Dizal Pharmaceutical(SH:688192) Yong Xing Zheng Quan·2025-06-09 10:50Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance relative to the market benchmark [5]. Core Insights - DZD8586 has demonstrated an impressive Overall Response Rate (ORR) of 84.2% in patients with Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) at a 50mg dosage, with a 9-month Duration of Response (DOR) rate of 83.3% [2]. - The report highlights a trend of increasing ORR over time for DZD8586, with previous data showing ORR of 57.1% and 64.3% at earlier dates [3]. - DZD6008 has shown durable anti-tumor activity, with 83.3% of patients exhibiting tumor shrinkage in a study involving previously treated patients with EGFR-mutant Non-Small Cell Lung Cancer (NSCLC) [4]. Financial Projections - Revenue forecasts for the company are projected at 810 million, 1.47 billion, and 2.2 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 123.7%, 82.4%, and 49.9% [5][7]. - The net profit attributable to the parent company is expected to be -750 million, -417 million, and -23 million yuan for the same years, indicating ongoing losses as the company is in the early stages of product commercialization [5][7]. - The report utilizes a Free Cash Flow to Firm (FCFF) valuation model, considering the promising commercialization prospects of its products [5]. Market Position - The company is positioned in the innovative pharmaceutical sector, focusing on addressing clinical challenges related to drug resistance with its pipeline products DZD8586 and DZD6008 [5].