Investment Rating - The investment rating for the company is "Buy" with a target price of 95.42 HKD, compared to the last closing price of 74.25 HKD [1][10]. Core Views - The report highlights that the clinical data for IBI363, a dual-specific antibody fusion protein, has exceeded expectations in treating advanced non-small cell lung cancer (NSCLC), colorectal cancer (CRC), and melanoma [3][4][5][6]. - The company is expected to see significant revenue growth, with projected revenues of 94.22 billion HKD in 2024, increasing to 207.91 billion HKD by 2027, reflecting a growth rate of 51.82% in 2024 and 31.60% in 2027 [11][15]. Summary by Sections Company Overview - The total share capital is 1.65 billion shares, with a total market capitalization of 1,225 billion HKD [2]. - The company has a strong pipeline with multiple important developments expected in 2025, including approvals for various treatments [9]. Clinical Data - IBI363 showed a median progression-free survival (mPFS) of 9.3 months and a 12-month overall survival (OS) rate of 70.9% in patients with immune-resistant lung squamous cell carcinoma [4]. - In CRC patients, IBI363 demonstrated a median overall survival (mOS) of 16.1 months, indicating a significant improvement over existing treatment options [5]. - For melanoma, IBI363 achieved an mPFS of 5.7 months, with ongoing trials comparing it to pembrolizumab in treatment-naive patients [6]. Financial Projections - The company is projected to achieve a net profit of 6.23 billion HKD in 2025, with a significant increase to 30.77 billion HKD by 2027, reflecting a net profit growth rate of 132.26% in 2027 [11][15]. - The earnings per share (EPS) is expected to rise from -0.06 HKD in 2024 to 1.87 HKD in 2027 [11][15]. Valuation - The valuation methods used include DCF and NPV, resulting in a target market value of 1,574 billion HKD, which corresponds to the target stock price of 95.42 HKD [10].
信达生物：IBI363后线CRC和免疫耐药非小数据超预期-20250607