Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company has signed a licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707, receiving an upfront payment of $1.25 billion, which is the largest for a Chinese innovative drug license-out, along with potential milestone payments of $4.8 billion and double-digit royalties on net sales [4][6] - The company is expected to achieve revenue growth of 12% to 14% from 2025 to 2027, with projected revenues of 102.01 billion, 114.94 billion, and 131.53 billion yuan respectively [6] - The net profit forecast for the same period is 23.45 billion, 26.48 billion, and 30.27 billion yuan, reflecting a growth rate of 12.2% to 14.3% [6] Summary by Sections Financial Performance - The company is projected to have operating revenues of 7,836 million yuan in 2023, increasing to 10,201 million yuan in 2025, with a year-on-year growth rate of 14% in 2023 and 12% in 2025 [2] - The net profit attributable to the parent company is expected to rise from 1,549 million yuan in 2023 to 2,345 million yuan in 2025, with a significant increase of 35% in 2024 [2] - Earnings per share (EPS) is forecasted to grow from 0.65 yuan in 2023 to 0.98 yuan in 2025 [2] Market Position and Prospects - The PD1×VEGF dual antibody market is expected to grow significantly, with SSGJ707 showing promising clinical data and a strong partnership with Pfizer, which enhances the clinical development speed in the U.S. [6] - The company has a robust pipeline with four mid-to-late stage monoclonal antibodies, including IL17, which is expected to be commercialized in 2025, indicating a strong potential for revenue generation [6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 28.5 in 2023 to 18.9 in 2025, indicating an improving valuation as earnings grow [2] - The price-to-book (P/B) ratio is expected to decline from 3.2 in 2023 to 2.4 in 2025, reflecting a more attractive valuation over time [2]
天价 deal 刷记录，临床开发再加速——三生制药合作 Pfizer 点评