Investment Rating - The report gives a "Buy" rating for Harbour BioMed (2142.HK) [1] Core Views - The company has achieved significant breakthroughs in both performance profitability and global licensing, marking a comprehensive move into the inflammation and immunology field [1][6] - The company has built a potential revenue asset package worth over $10 billion through strategic partnerships with major pharmaceutical companies like Pfizer and AstraZeneca [6][18] - The transition to a sustainable technology licensing model has led to consecutive profitability in 2023 and 2024, with a historical high in operating cash flow [6][21][24] Summary by Sections 1. Global Leading Fully Human Antibody Technology Platform and Innovator in Therapeutics - The company focuses on innovative therapies for oncology and immune diseases, leveraging its proprietary platforms, HarbourMice® and HBICE®, to expand its pipeline through self-research and diversified cooperation [11] - The management team is highly experienced and supports the company's global strategic layout [13] - The company has established a robust financial foundation with approximately $10 billion in potential milestone payments and future sales revenue by the end of 2024 [16] 2. Comprehensive Expansion into Inflammation and Immunology - The company is advancing its anti-FcRn monoclonal antibody, HBM9161, expected to receive domestic approval in H2 2025 [34] - A collaboration with WindwardBio for HBM9378 (long-acting TSLP monoclonal antibody) has a total transaction value of $970 million [37] - The company is exploring the autoimmune field with HBM7020 (BCMA*CD3) in partnership with Otsuka Pharmaceutical, with a total transaction value of $670 million [48] 3. Non-Immunology Product Areas TCE and ADC Pipeline Achieve External Licensing - The company has successfully licensed several products, including HBM7022 and HBM9033, with significant upfront and milestone payments [32] - The TCE therapy is gaining traction as a new direction for treating autoimmune diseases, leading to multiple licensing deals in the industry [50] 4. Key Assumptions and Investment Rating - The report projects revenues of $150.5 million, $107.0 million, and $111.0 million for 2025-2027, with net profits of $76.8 million, $28.6 million, and $28.3 million respectively [5]
和铂医药-B（02142）：业绩盈利及全球授权双突破，全面向炎症免疫领域迈进