InventisBio (688382) 天风证券·2024-12-20 10:44Investment Rating - The investment rating for the company is "Buy" with a 6-month target price maintained at 12.95 CNY [1][39]. Core Insights - The company has a rich pipeline of products focusing on major diseases such as cancer and metabolic disorders, showcasing its self-research advantages and competitive potential [6][42]. - The TYK2 inhibitor D-2570 has shown excellent Phase II clinical trial data, outperforming existing similar drugs and demonstrating significant efficacy in treating psoriasis [13][38]. - The company’s product, Beifu Tini, has received approval for both first-line and second-line treatment of EGFR mutation-positive NSCLC and is included in the national medical insurance directory [42][44]. Summary by Sections Investment Rating - The company maintains a "Buy" rating with a target price of 12.95 CNY, indicating an expected return of over 20% within the next six months [1][39]. Clinical Pipeline - The company’s pipeline includes several products such as D-0502, D-0120, and D-2570, with D-0502 in Phase III trials for HR+/HER2- breast cancer, D-0120 showing an 80% efficacy rate in lowering uric acid for gout, and D-2570 demonstrating a PASI 75 response rate of 85.0%-90.0% in psoriasis patients [12][21][38]. - The KRAS G12C inhibitor D-1553 has been approved for NSCLC, addressing a significant unmet clinical need in a rapidly progressing patient population [20][42]. Financial Forecast - The company’s revenue forecast for 2024 has been adjusted from 0.90 billion CNY to 1.30 billion CNY, with a projected net loss of 2.92 billion CNY [39]. - The expected revenue for 2025 has been revised down to 2.30 billion CNY, with a forecasted net loss of 1.80 billion CNY for 2026 [39]. Market Position - The company’s products are positioned in a favorable competitive landscape, particularly with the KRAS G12C inhibitor, which is the first of its kind developed in China and has a strong market potential due to limited competition [20][42].