AKESO(HK:09926) ZHONGTAI SECURITIES·2024-06-23 03:31Investment Rating - The report assigns a "Buy" rating for the company, with a target market price of HKD 35.5 and a total valuation of HKD 377 billion [3][4]. Core Insights - The company is positioned as a leading player in the dual antibody market, with significant advancements in internationalization and product commercialization, particularly with its innovative therapies targeting various cancers [5][6]. - The company has successfully launched multiple products, including AK105, AK104, and AK112, and is actively pursuing global market opportunities, especially for AK112 [5][6]. - The report highlights the company's strong growth trajectory, with projected revenues of CNY 24.73 billion, CNY 37.43 billion, and CNY 55.81 billion for 2024, 2025, and 2026, respectively [6]. Summary by Sections Company Overview - The company, established in 2012, focuses on developing innovative antibody drugs for major diseases, including cancer and autoimmune disorders. It has launched several products in the domestic market and is expanding its pipeline into non-cancer areas [13][14]. Product Pipeline - AK105 is the first commercialized product, approved for multiple indications, including first-line NSCLC and relapsed cervical cancer. The company has established partnerships for its overseas sales [22][25]. - AK104 is the world's first PD-1/CTLA-4 dual-specific antibody, recently approved for treating recurrent cervical cancer, with ongoing studies for additional indications [28][30]. - AK112 targets non-small cell lung cancer (NSCLC) and has received approval for its first indication, with further studies underway to expand its application [5][6]. Financial Projections - The company anticipates significant revenue growth driven by its product launches and international collaborations, with a total valuation of HKD 377 billion based on a segmented valuation approach [6][4].