Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 34.15, representing a potential upside of 35% from the current price of HKD 25.30 [1][6][13]. Core Insights - The company has made significant progress in global innovation, securing a partnership with Takeda for the exclusive licensing of its drug, Olverembatinib (耐立克®), which includes a substantial upfront payment and potential milestone payments totaling up to USD 1.2 billion [4][9]. - Olverembatinib has shown strong clinical efficacy, particularly in patients with chronic myeloid leukemia (CML), with notable response rates in various patient groups [5][10]. - The company's research pipeline is advancing well, with several promising drug candidates, including APG-2575 and APG-115, which have received regulatory approvals and are undergoing clinical trials [6][11][12]. Financial Summary - The company reported revenues of RMB 27.91 million in 2021, with projections of RMB 10.3 billion, RMB 5.3 billion, and RMB 9.1 billion for 2024, 2025, and 2026 respectively [22]. - Net profits are expected to be negative in the coming years, with estimates of RMB -2.32 billion, RMB -7.26 billion, and RMB -5.14 billion for the same periods [22]. - The company has a total market capitalization of HKD 80 billion and a net asset value of HKD 0.60 billion [2].
亚盛医药-B：产品力强大，全球创新取得突破性进展