三生国健：达成707重磅授权，创新出海更上一层楼-20250528

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - 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 advancing, with clinical trials validating the efficacy and safety of the PD-1/L1 antibody combined with VEGF antibody in various tumors [3] - The company anticipates substantial revenue growth due to the upcoming approvals of multiple new products, with revised revenue forecasts for 2025-2027 being 40.2 billion, 22.4 billion, and 26.3 billion respectively, reflecting a year-on-year growth of 236.4%, -44.1%, and 17.4% [4][10] Financial Summary - The projected revenue for 2025 is 40.2 billion, with a net profit of 28.5 billion, resulting in an earnings per share (EPS) of 4.63 [4][10] - The company expects a gross margin of 92.8% in 2025, with a return on equity (ROE) of 35.2% [10][11] - The financial outlook includes a significant increase in net profit for 2025, projected at 2,854 million, which is a 305.0% increase year-on-year [10][11]