Group 1 - The core viewpoint of the report highlights that SSSJ-707, a PD-1/VEGF dual antibody developed by the company, is a potential cornerstone drug for cancer treatment, expanding the boundaries of traditional PD-(L)1 monoclonal antibody therapies [5] - The company has 30 products in its pipeline, with SSSJ-707 being a key asset that has been licensed to Pfizer for an upfront payment of $1.5 billion, including $1.4 billion in cash and $100 million in stock [5] - The company's revenue for H1 2025 was 4.36 billion yuan, showing no growth, while the net profit attributable to shareholders was 1.36 billion yuan, reflecting a 24.6% increase [5] Group 2 - The report projects the company's revenue for 2025-2027 to be 17.456 billion, 10.746 billion, and 11.335 billion yuan respectively, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan, resulting in PE ratios of 8.1, 23.4, and 21.2 [5] - The global market for PD-(L)1 monoclonal antibodies is expected to reach $99 billion by 2029, indicating significant growth potential for SSSJ-707, which has superior efficacy potential compared to traditional therapies [5] - SSSJ-707 has shown promising clinical efficacy in various cancers, including non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with notable overall response rates (ORR) in clinical trials [5]
山西证券研究早观点-20251009