Mabwell(SH:688062) Guotou Securities·2024-09-02 00:03Investment Rating - The investment rating for the company is "Buy - A" with a target price of 37.87 CNY for the next six months [3][5]. Core Insights - The company reported a revenue of 116 million CNY for the first half of 2024, representing a year-on-year growth of 28.42%. However, it incurred a net loss of 445 million CNY during the same period [1]. - The NECTIN-4 ADC clinical program is progressing rapidly, with three Phase 3 clinical trials currently underway, targeting various types of cancer [1]. - The long-acting white blood cell enhancer is expected to be approved for market launch in 2025, with the company having submitted its application in December 2023 [1]. - The company has a robust pipeline of innovative drugs, including B7H3 ADC and TROP2 ADC, which are advancing through clinical trials [1]. Financial Projections - Revenue projections for the company are estimated at 300 million CNY in 2024, 1.11 billion CNY in 2025, and 2.01 billion CNY in 2026, with net losses expected to decrease from 920 million CNY in 2024 to 87 million CNY in 2026 [2][6]. - The company anticipates significant revenue growth driven by the launch of its existing and upcoming products [2][6]. Market Performance - The company's stock price as of August 30, 2024, was 22.19 CNY, with a market capitalization of approximately 8.87 billion CNY [3]. - The stock has shown a 12-month price range between 20.0 CNY and 36.5 CNY [3]. Clinical Development - The NECTIN-4 ADC has received multiple designations from the FDA, including Fast Track Designation and Orphan Drug Designation, indicating its potential in treating specific cancer types [1]. - The company is leveraging its next-generation ADC technology, which is expected to enhance the efficacy and safety of its drug candidates [1].