ASK PHARM(002755) 国元证券·2024-06-03 01:00Investment Rating - The report gives a "Buy" rating for the company [42][44]. Core Insights - The company is focusing on innovative drug development, particularly in the oncology and digestive health sectors, with significant potential for growth in the coming years [43][39]. - ASK120067, a third-generation EGFR inhibitor, shows strong efficacy against EGFR mutations and is currently under review for market approval [20][39]. - ASKB589, a Claudin18.2 targeted therapy, is in clinical trials and is expected to become a major product with a potential market size of 30 billion [8][39]. Summary by Sections Drug Development and Clinical Trials - ASK120067 is designed to effectively inhibit EGFR mutations, including T790M, and has shown an objective response rate (ORR) of 68.8% and a disease control rate (DCR) of 92.4% in clinical trials [2][20]. - ASKB589 is a leading candidate in the global market for Claudin18.2 targeted therapies, with clinical data indicating an ORR of 79.2% and a DCR of 95.8% [8][39]. Market Potential - The report highlights a significant clinical need for gastric cancer treatments in China, with projections indicating that the gastric cancer drug market could reach 148.6 billion by 2028, growing at a CAGR of over 13% from 2023 to 2028 [9][39]. - The third-generation EGFR inhibitor market share is expected to increase to 79% by 2024, driven by the advantages of these drugs in treating EGFR mutation-positive non-small cell lung cancer (NSCLC) [28][39]. Financial Projections - Revenue growth is projected at 13.03% in 2024, with net profit expected to turn positive in the same year, followed by significant growth in subsequent years [43][39]. - Earnings per share (EPS) are forecasted to be 0.04, 0.08, and 0.18 yuan per share for 2024, 2025, and 2026, respectively, indicating a strong recovery and growth trajectory [43][39].