片仔癀(600436)：研发积极推进 储备潜力品种

Company Updates - The company announced the completion of the first subject enrollment in the PZH2108 Phase IIa clinical trial on November 20. Additionally, the company announced the completion of the first subject enrollment in the Phase III clinical trial for Wen Dan Pian on October 17 [1] New Drug Development - The company is actively advancing two new drug projects and 18 ongoing new drug research initiatives, including five traditional Chinese medicine (TCM) Class 1 drugs, one TCM Class 1.2 drug, and four chemical Class 1 drugs by October 2025. Among these, TCM Class 1 drug PZH1219 has received clinical approval, and PZH1215 has completed subject enrollment for Phase IIa. The chemical Class 1 drug PZH2111 has completed subject enrollment for Phase I. This strategy is expected to establish a solid product reserve for the company [2] - PZH2108 is an innovative Class 1 chemical drug with independent intellectual property rights, intended for the treatment of cancer pain. The company has completed Phase I clinical trials, showing good safety and tolerability across various dosage groups in healthy subjects in China [2] - Wen Dan Pian is an innovative Class 1 TCM compound formulation derived from the classic formula Wen Dan Tang, aimed at treating mild to moderate generalized anxiety disorder (Phlegm-Heat Disturbance Syndrome). The clinical trial seeks to confirm its efficacy and safety. According to the Drug Intelligence Network database, the sales scale of anti-anxiety drugs in Chinese hospitals is expected to reach 2.444 billion yuan in 2024 [2] Traditional Chinese Medicine Development - The company has achieved significant results in the secondary development of TCM. By October 2025, it has completed 100% subject enrollment for three projects involving the use of Pizhuan for primary liver cancer post-surgical recurrence reduction, as well as four studies on the anti-influenza effects of compound Pizhuan tablets, and published 12 academic papers. This indicates potential for further expansion of indications in the future [3] Profit Forecast and Valuation - The company maintains net profit forecasts of 2.431 billion yuan and 2.674 billion yuan for 2025 and 2026, respectively. The current stock price corresponds to a price-to-earnings ratio of 43.7 times for 2025 and 39.7 times for 2026. The company maintains an outperform rating and a target price of 240 yuan, indicating a potential upside of 36.2% from the current stock price [4]