Group 1 - The core viewpoint of the report is that the company, InnoCare Pharma-B (09606), is rated as outperforming the industry, with a reasonable market value of HKD 37.9 billion and a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [1] - The ADC (Antibody-Drug Conjugate) market is one of the most promising and fastest-growing drug forms globally, with an estimated market size of approximately USD 10.4 billion in 2023, projected to reach USD 115.1 billion by 2032 [2] - InnoCare Pharma has established four unique ADC technology platforms and has secured licensing agreements with multinational pharmaceutical companies, with a total transaction value exceeding USD 6 billion [3] Group 2 - The first ADC is expected to submit a listing application in 2025, with notable pipelines including DB-1303 for endometrial cancer and breast cancer, DB-1311 showing potential in prostate cancer, and advancements in dual-antibody ADCs [4] - The report highlights a key difference from market sentiment, emphasizing the investment value of the company as a validated platform innovator in the ADC field, which may incubate more valuable pipelines in the long term [5]
中金：首予映恩生物-B“跑赢行业”评级 目标价430港元