BIOKIN PHARMACEUTICAL(SH:688506) Huachuang Securities·2024-09-20 06:21Investment Rating - The investment rating for the company is "Strong Buy" with a target price of 204.4 CNY [2][3]. Core Insights - The report highlights the promising clinical data for BL-B01D1, a novel dual-target ADC, presented at the 2024 ESMO conference, demonstrating significant efficacy across multiple cancer types [2][3]. - The company has initiated seven registration clinical trials for BL-B01D1, indicating a strong pipeline and market potential [3]. - Revenue projections for 2024-2026 are 6.078 billion, 2.530 billion, and 2.823 billion CNY, reflecting a substantial increase in 2024 followed by a decrease in 2025 and a slight recovery in 2026 [4][3]. Financial Summary - Total revenue (million CNY): 562 in 2023, projected at 6,078 in 2024, 2,530 in 2025, and 2,823 in 2026, with year-on-year growth rates of -20.1%, +981.7%, -58.4%, and +11.6% respectively [4][10]. - Net profit (million CNY): -781 in 2023, expected to rise to 4,523 in 2024, then drop to 804 in 2025, and further to 403 in 2026, with growth rates of -176.4%, +679.5%, -82.2%, and -49.9% respectively [4][10]. - Earnings per share (CNY): -1.95 in 2023, projected at 11.28 in 2024, 2.00 in 2025, and 1.01 in 2026 [4][10]. Market Performance - The company's stock has shown a significant performance increase of 116% over the past 12 months compared to the CSI 300 index [8].