Mabwell(SH:688062) Soochow Securities·2025-06-30 11:04Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future stock performance [1]. Core Insights - The company has entered a new phase of business development (BD) with two significant licensing agreements, which are expected to enhance cash flow and support future growth [2]. - The differentiated ADC (Antibody-Drug Conjugate) and TCE (T-cell Engager) platforms show promising potential, with several innovative products in the pipeline targeting various cancers [3]. - The company is strategically commercializing its products, with notable revenue growth in existing therapies and new product approvals anticipated [4]. Financial Projections - Total revenue is projected to grow significantly from 127.84 million in 2023 to 2,091.52 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 69.11% [1]. - The net profit is expected to improve from a loss of 1,053.43 million in 2023 to a loss of 226.00 million by 2027, indicating a trend towards profitability [1]. - The earnings per share (EPS) is forecasted to improve from -2.64 in 2023 to -0.57 in 2027, suggesting a gradual recovery in financial performance [1]. Business Development Highlights - The company has secured exclusive licensing agreements with Calico Life Sciences and Qilu Pharmaceutical, which will provide substantial upfront payments and milestone payments, enhancing liquidity [2]. - The ADC platform is actively developing multiple candidates, including Nectin4 ADC and B7-H3 ADC, with ongoing clinical trials expected to yield significant data in the near future [3]. - The TCE platform is also being developed with innovative strategies to enhance tumor targeting and efficacy, with IND applications anticipated in early 2026 [3]. Commercialization Strategy - The company has achieved significant revenue growth in its existing products, such as the osteoporosis treatment with a revenue increase of 230% year-on-year [4]. - Collaborations with established pharmaceutical companies are expected to leverage their sales capabilities, facilitating rapid market penetration for new products [4]. - The company is exploring unique marketing strategies to address aging-related medication needs in specific regions, potentially expanding its market reach [4].