多款产品取得重要阶段性进展

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [13][19]. Core Viewpoints - The company has made significant progress with multiple products, including the acceptance of the NDA for its core product, SecuMab, for moderate to severe plaque psoriasis, marking it as the first domestic submission for an anti-IL-17A monoclonal antibody [7][19]. - The company has a robust capacity and commercialization preparation, having completed the expansion of its antibody production base, which adds 20,000L of fermentation capacity for large-scale production of products like SecuMab and GR1802 [14]. - The company has 15 products in development, with 9 products approved for clinical trials across 17 indications, and expects substantial revenue growth from 2024 to 2026 [19]. Financial Performance Summary - The company reported a revenue of 1.21 million yuan in 2023, with R&D expenses increasing by 36.5% year-on-year to 620 million yuan [18]. - Revenue projections for 2024, 2025, and 2026 are 240 million yuan, 3.31 billion yuan, and 7.21 billion yuan respectively, indicating a significant growth trajectory [19]. - The net profit is projected to be -908 million yuan in 2024, improving to -730 million yuan in 2025 and -407 million yuan in 2026 [20].