Core Viewpoint - The report from Open Source Securities highlights that CSPC Pharmaceutical Group (01093) is intensifying its focus on innovation, establishing eight major technology platforms, and has over 130 projects in its pipeline, indicating a period of concentrated value realization for its innovations [1] Financial Projections - The firm forecasts the net profit attributable to the parent company for 2025-2027 to be 4.915 billion, 5.272 billion, and 5.714 billion yuan respectively, with EPS projected at 0.4, 0.5, and 0.5 yuan, corresponding to PE ratios of 21.4, 20.0, and 18.4 times [1] Innovation and Collaborations - CSPC has achieved multiple external licensing agreements for several innovative products in recent years, including Lp(a), MAT2A, ROR1ADC, and irinotecan liposome, with expected revenue recognition from these licenses in 2025 [1] - The company is currently in discussions with international pharmaceutical firms regarding various innovative drug projects, including a collaboration with AstraZeneca in June to co-develop a new oral small molecule candidate using an AI-driven drug discovery platform [1] - In July, CSPC announced the global licensing of its small molecule GLP-1 receptor agonist SYH2086 to Madrigal Pharmaceuticals, which includes a $120 million upfront payment [1] R&D Platform and Growth Potential - The company's R&D platform is entering a realization phase, and the achievement of multiple licensing agreements is expected to become its second growth curve [1]
开源证券：首予石药集团“买入”评级 多项重磅出海交易即将达成