CSPC Innovation(SZ:300765) Soochow Securities·2025-08-17 14:22Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is continuously increasing its R&D investments, with a comprehensive focus on ADC, mRNA, and monoclonal antibody drugs. In the first half of the year, three new ADCs entered clinical stages domestically, and three ADCs received FDA clinical approval. The clinical progress of multiple ADCs is rapid, with SYS6010 completing the first patient enrollment in a Phase 3 clinical trial for 2L+ EGFRmt NSCLC in April, with expectations for market launch as early as 2027. The overseas clinical trials are accelerating, with over 100 patients enrolled, and the first overseas registration clinical trial is expected to start in the second half of the year, representing a potential blockbuster product [3][9] - The company achieved total revenue of 1.05 billion yuan in the first half of 2025, a year-on-year increase of 7.99%. The revenue from functional foods and raw materials was 933 million yuan, a slight decrease of 0.69%, while biopharmaceutical revenue contributed 94 million yuan. R&D expenses increased by 80.81% to 455 million yuan, and selling expenses rose by 70.96% to 125 million yuan. The net profit attributable to the parent company was -3 million yuan, a decline of 102% [8][9] - The EGFR ADC has shown promising data at the AACR conference, with a total of 232 patients enrolled by the end of 2024, including 137 NSCLC patients. The overall safety profile is favorable, with a 90% objective response rate (ORR) in 2L EGFRmt NSCLC patients and a 41.5% ORR in 3L+ EGFRmt NSCLC patients [8][9] Financial Projections - The company forecasts revenues of 2.39 billion yuan for 2025, 2.77 billion yuan for 2026, and 3.29 billion yuan for 2027, maintaining the "Buy" rating [1][9] - The report provides detailed financial metrics, including a projected net profit of 57.3 million yuan for 2025, with an EPS of 0.04 yuan per share [1][10]