Mabwell(SH:688062) Tianfeng Securities·2024-05-26 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 32.45 CNY [1]. Core Views - The company has a well-established ADC platform with promising clinical data across multiple indications. The ADC technology platform utilizes site-specific conjugation technology, achieving a DAR value of 4, which enhances drug uniformity and therapeutic window compared to traditional random conjugation methods [1]. - The company reported a significant increase in revenue for 2023, with a total revenue of 1.28 billion CNY, representing a year-on-year growth of 361%. However, the net loss for the same period was 1.053 billion CNY, an increase in loss of 10.3% year-on-year [1][3]. - The company is advancing its clinical trials, with the Nectin-4 ADC 9MW2821 showing promising early data for multiple indications, including urothelial carcinoma and cervical cancer [1]. Financial Data Summary - Revenue (in million CNY): - 2022: 27.73 - 2023: 127.84 - 2024E: 310.64 - 2025E: 893.40 - 2026E: 1,343.68 - Revenue Growth Rate (%): - 2022: 70.88 - 2023: 361.03 - 2024E: 143.00 - 2025E: 187.60 - 2026E: 50.40 [3][4]. - Net Profit (in million CNY): - 2022: -955.23 - 2023: -1,053.43 - 2024E: -915.00 - 2025E: -655.20 - 2026E: -159.93 [3][4]. Clinical Pipeline - The company has multiple ADCs in clinical stages, including 9MW2811 (TROP2 ADC) and 7MW3711 (B7-H3 ADC), with ongoing trials for various cancers [1]. - The Nectin-4 ADC 9MW2821 is currently in advanced clinical trials for urothelial carcinoma, with early data showing an overall response rate (ORR) of 62.2% and a disease control rate (DCR) of 91.9% [1]. Market Expansion - The company is actively expanding into overseas markets, with total contract amounts exceeding 13.71 million USD. Agreements have been signed in 12 countries for the biosimilar drug Dexamethasone and in 13 countries for Adalimumab [1].