AKESO(HK:09926) Southwest Securities·2024-09-10 06:03Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company, 康方生物 (9926.HK), presented significant positive results for its PD-1/VEGF bispecific antibody, 依沃西, in a Phase III clinical trial (HARMONi-2) against the drug, 帕博利珠单抗, for treating PD-L1 positive non-small cell lung cancer (NSCLC) [2]. - 依沃西 demonstrated a median progression-free survival (mPFS) of 11.14 months compared to 5.82 months for 帕博利珠单抗, with a hazard ratio (HR) of 0.51 (P<0.0001), indicating a statistically significant improvement [2]. - The objective response rate for 依沃西 was 50.0% versus 38.5% for 帕博利珠单抗, and the disease control rate was 89.9% compared to 70.5% [2]. - The company reported revenues of 7.1 billion yuan for 卡度尼利 and 1 billion yuan for 依沃西 in the first half of 2024, with ongoing clinical progress for various indications [2]. Financial Summary - The projected revenues for 康方生物 from 2024 to 2026 are 25.8 billion yuan, 42.4 billion yuan, and 60.4 billion yuan respectively, indicating a strong growth trajectory [2]. - The company's net profit attributable to the parent company is expected to grow from 1.28 billion yuan in 2025 to 2.8 billion yuan in 2026, reflecting a significant increase [3]. - The earnings per share (EPS) is projected to rise from 1.48 yuan in 2025 to 3.23 yuan in 2026 [3]. - The return on equity (ROE) is expected to improve from 22.86% in 2025 to 33.27% in 2026 [3].