Huaan Securities·2026-01-13 05:33Investment Rating - The investment rating for Rongchang Biologics (688331) is "Buy" (maintained) [2] Core Insights - On January 12, 2026, Rongchang Biologics announced an exclusive licensing agreement with AbbVie for its self-developed PD-1/VEGF bispecific antibody drug RC148. AbbVie will receive exclusive rights for development, production, and commercialization outside Greater China, with an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [5][11] - The deal is seen as a significant entry into the business development (BD) market for 2026, highlighting the growing trend of large licensing transactions in the PD-1/VEGF space, which is crucial for next-generation cancer immunotherapy [6] - AbbVie, a well-established player in oncology, aims to enhance treatment standards for patients with difficult-to-treat cancers, and the acquisition of RC148 will further strengthen its pipeline in immuno-oncology [7] Financial Projections - Revenue projections for Rongchang Biologics are adjusted to 2.25 billion, 7.42 billion, and 3.98 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 31.1%, 229.6%, and -46.3% [11] - The net profit attributable to the parent company is expected to be -763 million, 3.19 billion, and 220 million yuan for the same years, with growth rates of 48.0%, 517.8%, and -93.1% [11] - The gross margin is projected to remain stable, increasing from 80.4% in 2024 to 82.2% in 2027 [13]