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) iteration 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 path to market [3]. - The company is expected to report significant clinical data in 2026, which could enhance its market position and revenue potential [9]. Financial Forecasts - Projected revenues for the company are as follows: 1,941 million RMB in 2024, 1,950 million RMB in 2025, 1,972 million RMB in 2026, and 2,100 million RMB in 2027, with growth rates of 8.7%, 0.5%, 1.1%, and 6.5% respectively [4]. - The net profit attributable to shareholders is forecasted to be -1,050 million RMB in 2024, -247 million RMB in 2025, -386 million RMB in 2026, and -341 million RMB in 2027, showing a significant improvement in 2025 with a growth rate of 76.5% [4]. - Earnings per share (EPS) are expected to be -11.75 RMB in 2024, -2.76 RMB in 2025, -4.31 RMB in 2026, and -3.82 RMB in 2027 [4].
映恩生物-B（9606.HK）事件点评：引领ADC迭代浪潮，2026年有望实现商业化