Investment Rating - The report maintains an "Accumulate" rating for 康诺亚-B (2162) [2][5] Core Viewpoints - CM310, the first domestically produced IL-4R monoclonal antibody, was approved for adult moderate to severe atopic dermatitis (AD) on September 12, filling a gap in the domestic AD biopharmaceutical market [4][5] - The commercial team, consisting of nearly 200 members, is expected to rapidly advance sales following the early commercialization of CM310, with revenue forecasts for 2024 raised to 197 million RMB from the previous 156 million RMB [5] - Clinical data from Phase III trials show that CM310 has a 66.9% EASI-75 response rate at 16 weeks and a 92.5% response rate at 52 weeks, indicating excellent efficacy and safety [5] - The market potential for CM310 is significant, with the domestic AD market still having unmet needs and only one other IL-4R drug currently available [5] - The company has a strong pipeline and has been recognized for its R&D capabilities, with multiple collaborations and licensing agreements in place [5] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 197 million RMB, 526 million RMB, and 1.441 billion RMB respectively, reflecting significant growth [6] - The company experienced a revenue decline of 9.3% in 2022, but is expected to rebound with a projected revenue increase of 253.9% in 2023 [6] - The net profit is projected to remain negative in the coming years, with estimates of -854 million RMB in 2024 and -434 million RMB in 2026 [6]
康诺亚-B：CM310获批事件点评：首款国产IL-4R获批，商业化放量可期