Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2][5]. Core Insights - The company is backed by Luye Pharma, showcasing strong capabilities in research, production, and commercialization of large molecules, including biosimilars and innovative antibodies [1][4][8]. - The biosimilar segment is positioned for rapid growth, with several products already approved in China and plans for international expansion [1][15]. - The innovative drug pipeline includes promising candidates such as BA1106 and BA1302, which have significant market potential [3][4][12]. Summary by Sections Company Overview - The company was established in 2013 and is indirectly 67.28% owned by Luye Pharma Group, with a well-balanced executive team experienced in production, research, and commercialization [1][4][8]. Biosimilars - The company has a leading position in the biosimilar market, with products like Bevacizumab and Dexamethasone approved in China, and plans for international clinical trials [1][15]. - The biosimilar products are ranked favorably in both Chinese and U.S. markets, indicating strong commercial prospects [15]. Innovative Drugs - The innovative drug pipeline includes BA2101, a long-acting IL4R monoclonal antibody, and BA1106, a novel anti-CD25 monoclonal antibody, both of which are in advanced clinical stages [4][12]. - The company has successfully established partnerships for its innovative drugs, enhancing its market presence [12]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 720 million, 1.02 billion, and 1.49 billion RMB, respectively, with net profits expected to turn positive by 2024 [1][5][12]. - The company has recently achieved its first profit, demonstrating improved cost efficiency and operational effectiveness [12].
博安生物：仿创结合大分子新锐，盈利能力+创新实力快速提升