KHPG(SZ:002773) ZHONGTAI SECURITIES·2025-07-23 07:37Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is positioned as a leader in the ophthalmology sector, actively developing multiple next-generation products targeting retinal diseases, including gene therapies (KH631, KH658) and high-concentration Conbercept, focusing on long-acting treatments [6][9] - The global sales of Faricimab are projected to reach CHF 3.864 billion (approximately USD 4.4 billion) in 2024, reflecting a 68% year-on-year growth, indicating the commercial value of long-acting treatments for retinal diseases [6][9] - The company has a robust pipeline with significant advancements in gene therapy and other innovative drugs, which are expected to contribute to steady revenue growth in the coming years [6][18] Summary by Sections Section 1: Gene Therapy in Ophthalmology - The company is advancing gene therapies that show superior safety profiles compared to major competitors, with KH631 demonstrating a lower incidence of adverse effects in clinical trials [11][12] - The clinical data for KH631 indicates potential for over two years of dosing intervals, enhancing its market appeal [9][14] Section 2: Expansion into New Fields - The company is diversifying its portfolio with several new drugs in clinical trials outside of ophthalmology, including treatments for glioblastoma, postpartum depression, and pain management [18][19] - The innovative nature of these drugs positions the company favorably for international market opportunities [18][19]