Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [5]. Core Insights - The company is leading the ADC (Antibody-Drug Conjugate) innovation wave and is expected to achieve commercialization by 2026 [2][3]. - The company has received IND approval for its self-developed ADAM9 ADC drug DB-1317, allowing clinical trials in late-stage metastatic solid tumor patients [2]. - The HER2 ADC DB-1303 has reached its primary endpoint in a Phase III clinical trial for HER2-positive unresectable or metastatic breast cancer, accelerating its market approval process [3]. - The company is expected to report multiple clinical data readouts in 2026, which could significantly impact its growth trajectory [9]. Financial Forecasts - Projected revenues for 2024, 2025, 2026, and 2027 are 1,941 million, 1,950 million, 1,972 million, and 2,100 million RMB respectively, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million, -247 million, -386 million, and -341 million RMB for the same years, reflecting growth rates of -193.8%, 76.5%, -56.1%, and 11.5% [4]. - Earnings per share (EPS) are expected to be -11.75, -2.76, -4.31, and -3.82 RMB for 2024, 2025, 2026, and 2027 respectively [4]. Clinical Development and Pipeline - The company is advancing its ADC pipeline, including DB-1316, which aims to address existing ADC resistance issues and is set to enter clinical stages soon [9]. - Collaborations with BioNtech are expected to yield significant clinical data in 2026, enhancing the company's competitive position in the ADC market [9].
映恩生物-B（09606）：引领ADC迭代浪潮，2026年有望实现商业化