Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 11.37 CNY, indicating potential upside from the current stock price [9][11][40]. Core Insights - The company is advancing into the weight loss market with its self-developed GLP-1 drugs, particularly ASC30 and ASC47, which show promising clinical data and potential advantages over existing treatments [9][11][40]. - ASC30 is the first product in the company's pipeline aimed at weight loss, featuring a unique dual administration method (both oral and injection) and demonstrating superior efficacy in early clinical trials compared to competitors [9][11][40]. - ASC47 targets the clinical need for weight loss without muscle loss, showing promising results in preclinical studies against existing treatments [9][11][40]. Summary by Sections Company Overview - The company, founded in 2013 and listed in 2018, focuses on innovative drug development for metabolic diseases and has a strong management team with extensive experience in the pharmaceutical industry [9][11][40]. - The company's major pipeline includes small molecule GLP-1 receptor agonists ASC30 and ASC47, which are expected to launch by 2029 [9][11][40]. Product Pipeline - ASC30 is a long-acting GLP-1 receptor agonist that can be administered both orally and via injection, with clinical trials showing it has 2-3 times the efficacy of existing treatments [9][11][40]. - ASC47 is designed to reduce weight without losing muscle mass, addressing a significant gap in the current weight loss drug market [9][11][40]. Financial Projections - The company anticipates no revenue from its commercialized products in the first half of 2024, with significant losses projected until the new products are launched [9][11][40]. - The financial outlook includes a projected net profit loss of 393.20 million CNY in 2024, increasing to 579.38 million CNY by 2026 [9][11][40].
歌礼制药-B（01672）：全新GLP-1减重不减肌，有潜力成为Best