三生国健（688336）：达成707重磅授权，创新出海更上一层楼

Investment Rating - The investment rating for the company is "Buy" [6]. Core Insights - The company has achieved a significant business development (BD) authorization, granting Pfizer exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting PD-1 and VEGF in regions outside mainland China [1][2]. - The innovative pipeline is actively progressing, with clinical trials validating the efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody in various cancers [3]. - Future revenue growth is anticipated due to the upcoming approvals of multiple new products, leading to a substantial increase in revenue and net profit forecasts for 2025-2027 [4]. Financial Projections - Revenue projections for 2025-2027 are estimated at 40.2 billion, 22.4 billion, and 26.3 billion CNY, reflecting year-on-year growth rates of 236.4%, -44.1%, and 17.4% respectively [4][10]. - The net profit forecasts for the same period are 28.5 billion, 11.2 billion, and 13.9 billion CNY, with year-on-year growth rates of 305.0%, -60.6%, and 23.4% respectively [4][10]. - Earnings per share (EPS) are projected to be 4.63, 1.82, and 2.25 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 12, 30, and 24 [4][10]. Clinical Development - The licensed product has initiated multiple clinical trials, with a monotherapy for PD-L1 positive non-small cell lung cancer having received approval for Phase III clinical trials [3]. - Combination chemotherapy for non-small cell lung cancer and other indications are currently in Phase II clinical trials [3].