Mabwell(SH:688062) China Post Securities·2025-07-30 12:50Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [7][11]. Core Insights - The company is experiencing rapid commercialization and is continuously enhancing its R&D pipeline, with a projected revenue of 200 million yuan in 2024, representing a growth of 56.28% [3][9]. - The company has successfully established business development (BD) deals that optimize cash flow, with two recent agreements totaling over 4.7 billion yuan, which will significantly support future R&D efforts [4][5]. - The company has a differentiated portfolio of ADC and TCE products, with significant potential in its lead candidate ST2 monoclonal antibody for COPD, which is expected to yield promising clinical data in 2025 [5][6]. Company Overview - The latest closing price of the company's stock is 34.90 yuan, with a total market capitalization of 13.9 billion yuan [2]. - The company has a total share capital of 400 million shares, with 204 million shares in circulation [2]. - The company has a debt-to-asset ratio of 63.6% and a negative price-to-earnings ratio of -13.37, indicating current financial challenges [2]. Financial Projections - The company is expected to achieve revenues of 800 million yuan in 2025, 1.55 billion yuan in 2026, and 2.08 billion yuan in 2027, with significant growth rates projected [9][10]. - The net profit attributable to the parent company is forecasted to improve from -600 million yuan in 2025 to breakeven in 2027 [9][10]. - The EBITDA is expected to turn positive by 2026, indicating a potential turnaround in operational performance [9][10].