自免赛道百舸争流，国产新星鹏路翱翔

Investment Rating - The report assigns a "Buy" rating for Zhixiang Jintai (688443.SH) [1] Core Insights - The company is positioned to launch its first domestic IL-17A monoclonal antibody, GR1501, which has received acceptance for its marketing application for moderate to severe plaque psoriasis in March 2023 and is expected to be approved in the first half of 2024 [3][52] - GR1801, a dual-specific antibody targeting rabies virus, is in Phase III clinical trials and is anticipated to be approved by the end of 2025 [4] - The market for psoriasis treatment in China is significant, with approximately 6.5 million patients suffering from the condition, and the current usage rate of biologics remains low at around 7%, indicating substantial growth potential [25][43] Summary by Sections Company Overview - Zhixiang Jintai, established in 2015 and listed on the STAR Market in 2023, focuses on the research, development, production, and sales of antibody drugs, utilizing five innovative technology platforms for drug discovery [16][20] Product Pipeline - GR1501 is the first domestic IL-17A monoclonal antibody, with applications for moderate to severe plaque psoriasis and axial spondyloarthritis, both of which are in advanced stages of regulatory approval [39][52] - GR1802, a fully human anti-IL-4Rα monoclonal antibody, is in Phase III trials for moderate to severe atopic dermatitis and is also being developed for asthma and chronic rhinosinusitis with nasal polyps [21][54] Market Potential - The report highlights the unmet medical needs in the psoriasis treatment market, with a significant portion of patients expressing dissatisfaction with current therapies, suggesting a strong demand for new biologic treatments [27][41] - The competitive landscape is intensifying, with several imported IL-17 monoclonal antibodies already approved, and domestic competitors like Zhixiang Jintai and Heng Rui Pharma making rapid progress towards market entry [43][44]