Zelgen(SH:688266) Tianfeng Securities·2025-04-23 06:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company's revenue for 2024 reached 533 million yuan, a year-on-year increase of 37.91%, while the net profit attributable to the parent company was -138 million yuan, a reduction in losses by 50.52% [1] - In Q1 2025, the company reported revenue of 168 million yuan, a year-on-year increase of 54.87%, with a net profit of -28.26 million yuan, a reduction in losses by 28.45% [1] - The clinical trial data for the drug ZG006 exceeded expectations, with a 66.7% objective response rate (ORR) in patients receiving doses of 10 mg or higher [2] - ZG005, a PD-1/TIGIT bispecific antibody, shows potential as a first-in-class (FIC) drug, with promising efficacy data in cervical cancer patients [3] - The company has multiple commercialized or near-commercialized products, with a reasonable pipeline that is expected to yield significant clinical and commercial advancements [4] Financial Performance - The company's revenue projections for 2025 and 2026 have been revised down to 820 million yuan and 1.20 billion yuan, respectively, with a forecasted revenue of 1.60 billion yuan for 2027 [5] - The net profit estimates for 2025 and 2026 have been adjusted to -20 million yuan and 121 million yuan, respectively, with a projected net profit of 282 million yuan for 2027 [5] - The company reported a total market capitalization of approximately 28.48 billion yuan [6] Clinical Pipeline - ZG006 has completed the dose escalation phase in patients with advanced small cell lung cancer or neuroendocrine cancer, with a new clinical trial set to begin in the U.S. in September 2024 [2] - ZG005 is undergoing multiple clinical trials for various solid tumors, with expectations for several indications to reach proof of concept (POC) this year [3] - The company currently has two marketed products and two products under review, with several others in clinical stages [4]