Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company has entered into a licensing agreement with Pfizer for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which is expected to enhance its global presence and financial returns [1][2] - SSGJ-707 has shown promising clinical results, achieving excellent overall response rates (ORR) and disease control rates (DCR) in non-small cell lung cancer (NSCLC) patients, indicating its potential as a best-in-class treatment [2] - The company is expected to see significant revenue growth driven by its core products and innovative pipeline, with projected net profits increasing from 2.36 billion RMB in 2025 to 2.98 billion RMB in 2027 [3][4] Financial Projections - The company’s revenue is projected to grow from 7.82 billion RMB in 2023 to 12.65 billion RMB in 2027, with year-over-year growth rates of 13.9% in 2023 and declining to 10.6% by 2027 [4] - The net profit is expected to increase from 1.55 billion RMB in 2023 to 2.98 billion RMB in 2027, with a notable recovery in 2024 at a growth rate of 34.9% [4] - The earnings per share (EPS) is projected to rise from 0.65 RMB in 2023 to 1.24 RMB in 2027 [4] Product and Market Strategy - The company is focusing on expanding its product offerings and market reach, with SSGJ-707 being a key component of its strategy to enhance its competitive position in the oncology market [2][3] - The company has established a global strategy, with products being sold in 16 countries and collaborations with international partners to expand its pipeline [3]
三生制药（01530.HK）：授权辉瑞PD-1/VEGF双抗，创新管线未来可期