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国泰海通:予诺诚健华(09969)“增持”评级 目标价26.7港元
智通财经网·2025-09-23 03:26

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for Nuo Cheng Jian Hua (09969), projecting revenue growth from 14.43 billion to 26.91 billion CNY from 2025 to 2027, with year-on-year growth rates of 43%, 29%, and 45% respectively. The target price is set at 24.53 CNY/26.70 HKD based on a 30x PS for 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.31 billion CNY, a year-on-year increase of 74.26%, and a net profit attributable to shareholders of -0.30 billion CNY, with losses narrowing by 88.51%. In Q2 alone, revenue reached 3.50 billion CNY, up 37.91%, with net profit of -0.48 billion CNY, a 59.76% reduction in losses. The revenue growth is primarily driven by increased sales of Aobutini and revenue from licensing agreements, with pharmaceutical sales rising by 53.47% [1][2]. Market Position and Pipeline Development - The company continues to solidify its leadership in the hematology sector, with strong sales growth of Aobutini, which reached 6.37 billion CNY in the first half of 2025, a 52.84% increase. The NDA application for 1LCLL/SLL was approved in April 2025. Additionally, the commercialization of Tansizhuo monoclonal antibody is expected to begin in Q3 to Q4 of 2025. The ICP-248 clinical trials are progressing in both domestic and U.S. markets, with new indications anticipated to further boost Aobutini's sales [2][3]. Immunology Pipeline Advancements - The company has multiple immunology pipelines entering Phase III trials. Aobutini's Phase III trials for PPMS and SPMS are expected to start patient recruitment in the second half of 2025. The ITP Phase III trial in China has successfully completed patient enrollment, with NDA submission anticipated in the first half of 2026. Data for SLE is expected to be read out in Q4 2025. ICP-332 is accelerating patient recruitment for AD Phase III trials, while the Phase II/III trial for vitiligo began in May 2025. The global Phase II trial for PN is set to start in the second half of 2025 [3].