盟科药业（688373）：海鲸药业十亿元定增控股，助力研发销售生产全链条：——盟科药业-U（688373.SH）定增事件公告点评

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Viewpoints - The company plans to raise up to 1.033 billion yuan through a private placement at a price of 6.3 yuan per share, which will be used for daily research and operational investments [1]. - After the issuance, Hai Jing Pharmaceutical will hold 20% of the company's shares, becoming the controlling shareholder, which is expected to enhance the company's sales and production capabilities [1]. - The company aims to achieve product sales revenue targets of 260 million yuan, 388 million yuan, and 600 million yuan for the years 2026 to 2028, respectively [1]. - The financing will accelerate the overseas clinical development of its antibacterial drugs MRX-5 and MRX-8, with MRX-5 already having received FDA orphan drug designation [2]. - The report projects a net profit of -241 million yuan for 2025, -190 million yuan for 2026, and -99 million yuan for 2027, reflecting an upward adjustment from previous estimates [2]. Summary by Relevant Sections Financial Projections - Revenue is expected to grow from 910 million yuan in 2023 to 3.56 billion yuan in 2027, with growth rates of 88.31%, 43.51%, 28.34%, 51.19%, and 40.67% respectively [3][8]. - The net profit is projected to improve from -421 million yuan in 2023 to -99 million yuan in 2027 [3][8]. - The company’s EPS is expected to improve from -0.64 yuan in 2023 to -0.12 yuan in 2027 [3][8]. Valuation Metrics - The P/B ratio is projected to be 6.4 in 2023, increasing to 7.8 by 2027 [10][11]. - The company is expected to maintain a high gross margin, projected at 88.0% by 2027 [10]. Operational Insights - Hai Jing Pharmaceutical's extensive sales network and experience are anticipated to significantly enhance the company's market penetration and operational efficiency [1][2]. - The company is focusing on expanding its clinical pipeline, which includes peptide-conjugated drugs and antibody-drug conjugates, aiming to advance these to clinical stages [2].