Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has achieved the primary endpoint in the Phase III clinical trial of IBI311 for Thyroid Eye Disease (TED) and plans to submit a new drug application to the NMPA [2][3]. - IBI311, an IGF-1R monoclonal antibody, shows significant potential as no targeted therapies for TED have been approved in China, with the drug demonstrating superior efficacy and safety in clinical trials [3]. - The company is positioned for growth with a robust pipeline, having 10 drugs approved, 3 under NDA review, and 4 in Phase III or critical clinical studies [3]. Financial Summary - Revenue projections for 2023-2025 are estimated at 5.346 billion, 6.866 billion, and 11.929 billion CNY, representing year-on-year growth rates of 17.3%, 28.4%, and 73.7% respectively [3][5]. - The company is expected to report a net profit of -0.952 billion, -0.534 billion, and 0.379 billion CNY for the same years, indicating a path towards profitability by 2025 [5][6]. - The earnings per share (EPS) is projected to improve from -0.59 CNY in 2023 to 0.23 CNY in 2025 [5][6]. Clinical and Product Development - IBI311 has shown an eye protrusion response rate of 85.8% compared to 3.8% in the placebo group, with a significant difference of 81.9% (P<0.0001) [3]. - The company is expanding its therapeutic areas, with ongoing research in metabolic, cardiovascular, endocrine, and ophthalmic diseases [3].
IBI311用于TED三期临床达主要终点，慢病布局进入收获期