Mabwell(SH:688062) Guoxin Securities·2024-09-13 10:04Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][11] Core Insights - The core product 9MW2821, a Nectin-4 ADC, is rapidly advancing in clinical trials for multiple indications, including entering Phase 3 registration trials for urothelial carcinoma (UC) and cervical cancer (CC) [1][11] - The company is also progressing with its pipeline products, including ST2 monoclonal antibody 9MW1911 in Phase 2 trials for COPD, and other ADCs in early clinical stages [1][11] - The commercialization of biosimilars is proceeding smoothly, with a reported sales increase of 28.4% in the first half of the year, driven by a significant rise in drug sales revenue [1][5] Financial Forecast and Metrics - Revenue projections for 2024-2026 are estimated at 4.17 billion, 8.87 billion, and 14.31 billion yuan, representing year-on-year growth rates of 226%, 113%, and 61% respectively [1][13] - The net profit forecast for the same period is expected to be -749 million, -516 million, and -126 million yuan [1][13] - The company reported a net loss of 4.45 billion yuan in the first half of the year, with R&D expenses of 3.22 billion yuan [1][5][13]