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, with projected revenues of 10.23 billion RMB in 2025, reflecting a year-on-year growth rate of 12.3% [4] Financial Projections - The company’s net profit is projected to reach 2.36 billion RMB in 2025, with a growth rate of 13.0% [4] - The earnings per share (EPS) is expected to increase from 0.65 RMB in 2023 to 0.98 RMB in 2025 [4] - The company’s revenue is forecasted to grow from 7.82 billion RMB in 2023 to 12.65 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.6% [4] Product Pipeline and Market Strategy - The company is focusing on expanding its product pipeline, with SSGJ-707 being a key driver for growth, alongside other mature products that are expected to continue generating revenue [3] - The company has established a global strategy, with products being sold in 16 countries and ongoing collaborations to expand its PD-1 pipeline [3]
三生制药（01530）：授权辉瑞PD-1/VEGF双抗，创新管线未来可期