单抗和双抗药物全面开拓，建立自免和感染疾病领先地位

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][15]. Core Insights - The company is expected to enter a new development phase in 2024, with several key milestones ahead, including the NDA submission for GR1501 for moderate to severe plaque psoriasis, which is anticipated to be the first domestically approved anti-IL-17A monoclonal antibody [1][45]. - The company has a robust pipeline with eight products across 15 indications in clinical research, including GR1801, a dual antibody for rabies, which is expected to be commercialized by 2025 [1][10]. - The company is positioned to become a leading player in the biopharma sector, with a strong leadership team and innovative product pipeline [2][26]. Financial Projections and Valuation - Revenue projections for 2023E-2025E are estimated at 0 million, 110 million, and 437 million yuan respectively, with a DCF valuation suggesting a reasonable stock price of 53.7 yuan and a market value of 197 billion yuan [2][3]. - The peak sales potential for GR1501 is expected to exceed 2 billion yuan, supported by its first-mover advantage in dermatology and rheumatology [6][10]. Product Pipeline and Market Position - GR1501 is on track to become the first approved domestic IL-17A inhibitor, with significant market potential due to the high unmet needs in autoimmune diseases [1][35]. - The company has a competitive pipeline with products targeting autoimmune diseases, infections, and tumors, all derived from in-house research [7][73]. - The company’s dual-specific antibodies, such as GR1801 and GR1901, are positioned to fill significant treatment gaps in the market, particularly in rabies and acute myeloid leukemia [10][58]. R&D and Innovation - The company emphasizes a strong R&D focus, with over 85% of its workforce dedicated to research, and has established advanced platforms for antibody discovery and development [47][80]. - The innovative use of phage display technology allows for rapid development of antibody candidates, significantly shortening the discovery timeline [29][80]. - The leadership team possesses extensive experience in drug development, which is crucial for the company's long-term stability and growth [72][76].