Core Viewpoint - Dongfang Securities report highlights that Ganli Pharmaceutical's innovative drug data is impressive, particularly the glucose-lowering effects of GZR18, indicating strong future growth potential for the company [1] Group 1: Drug Development and Clinical Data - Ganli Pharmaceutical has leading R&D expenditures in the industry, with multiple key products gradually disclosing Phase II clinical data since 2025 [1] - GZR18 (Bofang Glutide) shows superior glucose-lowering effects in Type 2 diabetes patients, with HbA1c and weight reductions exceeding those of the Semaglutide group after 24 weeks of biweekly injections [1] - After 23 weeks of treatment, GZR18 subjects experienced an average weight loss of 6.92 kg, representing a 9.3% reduction from baseline [1] - The Phase II clinical data for GZR4, an insulin weekly formulation, indicates good safety and a more significant reduction in HbA1c compared to daily insulin degludec (Novo Nordisk) in patients with poor baseline insulin control after 16 weeks of treatment [1] Group 2: Market Outlook and Valuation - The company anticipates a substantial 32.6% increase in the volume of its third-generation insulin agreements in the upcoming centralized procurement in 2024, alongside a rebound in product prices [1] - Leveraging the market coverage advantages gained from centralized procurement, the company's annual performance expectations are further solidified [1] - The company is assigned a 37x PE valuation for 2025, corresponding to a target price of 70.67 yuan, maintaining a "buy" rating [1]