Group 1 - The core viewpoint of the report is that the initiation of global clinical trials for drug 707 by the company is expected to be a significant catalyst for the group's profit growth [1] - The target price for the company's stock has been slightly reduced from HKD 37.67 to HKD 37.58, while maintaining a "Buy" rating [1] - The company's revenue for the first half of the year reached RMB 4.4 billion, showing a year-on-year decline of 0.8%, primarily due to a slowdown in TPIAO sales, although this was partially offset by strong growth in its hair loss treatment product line [1] Group 2 - The net profit attributable to the company increased by 24.6% year-on-year to RMB 1.1 billion, benefiting from a 49% reduction in financial costs [1] - Despite existing core products facing pressure, the company anticipates launching several new drugs between 2025 and 2026, including 608 (IL-17A inhibitor) and 613 (IL-1β inhibitor), which are expected to drive revenue growth [1] - The report suggests that drug 707 (PD-1/VEGF dual antibody) has the potential to become a significant global product, with expectations that Pfizer will actively promote its global clinical development and combination therapy options [1]
招银国际：微降三生制药(01530)目标价至37.58港元 维持买入评级