Dizal Pharmaceutical(688192) Guohai Securities·2024-09-01 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported a significant increase in revenue, achieving 204 million yuan in the first half of 2024, compared to no revenue in the same period of 2023. The net profit attributable to shareholders was -345 million yuan, showing a reduction in losses year-on-year [2] - The company is expected to see accelerated revenue growth as its product pipeline continues to expand and adapt to new indications, with projected revenues for 2024, 2025, and 2026 being 471 million yuan, 1.049 billion yuan, and 1.646 billion yuan respectively [6][7] - The company’s drug, Shuwotini, has been included in the CSCO guidelines and is expected to continue its growth in sales due to its unique position as the only approved targeted therapy for EGFR Exon20ins NSCLC [4] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 204 million yuan, with a net profit of -345 million yuan, indicating a year-on-year reduction in losses [2] - The projected revenues for the next three years are 471 million yuan in 2024, 1.049 billion yuan in 2025, and 1.646 billion yuan in 2026, reflecting a growth rate of 416% in 2024 [6][7] Product Pipeline - The company’s drug, Shuwotini, received approval in August 2023 and has been recommended as a first-line treatment in the CSCO guidelines, which is expected to drive sales growth [4] - The company is advancing its other drug candidates, including DZD8586 and DZD6008, which are in various stages of clinical trials and have shown promising results [3][4] Market Performance - The company has outperformed the CSI 300 index with a 12-month performance of 14.0%, while the index itself has declined by 12.3% [3] - As of August 30, 2024, the company's stock price is 37.65 yuan, with a market capitalization of approximately 15.65 billion yuan [3]