Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 21.89 per share, indicating a potential upside of 55% from the current price of HKD 14.12 [4][7][16]. Core Insights - The company is advancing its CD47xCD20 bispecific antibody, IMM0306, which shows promising results in clinical trials for autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][4]. - The IMM2510, a PD-L1xVEGF bispecific antibody, has demonstrated an objective response rate (ORR) of 23% in previously treated non-small cell lung cancer (NSCLC) patients, with expectations for further data release in late 2025 [10][11]. - The safety and efficacy of the CD47 fusion protein, IMM01, are highlighted, showing an ORR of 69.7% in relapsed/refractory classical Hodgkin lymphoma when combined with PD-1 antibodies [13][14]. Summary by Sections Clinical Development - IMM0306 is currently in Phase Ib trials for autoimmune diseases, with 10 patients enrolled in SLE trials and positive response rates expected to be reported in June [8]. - The company is the first globally to enter clinical trials with a CD47xCD20 bispecific antibody, which has shown an ORR of 88.2% and a complete response (CR) of 52.9% when used with lenalidomide for refractory follicular lymphoma [8]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 2.01 billion, RMB 1.22 billion, and RMB 3.12 billion, respectively, with net losses expected to decrease over the same period [4][16]. - The report anticipates a significant increase in revenue, with a year-on-year growth of 18912% in 2024 and 171.1% in 2025 [5][18]. Market Position - The company is positioned as a leader in the development of CD47 fusion proteins, with a competitive landscape that includes only a few other players in the CD47 target research [16]. - The report notes a growing interest in bispecific antibodies within the autoimmune sector, with significant business development (BD) opportunities anticipated due to the scarcity of innovative biological drugs in this field [8][16].
宜明昂科-B：CD47xCD20双抗临床顺利推进，VEGFxPD-L1双抗价值重估-20250605