德琪医药深度报告：聚焦肿瘤领域的创新先锋，TCE2.0蓄势待发

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target market value of HKD 5.8 billion, corresponding to a target price of HKD 8.57 [3]. Core Insights - The company is positioned as an innovative leader in oncology, focusing on the commercialization of its first product, Selinexor, and advancing its clinical pipeline, including ATG-022 and ATG-037, which show promising efficacy in treating various cancers [2][3]. - Selinexor has already been commercialized and is expected to provide stable cash flow as its indications expand and it enters new markets [3]. - The second-generation T-cell engager (TCE) platform is anticipated to enhance safety and efficacy, with the first product, ATG-201, expected to submit an IND application in the second half of 2025 [3]. Company Overview - The company specializes in oncology and immunology, with a pipeline that includes one commercial product and five clinical-stage assets [8][9]. - Selinexor has been approved in multiple Asia-Pacific markets and is expected to see significant revenue growth in 2024 due to its inclusion in medical insurance [8]. Clinical Pipeline - The clinical pipeline includes ATG-022, a differentiated CLDN18.2 ADC, and ATG-037, a leading CD73 small molecule inhibitor, both of which have shown positive efficacy signals in clinical trials [3][51]. - ATG-022 targets a specific patient population with CLDN18.2 expression and has demonstrated efficacy across various expression levels in gastric cancer patients [34][39]. Financial Performance - The company reported a revenue of HKD 92 million in 2024, a year-on-year increase of 36.7%, primarily driven by Selinexor's sales [23]. - The adjusted annual loss decreased significantly from HKD 534 million in 2023 to HKD 305 million in 2024, reflecting improved operational efficiency [23]. Market Potential - The report highlights the significant market potential for ATG-022, estimating peak sales of approximately HKD 1.2 billion by 2034, driven by its application in both first-line and second-line gastric cancer treatments [42][44]. - The company is well-positioned in a competitive landscape, with multiple ADCs targeting CLDN18.2 currently in clinical trials, indicating a robust market for its products [32][33].