Core Viewpoint - CITIC Securities maintains a "Buy" rating for Innovent Biologics (01801), projecting revenues of 11.806 billion yuan, 15.382 billion yuan, and 21.092 billion yuan for 2025-2027, respectively, with a DCF valuation indicating a fair market value of 221.5 billion HKD and a target price of 129.61 HKD [1] Group 1 - The company has established a significant presence in the oncology sector, with high-value clinical products expected to enhance revenue and reduce marginal costs [1] - In non-oncology sectors, the company has made extensive investments in metabolism, autoimmune diseases, and ophthalmology, with competitive and advanced products both launched and in development [1] Group 2 - On October 22, Innovent Biologics entered a global strategic partnership with Takeda Pharmaceutical, which will pay 1.2 billion USD upfront, including a strategic equity investment of 100 million USD at a subscription price of 112.56 HKD per share, representing a 20% premium over the weighted average share price of the past 30 trading days [1] - The total value of the collaboration could reach 11.4 billion USD, with Innovent Biologics and Takeda jointly developing IBI363 (PD-1/IL-2α-bias) [1] - Innovent Biologics granted Takeda exclusive rights for IBI343 (CLDN18.2ADC) outside Greater China and exclusive options for IBI3001 (EGFR/B7H3ADC) outside Greater China [1]