Zhao Yin Guo Ji·2026-01-28 02:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.43, representing a potential upside of 55.5% from the current price of HKD 24.08 [2][8]. Core Insights - Pfizer is rapidly advancing the global clinical development of 707/PF'4404 (PD-1/VEGF), with plans to initiate four global Phase III trials in 2026 targeting five major indications. The combination of PD-(L)1/VEGF dual antibodies is expected to become a cornerstone of next-generation cancer immunotherapy, positioning Pfizer to leverage its internal pipeline synergy and strong clinical execution capabilities [1][8]. - The company is increasing its R&D investments, with several pipelines expected to yield clinical data soon. The core business fundamentals remain robust, providing a safety margin, and the company is projected to achieve significant revenue growth driven by its innovative pipeline [8][12]. Financial Summary - For FY23A, the company reported sales revenue of RMB 7,816 million, with a year-on-year growth of 13.8%. The projected sales revenue for FY25E is RMB 17,972 million, reflecting a substantial increase of 97.3% [2][15]. - The net profit attributable to shareholders for FY23A was RMB 1,549 million, with a year-on-year decline of 19.1%. However, the forecast for FY25E shows a significant increase to RMB 9,741 million, indicating a growth of 366.0% [2][15]. - The earnings per share (EPS) for FY23A was RMB 0.64, expected to rise to RMB 3.84 in FY25E [2][15]. Market Position and Shareholder Structure - The company's market capitalization is approximately HKD 61,115.2 million, with a 52-week stock price range of HKD 35.90 to HKD 6.01 [3][4]. - Major shareholders include TMF (Cayman) Ltd. with 22.8% and Decade Sunshine with 19.6% [4]. Clinical Development and Pipeline - The report highlights the competitive landscape for PD-(L)1/VEGF therapies, with Pfizer's strategy of combining IO with ADCs as a unique advantage. The company plans to conduct multiple Phase III trials for various indications, including NSCLC and mCRC, with a focus on rapid patient recruitment [1][8]. - The ongoing clinical trials for other innovative products, such as 705 (PD-1/HER2) and 706 (PD-1/PD-L1), are also expected to contribute to the company's growth and potential licensing opportunities [8][12].