Western Securities·2025-09-10 09:29Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 1.098 billion yuan in H1 2025, representing a year-on-year increase of 48.02%. The net loss attributable to the parent company was 450 million yuan, with a significant reduction in losses compared to the previous year [1][6]. - The commercialization of core products is progressing as expected, with the self-immune commercialization team for Taitasip reaching approximately 900 people and over 1,000 hospitals approved for access [1][6]. - The company has successfully obtained domestic approval for Taitasip for generalized Myasthenia Gravis (gMG) and has entered into a licensing agreement with Vor Bio for global commercialization outside Greater China [2][3]. Financial Projections - Revenue projections for 2025-2027 are estimated at 2.37 billion yuan, 3.13 billion yuan, and 4.23 billion yuan, respectively, with year-on-year growth rates of 37.8%, 32.1%, and 35.2% [3][4]. - The company anticipates a significant reduction in net losses, with projections of -876.86 million yuan in 2025, -467.97 million yuan in 2026, and a return to profitability with a net profit of 221.48 million yuan in 2027 [4][10]. - The gross margin is expected to improve, reaching 84.0% in 2025 and 87.0% by 2027 [10]. Commercialization and Licensing - The company has successfully licensed RC28 to Santen Pharmaceutical for exclusive development and commercialization rights in several Asian markets, securing an upfront payment of 250 million yuan and potential milestone payments totaling up to 5.25 billion yuan [3][10]. - The commercialization efforts for Taitasip and Vidisicimab are expected to continue to expand, with both products achieving significant hospital access [1][2]. Market Position - The company is positioned to benefit from ongoing commercialization and potential international expansion, with a strong pipeline of products and strategic partnerships enhancing its market presence [2][3].