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维立志博(9887.HK)深度报告：三大技术平台助力 领跑下一代肿瘤免疫
Ge Long Hui·2025-11-02 02:43

Core Insights - The company is positioned as a leader in next-generation tumor immunotherapy, focusing on addressing diseases that current therapies, such as PD-1/PD-L1 antibodies, cannot treat [1] - The company has established a robust R&D pipeline with 14 new drugs, including 6 in clinical stages and 4 with leading global clinical progress [1] - The 4-1BB co-stimulation signal market has significant potential, with the drug LBL-024 showing promising clinical data and competitive advantages over existing treatments [1][2] Group 1 - The company utilizes three major technology platforms to develop a comprehensive pipeline of tumor drugs, including ADC, IO2.0, and TCE [1] - LBL-024, a 4-1BB targeting drug, has demonstrated a doubling of median overall survival (mOS) in later-line ep-NEC compared to existing therapies and shows superior clinical data in 1L SCLC [1] - The company is expanding LBL-024's indications to include 8 additional cancers, indicating a broad potential market space [1] Group 2 - The TCE technology platform has been validated through clinical data, with LBL-034 showing potential efficacy and safety advantages over competitors [2] - The CD3/GPRC5D TCE drug LBL-034 activates T cells conditionally in tumor microenvironments, with upcoming ASH2025 data expected to further confirm its advantages [2] - The company has plans for new generation TCE and TCE ADC platforms targeting solid tumors, with the CD3/MUC16 TCE positioned as a top contender globally [2] Group 3 - The company is currently in a new drug development investment phase, with projected revenues of 175 million, 314 million, and 187 million yuan for 2025, 2026, and 2027 respectively [2] - The net profit forecast indicates losses of 200 million, 99 million, and 262 million yuan for the same years, reflecting the ongoing investment in R&D [2] - The company is recognized as a leader in 4-1BB co-stimulation and has a rich reserve of TCE platform projects, receiving an "Accumulate" rating for its first coverage [2]