华福证券：首次覆盖维立志博(09887)给予“买入”评级 下一代IO和ADC疗法全布局

Group 1 - The core viewpoint of Huafu Securities is that it initiates coverage of Weilizhibo (09887) with a "Buy" rating, projecting revenues of 180 million, 94 million, and 10 million yuan for 2025-2027, with growth rates of 833%, -48%, and -90% respectively [1] - The company is strategically positioned in next-generation tumor immunotherapy through its agonist platform, TCE platform, and ADC, focusing on "technology platform + innovative targets" to cover cutting-edge fields such as immune checkpoints and multi-specific antibodies [1] Group 2 - LBL-024 (PDL1/4-1BB bispecific antibody) shows historical best data in lung neuroendocrine carcinoma, with excellent efficacy in first-line SCLC and promising preliminary efficacy in NSCLC; it demonstrates low liver toxicity with ≥3 grade liver enzyme elevation at only 1.3%, comparable to PD-1 monoclonal antibodies [2] - LBL-024 is the first 4-1BB targeted molecule to reach critical clinical stages globally, with ongoing clinical research approved in multiple cancer types including SCLC, BTC, OC, and others, indicating its potential as an effective anti-tumor drug with broad indications [2] Group 3 - LBL-034 (GPRC5D/CD3 bispecific antibody) exhibits superior safety and dosage intensity, achieving an overall response rate (ORR) of 77.8% at 400 μg/kg and 90.9% at 800 μg/kg, comparable to CAR-T efficacy, with no dose-limiting toxicity or ≥3 grade CRS observed [3] - Other pipelines include BDCA2×TACI expected to file IND in the second half of 2025, and a CD19/BCMA/CD3 trispecific antibody IND anticipated in Q1 2026, along with DLL3 TCEADC expected to file IND in the first half of 2027 [3]