Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company has announced a strategic collaboration with Bai Li Tian Heng to advance the research of dual antibodies ADC combination therapy, indicating a rich R&D pipeline [1][4] - The company is progressing well with 28 products in its pipeline, with several nearing commercialization [2] - The company has established a strong presence in the health sector, particularly in hair growth products, with significant market share and brand recognition [3] Financial Summary - Revenue is projected to grow from 68.59 billion in 2022 to 114.07 billion by 2026, with a CAGR of approximately 14.2% [1] - Net profit is expected to recover from 15.49 billion in 2023 to 24.76 billion in 2026, reflecting a growth rate of 11.9% [1] - The company's P/E ratio is forecasted to decrease from 8.8 in 2023 to 5.5 in 2026, indicating potential undervaluation [1][9] R&D Pipeline - The company has made significant progress in its R&D pipeline, with key products reaching advanced clinical stages, including CLDT for III phase clinical trials and NDA acceptance for SSS06 [2] - The company is also advancing its GLP-1 weight loss indication into III phase clinical trials [2] Market Position - The company’s hair growth product, Mandi, holds a 72% market share in the domestic market, showcasing strong brand recognition and sales performance [3] - The company has successfully launched new formulations and maintained top sales rankings during major shopping events, indicating robust consumer demand [3]
三生制药（01530）：开展双抗ADC联用研究，研发矩阵储备丰富