Hinova Pharmaceuticals (SH:688302) Tebon Securities·2024-09-10 08:03Investment Rating - The report maintains a "Buy" rating for Haichuang Pharmaceutical (688302.SH) [3][5] Core Views - The commercialization of HC-1119 (Deunzalutamide) is imminent, with the company actively preparing for market launch and establishing a commercial channel network [5][6] - The company has a robust pipeline with several drugs in clinical trials, including HP518, which is the first oral AR PROTAC drug in clinical trials in China, and HP501, which is advancing in clinical trials for hyperuricemia/gout [6][7] - Revenue projections for 2025 and 2026 are estimated at 163 million and 363 million yuan respectively, driven by the anticipated launch of core products [6][11] Financial Summary - As of June 30, 2024, the company reported a cash balance of 492 million yuan [5] - The company is expected to have no drug sales revenue in 2024, with operating expenses projected to be 57.69 million yuan, a 280% increase year-on-year [5][11] - The net profit for 2024 is projected to be a loss of 234 million yuan, improving to a loss of 167 million yuan by 2026 [11] Pipeline Progress - HC-1119 has completed the necessary reviews for drug registration and is preparing for commercialization [5] - HP518 is currently enrolling patients for clinical trials targeting advanced prostate cancer, with data expected to be presented at major conferences [6] - Other projects include HP501 for hyperuricemia, HP537 for hematological tumors, and HP560 for myelofibrosis, all of which are in various stages of clinical development [6][7]