BIOKIN PHARMACEUTICAL(SH:688506) Huachuang Securities·2025-09-24 02:40Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company presented clinical data at the 2025 WCLC conference, which is expected to reshape the first-line treatment landscape for EGFR mutation NSCLC [2]. - The clinical trials for the drug BL-B01D1, both in combination with Osimertinib and as a monotherapy, show promising results, with an overall response rate (ORR) of up to 100% in certain studies [8]. - The company is advancing its innovative drug pipeline, with multiple breakthrough therapy designations for BL-B01D1 across various cancer types [8]. Financial Summary - Total revenue projections for 2025, 2026, and 2027 are estimated at 2.188 billion, 2.525 billion, and 2.182 billion respectively, reflecting a significant decline in 2025 followed by a recovery in 2026 [4][9]. - The net profit attributable to the parent company is forecasted to be -532 million, -1.014 billion, and -1.831 billion for the years 2025, 2026, and 2027 respectively, indicating ongoing financial challenges [4][9]. - The target price for the company's stock is set at 458.30 yuan, based on a valuation of 183.763 billion yuan derived from risk-adjusted cash flow discounting methods [4][8].