Mabwell(688062) 东方证券·2024-09-06 04:03Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.27 CNY, reflecting a potential upside from the current price of 23.1 CNY [3][5]. Core Insights - The company's sales revenue has significantly increased, achieving 116 million CNY in the first half of 2024, a year-on-year growth of 28.42%. The pharmaceutical sales revenue reached 65.67 million CNY, a remarkable increase of 371.85% due to the shipment of 116,994 units of the drug Mai Li Shu and the addition of 487 new hospitals [1][2]. - The Nectin-4 ADC clinical trials are progressing rapidly across multiple indications, with several Phase III trials initiated for various cancers, including urothelial carcinoma and cervical cancer, marking significant advancements in the company's pipeline [1][2]. - The company is actively introducing new products and has established a multi-tier pipeline, including a long-acting G-CSF that has submitted an NDA and is expected to be approved in 2025, and a biosimilar of Abicipar that has completed Phase III trials [1][2]. Financial Summary - The company reported a net profit attributable to the parent company of -444.5 million CNY for the first half of 2024, a decrease of 7.61% year-on-year. The forecast for net profit for 2024-2026 has been adjusted to -1.138 billion CNY, -918 million CNY, and -559 million CNY respectively [1][2]. - The projected revenue for 2024 is 310 million CNY, with a year-on-year growth of 142.8%, and is expected to reach 1.576 billion CNY by 2026 [2][8]. - The company's reasonable market value is estimated at 12.094 billion CNY, corresponding to a target price of 30.27 CNY per share [6][7].