映恩生物：首次覆盖：ADC行业领军龙头，有望持续成长为中国“第一三共”-20250609

Investment Rating - The report initiates coverage with an OUTPERFORM rating, targeting a price of HK$269.70 from a current price of HK$214.40 [1]. Core Insights - The company is positioned as a leading player in the ADC industry, with a robust pipeline of 12 self-developed ADC candidates, 7 of which are in clinical development, and aims to become China's equivalent of Daiichi Sankyo [3][8]. - The company has established significant global partnerships, including collaborations with BioNTech and others, with a total transaction value exceeding US$6 billion, enhancing its competitive edge in the ADC market [4][22]. - The management team is highly internationalized and experienced, focusing on unmet clinical needs and demonstrating strong operational efficiency [6][19]. Financial Projections - Revenue projections for FY25-27 are estimated at RMB 9.75 billion, RMB 11.7 billion, and RMB 16.1 billion respectively, with net profits expected to be negative in the initial years but improving towards FY27 [7]. - The company is valued using a DCF model with a WACC of 10.0% and a perpetual growth rate of 3.5%, leading to a target price of HK$269.70 per share [7]. Pipeline and Development - The company has a diverse ADC pipeline targeting various cancers, including DB-1303 (HER2 ADC) and DB-1311 (B7-H3 ADC), with significant clinical progress and potential market sizes of US$2 billion and US$1 billion respectively [31][32]. - The ADC pipeline includes innovative platforms such as DITAC, DIBAC, DIMAC, and DUPAC, which are designed to address both established and emerging clinical needs [9][12]. Clinical Trials and Collaborations - The company is conducting multiple global clinical trials across 17 countries, with over 2,000 patients enrolled, positioning it favorably in the competitive landscape [22]. - Strategic collaborations with major pharmaceutical companies, including BioNTech and GSK, have been established to enhance the development and commercialization of its ADC products [26][28].