乐普生物(2157.HK)：研发布局稳扎稳打 ADC平台进入收获期

Core Viewpoint - The company is entering a new drug approval phase with a well-structured pipeline in oncology, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs, which is expected to yield multiple new drug approvals in the next 3-5 years [1][2]. Pipeline Development - The company has developed multiple oncology products, including two already marketed drugs (PD-1 monoclonal antibody Prutilizumab and MRG003) and has six ADC drugs, one oncolytic virus, and one TCE drug in clinical stages [1]. - MRG003 (EGFR ADC) has been approved for post-line NPC in China, showing superior survival benefits and safety compared to competitors, with ongoing trials for HNSCC and NSCLC [1]. - MRG004A (TF-ADC) for post-line pancreatic cancer is currently in Phase III trials after demonstrating strong competitive advantages in Phase I [2]. - MRG006A (GPC3 ADC) is targeting the liver cancer market, with promising results in Phase I trials and plans to initiate Phase III trials in 2026 [1][2]. Oncolytic Virus Therapy - The company has introduced the oncolytic virus therapy CG0070 for bladder cancer, which is currently undergoing a rolling BLA application with the FDA and is in critical registration bridging trials in China [2]. - CG0070 has shown the best historical durability efficacy data in the NMIBC field, with a G3+TRAE rate of 0, indicating excellent efficacy and safety [2]. Financial Projections - The company is still in the investment phase for innovative drug development, with projected revenues of 880 million, 1.02 billion, and 1.49 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 138%, 16%, and 47% [2]. - The net profit attributable to the parent company is expected to be -20 million, 10 million, and 280 million yuan for the same years [2]. Investment Recommendation - The company is rated as a "buy" due to the steady progress of its ADC pipeline and successful commercialization efforts [2].