Chongqing Genrix Biopharmaceutical (SH:688443) Guotai Junan Securities·2024-11-03 20:38Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has shown strong commercialization results with its product, Saliqi monoclonal antibody, which was launched at the end of August 2024 and has quickly gained market traction. The NDA for the rabies virus bispecific antibody is imminent, expected to contribute to revenue growth [2][3]. - The revenue for Q1-Q3 2024 reached 12.4879 million yuan, with a net loss of 546 million yuan. Q3 alone contributed 12.4752 million yuan, primarily from the sales of IL-17 monoclonal antibody GR1501, which was approved in August 2024 [3][4]. - The forecast for EPS has been adjusted upwards for 2024-2026 to -1.83, -1.51, and -0.90 yuan respectively, from previous estimates of -2.50, -1.86, and -1.57 yuan [3]. Financial Summary - The company reported a significant increase in revenue projections, with expected revenues of 61 million yuan in 2024, 254 million yuan in 2025, and 642 million yuan in 2026, reflecting growth rates of 4,899.7%, 319.1%, and 152.9% respectively [4]. - The net profit (attributable to the parent company) is projected to improve from a loss of 672 million yuan in 2024 to a loss of 332 million yuan in 2026 [4]. - The company’s total assets are expected to decrease from 2.875 billion yuan in 2024 to 1.988 billion yuan in 2026, while total liabilities are projected to stabilize around 686 million yuan [4]. Product and Pipeline Development - The core product, Saliqi monoclonal antibody, has shown excellent initial sales performance, contributing significantly to Q3 revenue. The product is expected to continue gaining traction in a competitive market [3]. - The company has a robust pipeline with several products in various stages of development, including GR1801 (rabies bispecific antibody) entering Phase III trials, and GR1802 (IL-4R monoclonal antibody) starting Phase III clinical trials [3][4]. Market Data - The current stock price is 29.65 yuan, with a target price maintained at 40.07 yuan, indicating potential upside [5]. - The company has a market capitalization of 10.872 billion yuan and a total share capital of 367 million shares [6]. Conclusion - The report indicates a positive outlook for the company, driven by strong product performance and a promising pipeline, justifying the "Buy" rating and target price [2][3][5].