Investment Highlights - Company is rated as outperforming the industry with a target price of HKD 430.00 for Innovent Biologics-B (09606) [1] - The company is an international platform innovator in antibody-drug conjugates (ADC), which are among the most promising and rapidly developing drug forms globally [1] - According to Frost & Sullivan, the global ADC market is estimated to be approximately USD 10.4 billion in 2023 and is projected to reach USD 115.1 billion by 2032 [1] Product Pipeline - The company plans to submit a listing application for DB-1303 (HER2 ADC) for endometrial cancer in the US and for breast cancer in China by 2025 [2] - DB-1311 (B7-H3 ADC) shows potential as a best-in-class candidate in prostate cancer, while DB-1310 (HER3 ADC) is expected to follow suit [2] - The company is leading in the exploration of TROP2 ADC and dual antibodies, pushing the frontiers of next-generation ADCs [2] Competitive Advantage - The company differentiates itself by emphasizing its validated platform as an innovator in the ADC field, rather than focusing solely on individual clinical pipelines [2] - The company has established four unique ADC technology platforms and has secured over USD 6 billion in total transaction value through collaborations with multinational pharmaceutical companies [1] Financial Projections - The company anticipates a net loss attributable to shareholders of HKD 25.1 billion in 2025 and HKD 4.3 billion in 2026 [2] - Based on DCF valuation, the reasonable market value is estimated at HKD 37.9 billion, corresponding to a target price of HKD 430, indicating a potential upside of 20.1% from the current stock price [2]