Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 95, representing a potential upside of 17% from the current price of HKD 81.1 [2][9][10] Core Insights - The report highlights positive updates on IBI363 and IBI343, with IBI363 showing an extended median progression-free survival (mPFS) of 9.3 months in the 3 mg/kg dose group for IO-treated squamous non-small cell lung cancer (sq-NSCLC), enhancing confidence in its development for lung squamous carcinoma [1][7][10] - The company is expected to initiate Phase 3 registration clinical trials for IBI363 in the 3L+ sq-NSCLC setting, with the 3 mg/kg dose likely to be used [7][10] - Financial projections indicate a significant increase in revenue and net profit over the next few years, with expected revenues of RMB 11.7 billion in 2025 and a net profit of RMB 433 million [9][10] Financial Projections - Revenue is projected to grow from RMB 6.2 billion in 2023 to RMB 15.8 billion by 2027, with a compound annual growth rate (CAGR) of 36.2% [9][10] - The adjusted net profit is expected to turn positive in 2025, reaching RMB 1.03 billion by 2025 and RMB 2.66 billion by 2027 [9][10] - The report anticipates peak sales for IBI363 in China to reach approximately RMB 2.5 billion and for IBI343 to reach around RMB 1.5 billion, both on a risk-adjusted basis [10]
信达生物（01801）：IBI363肺鳞癌更新mPFS数据进一步延长