AKESO(HK:09926) CMS·2026-03-30 14:07Investment Rating - The report initiates coverage with a "Strong Buy" rating for the company [1][11]. Core Insights - The company is positioned as a leader in the dual antibody market, specifically PD-1/VEGF, showcasing potential that surpasses existing therapies like K drug. The year 2026 is critical for validating core clinical data and achieving profitability through commercialization [1][15]. - The success of the HARMONi-2 trial indicates that the PD-1/VEGF dual antibody could replace existing therapies, marking a significant advancement in immunotherapy [7][17]. - The company is expected to lead the next generation of immuno-oncology therapies, with multiple key clinical data readouts anticipated in 2026-2027 that could significantly impact its stock price [26][30]. Summary by Sections Section 1: Company Overview - The company is the only global entity with two tumor immune dual antibody drugs, leading the upgrade of immunotherapy [15]. - The PD-1/VEGF dual antibody development is gaining momentum, with several significant transactions indicating a robust market interest [15][21]. Section 2: AK112 Developments - AK112 is set to read out multiple critical data points in 2026-2027, which are pivotal for the company's growth and international expansion [26][32]. - The HARMONi-6 and HARMONi-3 trials are expected to reshape the competitive landscape for first-line squamous non-small cell lung cancer (sq-NSCLC) [7][30]. - The interim data from HARMONi-3 and HARMONi-6 in 2026 will be crucial for stock price movements [27][28]. Section 3: AK104 Developments - AK104 fills a clinical gap in immune treatment for gastric cancer and cervical cancer, achieving significant breakthroughs in these areas [11][32]. - The potential market for AK104 in first-line gastric cancer treatment is estimated to reach $5.2 billion, with additional opportunities in hepatocellular carcinoma (HCC) [11][32]. Section 4: Research Pipeline and Clinical Efficiency - The company has a rich pipeline and efficient clinical processes that drive continuous growth in the biopharma sector [11][32]. - The company is advancing multiple clinical trials, including collaborations with external partners to explore combination therapies [8][32]. Section 5: Financial Forecast and Investment Rating - The company is projected to achieve revenues of 47.38 billion, 72.12 billion, and 95.85 billion yuan from 2026 to 2028, with significant year-on-year growth [10][11]. - The report maintains a "Strong Buy" rating based on the anticipated financial performance and market potential [11][32].