Dizal Pharmaceutical(SH:688192) AVIC Securities·2025-06-04 14:59Investment Rating - The investment rating for the company is "Buy" [3][11]. Core Insights - The company achieved a revenue of 360 million yuan in 2024, representing a year-on-year growth of 294.24%, while the net loss attributable to shareholders was 846 million yuan, a reduction in loss of 23.63% compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 160 million yuan, a year-on-year increase of 96.32%, with a net loss of 193 million yuan, reflecting a 14.15% reduction in loss year-on-year [1]. - The core commercial product, Shuwozhe, received approval for the treatment of EGFR Exon20ins NSCLC in China and is undergoing FDA review for its NDA [1][2]. - The company’s other product, Gaoruizhe, is the first and only high-selectivity JAK1 inhibitor approved for the treatment of PTCL in the world [2]. Financial Performance - The company’s total market capitalization is approximately 25.53 billion yuan, with a closing price of 55.58 yuan per share [4]. - The company has a total share capital of 459.41 million shares and a circulating market value of 10.38 billion yuan [4]. - The asset-liability ratio stands at 98.70%, indicating a high level of debt [4]. Research and Development Progress - The company invested 724 million yuan in R&D in 2024, with significant progress in clinical trials for its products [8]. - The global registration clinical trial "WUKONG1B" for Shuwozhe was recognized at major international conferences, and the product has been included in multiple authoritative guidelines [2][8]. - The company is advancing its pipeline with several innovative drugs, including DZD8586, which has shown promising results in clinical trials for B-cell non-Hodgkin lymphoma [8][9]. Market Position and Future Outlook - The company is positioned as a leader in small molecule drugs for malignant tumors in China, with its commercialized products expected to drive rapid revenue growth [10][11]. - The successful inclusion of Shuwozhe and Gaoruizhe in the national medical insurance drug list is anticipated to accelerate their market penetration [7]. - The company forecasts EPS of -1.57 yuan, -0.98 yuan, and 0.50 yuan for the years 2025 to 2027, maintaining a "Buy" rating based on expected performance [11].