Mabwell(SH:688062) Huajin Securities·2024-04-12 16:00Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for investment returns over the next six months [3][9][22]. Core Insights - The company is steadily advancing its commercialization efforts, with strong sales expectations for biosimilars and a rich pipeline of products that provide long-term growth potential. The company has a robust research and development capability, particularly in the ADC (Antibody-Drug Conjugate) field, which differentiates its market position [3][17]. - Revenue projections for 2024-2026 are adjusted to 368 million, 1.33 billion, and 2.44 billion yuan, reflecting growth rates of 188%, 261%, and 83% respectively [3][19]. Financial Data Summary - The company reported a revenue of 128 million yuan in 2023, a significant increase of 361% year-on-year, primarily driven by technology service income and sales from its product, Mylis [15][19]. - The company incurred a loss of 1.05 billion yuan in 2023, with a notable increase in sales, management, and R&D expenses due to commercialization efforts and clinical advancements [15][19]. - The projected operating income for 2024 is 368 million yuan, with a gross margin expected to decrease from 98.9% in 2023 to 90.0% in 2024 [19]. Pipeline and Product Development - The company has three biosimilar products approved for market, with ongoing efforts to expand into emerging markets. The product Mylis has already seen significant distribution and sales [15][17]. - The ADC pipeline is progressing well, with the Nectin-4 ADC showing promising results in clinical trials for multiple indications, including UC (Urothelial Carcinoma) and CC (Cervical Cancer) [15][17]. Market Position and Strategy - The company has established a comprehensive production system, with significant capacity for antibody and recombinant protein production, supporting its transition from R&D to commercial production [17]. - The company is actively pursuing market entry in various regions, including recent submissions for product approvals in Pakistan and Indonesia [15][17].