新股报告：荃信生物-B

Investment Rating - The report assigns a "Neutral" rating with a score of 64 out of 100 for the company [3][31]. Core Insights - The company is the first biotech firm to go public in 2024, with cornerstone investors including Huadong Medicine, which has subscribed for $25 million (approximately HKD 196 million), representing 4.45% of the total shares post-offering [3]. - The market sentiment for the biotech sector has improved since the beginning of the year, but the company faces challenges in product promotion compared to essential drugs like oncology treatments [3]. - The company has no products on the market and primarily incurs research and administrative expenses, with R&D expenditures increasing significantly in 2023 [22][34]. Summary by Sections Company Overview - The company was established in 2015 and focuses on developing biologics for autoimmune and allergic diseases, with two core products, QX002N and QX005N, currently in clinical trials [31]. Financial Performance - R&D expenses were CNY 150 million in 2021 and CNY 260 million in 2022, with a 38.7% year-on-year increase in the first nine months of 2023 [22]. - Administrative expenses also rose by 38.7% in the same period, leading to a net loss of CNY 370 million, a 90.2% increase year-on-year [22]. Market Potential - The company is expected to commercialize QX001S for moderate plaque psoriasis by Q4 2024, potentially becoming the first biosimilar of ustekinumab in China [31]. - The domestic market for psoriasis drugs grew from USD 60.42 million in 2018 to USD 143.58 million in 2022, with a compound annual growth rate (CAGR) of 24.2% [31]. Valuation - The company's expected market capitalization upon listing is approximately HKD 44.0-44.9 billion, which is slightly lower than comparable companies, but the valuation is justified due to the lower urgency in treating autoimmune diseases compared to oncology [34].