【华创医药】苑东生物（688513.SH）深度系列二：体系整合，上海超阳打造差异化创新竞争力

Core Viewpoint - Differentiated R&D capability is one of the core competitive advantages of the company, with a focus on high-end generic drug selection and project initiation supporting early growth and capital accumulation, leading to a successful breakthrough among small and mid-cap companies [3] R&D Strategy and Integration - The company has undergone a systematic R&D strategic adjustment in 2025, integrating its existing R&D system and gaining control of Shanghai Chaoyang, which is expected to enhance its R&D capabilities significantly [4] - The integrated R&D path combines "Chengdu Yuandong's controlled substances" and "Shanghai Chaoyang's oncology/immunology," allowing the company to strengthen its existing weaknesses while steadily advancing in the controlled substances field [4] Product Pipeline and Clinical Progress - HP-001, a leading candidate in the targeted protein degradation field, shows promising clinical progress with an overall response rate (ORR) of 53% in Phase I trials, and 83% in high-dose groups [5] - HP-002, a brain-penetrating BTK PROTAC, is expected to submit an IND application in early 2026, demonstrating superior degradation efficiency compared to competitors [5] - HP-003, a VAV1 molecular glue, is anticipated to become a new star in autoimmune diseases, with plans to submit an IND in the second half of 2026 [5] - The DAC platform combines antibody precision delivery with protein-targeted degradation, showcasing the company's competitive edge in the TPD and DAC fields [5] Financial Projections - The company forecasts net profits attributable to shareholders of 277 million, 316 million, and 388 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16.2%, 14.0%, and 22.9% [6] - The current stock price corresponds to price-to-earnings (PE) ratios of 38, 34, and 27 for the respective years, with a target valuation of 15.51 billion yuan for 2026, translating to a stock price of 87.6 yuan per share [6]