China Post Securities·2025-07-24 03:56Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company has successfully completed the Phase III clinical trial for its IL-17A/F monoclonal antibody, LZM012, demonstrating superior efficacy compared to the control group, Secukinumab, in treating moderate to severe plaque psoriasis [3][4]. - LZM012 achieved a PASI 100 response rate of 49.5% at week 12, compared to 40.2% for Secukinumab, indicating a significant therapeutic advantage [4]. - The company is positioned to capitalize on the growing market for biologics in psoriasis treatment, with an estimated 6-7 million patients in China and increasing penetration of targeted biologic therapies [5]. Financial Projections - The company is projected to achieve net profits of 2.372 billion, 2.683 billion, and 3.046 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 16.74, 14.79, and 13.03 [6][9]. - Revenue is expected to grow from 11.812 billion yuan in 2024 to 14.695 billion yuan in 2027, reflecting a compound annual growth rate of approximately 8.6% [9][10]. - The EBITDA is forecasted to increase from 3.373 billion yuan in 2024 to 4.429 billion yuan in 2027, indicating strong operational performance [9][10].