Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [12]. Core Insights - The company has demonstrated impressive commercialization results, with revenue from the drug "耐赋康" exceeding expectations at 1.67 billion yuan since its launch in mid-May 2024 [2]. - The company reported a total revenue of 302 million yuan in H1 2024, with a net loss of 632 million yuan, which is an increase in loss compared to the previous year due to a one-time impairment loss related to mRNA COVID-19 vaccine intangible assets [1][2]. - The company is expanding the sales regions for "耐赋康," which has been approved for use in treating adult patients with primary IgA nephropathy in regions including Macau, mainland China, Singapore, and Hong Kong [2]. - The revenue from "依嘉" has shown stable growth, reaching 134 million yuan in H1 2024, with ongoing research supporting its real-world application [2]. Financial Summary - The company's revenue is projected to grow significantly, with estimates of 702.7 million yuan in 2024, 1.75 billion yuan in 2025, and 2.82 billion yuan in 2026, reflecting growth rates of 884.46%, 458.00%, and 149.00% respectively [1][8]. - The gross margin for the company is reported at 83% for H1 2024, with total sales costs amounting to 51.26 million yuan [2]. - The net profit attributable to the parent company is expected to improve from a loss of 954 million yuan in 2024 to a profit of 378 million yuan in 2026 [1][6]. Key Catalysts for H2 2024 - The National Medical Products Administration (NMPA) has accepted the supplementary application for the final clinical trial data of "耐赋康," with top-line results expected in H2 2024 [2]. - "耐赋康" is anticipated to be included in the KDIGO 2024 guidelines and the first IgAN guidelines in China [2]. - The company plans to commercialize "伊曲莫德" in Macau and submit New Drug Applications (NDA) for mainland China and Hong Kong in H2 2024 [2].
云顶新耀-B：商业化成绩亮眼，耐赋康收入超预期