’s domestic sales revenue for the core product is expected to reach HKD 500 million in 2024, representing a year-on-year increase of 140% [1] - The company has formed a pipeline of 12 clinical registrations through acquisitions and independent research, covering various cancers, with 4 domestic pipelines entering clinical phase III [1] Group 2: Respiratory and Critical Care Business - The revenue from the respiratory and critical care segment increased by 26.9% year-on-year [2] - The company’s innovative sepsis drug STC3141 has shown significant efficacy in clinical trials, with a notable reduction in SOFA scores in the treatment group compared to the placebo group, indicating a potential breakthrough in sepsis treatment [2] - The successful launch of STC3141 is expected to enhance the company’s international competitiveness in critical care treatment [2] Group 3: Traditional Pharmaceutical Sector - The traditional pharmaceutical sector remains solid, with a focus on nuclear medicine, cardiovascular precision intervention, pharmaceutical technology, and biotechnology [2] - In the first half of 2025, the company achieved revenue of HKD 6.11 billion, a year-on-year increase of 1.0%, and a net profit of HKD 1.17 billion, a year-on-year decrease of 26.1% [2] - The pharmaceutical technology segment accounted for 63.0% of total revenue, with key products in various therapeutic areas [2] Group 4: Valuation and Growth Potential - The company is positioned as a domestic leader in nuclear medicine and high-end formulations, with a comprehensive pipeline covering multiple cancer indications [3] - The company is valued at a PE of 17 times for 2025, which is lower than the average PE of comparable companies at 22 times [3] - Projected net profits for the company are expected to reach HKD 2.021 billion, HKD 2.347 billion, and HKD 2.756 billion for 2025, 2026, and 2027 respectively, with corresponding PEs of 17, 14, and 12 times [3]
远大医药(0512.HK)：核药管线多元拓展 STC3141具备脓毒症FIC潜力