Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The approval of Supacibab (anti-IL-4Rα monoclonal antibody) by the NMPA for the treatment of moderate to severe atopic dermatitis is expected to enhance the company's commercialization prospects [1][2]. - Supacibab is the first domestically developed IL-4Rα antibody drug approved by the NMPA, targeting key cytokines IL-4 and IL-13, which are crucial in type II inflammation [3]. Financial Forecasts and Valuation - The net profit forecast for 2024 and 2025 has been revised down to -704 million and -737 million CNY, respectively, from previous estimates of -413 million and -242 million CNY. A new forecast for 2026 is set at -304 million CNY [4]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are -2.51, -2.63, and -1.09 CNY, respectively [4]. - The company anticipates significant revenue growth, with projected revenues of 150 million CNY in 2024, 520 million CNY in 2025, and 1.3 billion CNY in 2026, reflecting growth rates of -58%, 247%, and 150% respectively [5].
康诺亚-B：公告点评：司普奇拜单抗获批上市，商业化前景可期