迪哲医药：立足全球的差异化创新药企业

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 51.66 RMB, representing a 24.4% upside from the latest closing price of 41.52 RMB [12][17] Core Views - The company is a global innovative biopharmaceutical enterprise focused on oncology and immunology, with a differentiated pipeline and strong R&D capabilities [17][28] - Its lead product, Sunvozertinib, is a best-in-class EGFR Exon20ins inhibitor for NSCLC, with global competitiveness and rapid commercialization [17][28] - Golvatinib, a highly selective JAK1 inhibitor, is expected to be the second commercialized product, enhancing the company's competitiveness in oncology and immunology [17][39] Financial Projections - The company is expected to achieve revenues of 466 million RMB, 902 million RMB, and 1.512 billion RMB in 2024, 2025, and 2026, respectively, with EPS of -1.95 RMB, -1.22 RMB, and -0.14 RMB [17][20] - The DCF valuation method is used, assuming a perpetual growth rate of 2%, β coefficient of 2.3, risk-free rate of 2.75%, and market return of 7.8%, resulting in a WACC of 11.93% and a valuation of 21.473 billion RMB [12][17] Pipeline Overview - The company has six globally competitive product pipelines, with two leading products in global pivotal clinical trials, one of which has been approved for marketing [17][28] - Sunvozertinib, the first commercialized product, has achieved cumulative sales revenue of approximately 173 million RMB in just over seven months since its launch [17][28] - Golvatinib, a highly selective JAK1 inhibitor, has been accepted for NDA and included in the priority review process in China, with global registration clinical studies showing promising results [17][39] R&D and Commercialization - The company has a strong R&D team with global leading translational science and molecular design capabilities, ensuring efficient R&D and commercialization processes [34][40] - R&D investment continues to increase, with 806 million RMB in 2023, a 21.23% year-on-year increase, and the R&D team has grown to 261 members, with 75.9% holding master's or doctoral degrees [40][41] Market Potential - Sunvozertinib addresses the unmet clinical needs of EGFR Exon20ins NSCLC patients, with a global market potential of 74,000 new patients by 2024 [46][47] - Golvatinib targets the unmet needs of PTCL patients, with a global market potential of 41,000 new patients by 2024 [64][65]