Chongqing Genrix Biopharmaceutical (SH:688443) Southwest Securities·2024-09-03 04:03Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has entered the commercialization phase with the approval of IL-17A monoclonal antibody for moderate to severe plaque psoriasis, marking a significant milestone [1]. - The company has a robust pipeline with 15 products under development, including GR1801, which is the first dual antibody for rabies virus in China, and GR1802, which is in Phase III clinical trials for multiple indications [1][2]. - Revenue projections for 2024-2026 are approximately 0.6 billion, 3.2 billion, and 7 billion respectively, indicating strong growth potential driven by its innovative drug pipeline [2]. Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of -3.6 billion in the first half of 2024 [1]. - Revenue for 2024 is expected to grow significantly, with a projected increase of 5035.07% in 2024 compared to the previous year [3]. Product Pipeline - The company has a total of 15 products in development, with 9 already approved for clinical trials. Key products include: - GR1501 (IL-17A monoclonal antibody) approved in August 2024 for moderate to severe plaque psoriasis [1]. - GR1801, the first dual antibody for rabies virus, is in Phase III clinical trials [1]. - GR1802 is in Phase III for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps [1]. Market Position - The company is well-positioned in the autoimmune disease market, with a commercial team that has extensive experience in promoting innovative drugs [1]. - The total market capitalization of the company is approximately 9.67 billion [3].