2023年年报点评：IL-17A单抗获批在即，在研管线快速推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [2][31]. Core Insights - The company is on the verge of commercializing its first domestic IL-17A monoclonal antibody, GR1501, with promising clinical results for moderate to severe plaque psoriasis [1][10]. - Revenue projections for 2024-2026 are approximately 120 million, 340 million, and 700 million yuan, respectively, reflecting strong growth potential [2][12]. - The company has a robust R&D pipeline with 15 products under development, including GR1801, which is expected to be approved soon [43]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 121.15 million yuan, with a net loss attributable to shareholders of 800 million yuan, showing a 39.03% increase in loss compared to the previous year [42]. - The company’s R&D investment for 2023 was 620 million yuan, a 36.5% increase year-on-year, indicating a commitment to innovation [43]. Market Potential - The report estimates that the market share for moderate to severe plaque psoriasis could reach approximately 36% by 2034 [6]. - The pricing strategy for GR1801 anticipates an initial price of 598 yuan per dose, with a potential 50% reduction in the following year due to insurance negotiations [7][35]. Product Pipeline - GR1501 has shown excellent efficacy in clinical trials, with a PASI75 response rate of 96.5% and a low relapse rate of 0.4% at week 52 [1]. - GR1801 is the first dual antibody for rabies virus in China, targeting specific protein sites to ensure effectiveness against various strains [11]. Valuation Metrics - The company’s total market capitalization is approximately 14.6 billion yuan, with a total asset value of 4.114 billion yuan [4]. - The report highlights a projected increase in gross margins for GR1501 and GR1801, indicating improved profitability as these products reach the market [15].