Mabwell(688062) 广发证券·2024-05-30 04:01Investment Rating - The investment rating for the company is "Buy," indicating an expected stock performance that will exceed the market by more than 15% over the next 12 months [3][18]. Core Views - The company has successfully showcased its innovative drug 9MW2821 at the 2024 ASCO conference, highlighting its potential in treating various solid tumors [18]. - The company is progressing well with its research pipeline, with several products entering commercialization, including three biosimilars [18]. - Revenue forecasts for the company are optimistic, with projected revenues of 241 million in 2024 and 1,007 million in 2025, reflecting significant growth rates of 88.3% and 318.3% respectively [18][19]. Financial Summary - The company reported a revenue of 128 million in 2023, with a substantial growth rate of 361% compared to the previous year [19]. - The projected EBITDA for 2024 is -956 million, indicating ongoing investment in research and development [19]. - The net profit for 2023 was -1,059 million, with expectations of a slight improvement to -1,094 million in 2024 [19]. Research and Development - The company is advancing its innovative antibody-drug conjugate platform, with multiple candidates in clinical trials [18]. - The safety profile of 9MW2821 shows common treatment-related adverse events such as leukopenia and anemia [18]. Market Position - The company is positioned to capitalize on the growing market for innovative therapies, with a focus on oncology [18]. - The company has received regulatory recognition for several of its products, enhancing its competitive edge in the market [18].