Mabwell(SH:688062) GF SECURITIES·2024-04-19 05:32Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The drug 9MW2821 is progressing well, being the first to disclose clinical efficacy data for the same target in cervical cancer and esophageal cancer. It has completed the first patient enrollment in a domestic Phase III trial for locally advanced or metastatic urothelial carcinoma and has received FDA fast track designation for esophageal squamous cell carcinoma [1][2]. - The company has a rich pipeline of innovative products, with several in early clinical stages, including 9MW2921 (TROP2) and 7MW3711 (B7-H3) in Phase I/II, and 8MW0511, a next-generation long-acting G-CSF, which has received acceptance for new drug application [2][3]. - The company is entering a harvest period for its biosimilars, with three products already launched and significant sales achieved in 2023 [2][3]. Summary by Sections 1. 9MW2821 Development Progress - 9MW2821 has shown promising results in treating cervical cancer, with an overall response rate (ORR) of 40.54% and a disease control rate (DCR) of 89.19% in a clinical trial [22]. - The drug has also received FDA fast track designation for treating esophageal squamous cell carcinoma, addressing a significant unmet need in patients who have failed prior treatments [34][36]. 2. Rich Pipeline of Innovative Products - The company is developing multiple innovative drugs, including 9MW2921 and 7MW3711, which are in early clinical stages. The new ADC platform IDDC™ is expected to enhance the efficacy and safety of these products [2][45]. - The company has also entered into exclusive licensing agreements for its TMPRSS6 monoclonal antibody, with a potential transaction value of up to $412.5 million [2]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 241 million, 1.007 billion, and 2.29 billion yuan, primarily driven by biosimilars and innovative drug sales [3][4]. - The DCF valuation method suggests a reasonable value of 39.20 yuan per share, indicating significant upside potential from the current price of 31.00 yuan [3][6].