Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 168.30 and a fair value of HKD 204.49 [1][2]. Core Insights - The company reported a revenue of RMB 1.383 billion for the first half of 2024, representing a year-over-year increase of 32.2%. The profit for the period was RMB 310 million, marking a turnaround from losses, with an adjusted profit of RMB 386 million, up 1068% year-over-year. The company holds cash and financial assets totaling RMB 2.885 billion, a 15.9% increase from the previous year [2]. - The drug SKB264 is expected to receive domestic approval within the year, with Merck having initiated 10 global Phase III trials. The company has several ongoing clinical trials for various indications, including triple-negative breast cancer (TNBC) and non-small cell lung cancer (NSCLC) [2]. - The company has a robust pipeline of Antibody-Drug Conjugates (ADCs), with A166 having submitted a New Drug Application (NDA) in China, and other candidates in various stages of development [2]. - The financial forecast estimates revenues of RMB 1.655 billion, RMB 1.786 billion, and RMB 2.366 billion for 2024, 2025, and 2026, respectively. The ADC platform is considered globally competitive, and a DCF valuation yields a fair value of HKD 204.49 per share [2]. Financial Summary - For the first half of 2024, the company achieved a revenue of RMB 1.383 billion, with a profit of RMB 310 million, compared to a loss in the previous year. The adjusted profit was RMB 386 million [2]. - The revenue growth rates for the years 2022 to 2026 are projected at 2387.3%, 91.6%, 7.4%, 7.9%, and 32.5%, respectively [2][6]. - The company’s EBITDA is forecasted to be negative in the coming years, with a projected net profit of RMB -728 million in 2024 and improving to RMB -663 million by 2026 [6][7].
科伦博泰生物-B：SKB264加速推进，在研管线进展顺利