Core Insights - The report highlights that Tianjin Tasly Pharmaceutical has received approval from the National Medical Products Administration for clinical trials of P134 cell injection for recurrent glioblastoma, positioning the product as potentially leading globally in this indication [2][5][6] - The global market for glioblastoma (GBM) treatment is substantial, with a current market size of 7.522 billion RMB in 2023, projected to grow to 13.968 billion RMB by 2029, indicating significant growth potential for the company’s P134 product [7] - The company has a robust R&D pipeline with 98 products under development, including 33 first-class innovative drugs, and 27 products currently in clinical trials, suggesting a strong commitment to innovation and future growth [8] Market Performance - The Shanghai Composite Index closed at 3633.99, up by 0.45%, while the Shenzhen Component Index rose by 0.64% to 11177.78, indicating a positive market trend [3] - Among industry performances, the defense and military industry saw a rise of 3.07%, while the pharmaceutical and biological sector experienced a decline of 0.65% [4] Company Focus - The P134 product is a CAR-T therapy targeting CD44 and/or CD133, designed to specifically recognize and bind to high-expressing antigens in primary and recurrent glioblastoma, enhancing T cell activation and longevity to kill tumor cells [6] - The report emphasizes the potential of P134 to provide new treatment options for recurrent GBM, which currently has poor prognosis despite existing treatment methods [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 16.54 and a sector rating of "Outperform" [1][6]. Core Views - The company has received approval for clinical trials of its P134 product for recurrent glioblastoma, positioning it to potentially lead globally in this treatment area. The report expresses optimism regarding the company's R&D pipeline and maintains the "Buy" rating [4][6]. - The company is expected to see steady growth in net profit, with projections of RMB 1.078 billion, RMB 1.163 billion, and RMB 1.379 billion for 2025, 2026, and 2027 respectively. Corresponding EPS is projected at RMB 0.72, RMB 0.78, and RMB 0.92 [6][8]. Summary by Sections Financial Performance - The company’s revenue for 2023 is projected at RMB 8.674 billion, with a slight decline to RMB 8.498 billion in 2024, followed by a recovery to RMB 9.087 billion in 2025, reflecting a growth rate of 6.9% [8][10]. - The EBITDA is expected to be RMB 1.802 billion in 2025, with a gradual increase to RMB 2.093 billion by 2027 [8][10]. R&D Pipeline - The company has a robust R&D pipeline with 98 products under development, including 33 first-class innovative drugs. 27 of these are in clinical trials, with 22 in Phase II or III [9][10]. - The P134 product is a CAR-T therapy targeting CD44 and/or CD133, specifically designed for glioblastoma, which has a significant market potential, projected to grow from RMB 7.522 billion in 2023 to RMB 13.968 billion by 2029 [9][10]. Valuation Metrics - The report adjusts the profit forecast slightly, with PE ratios projected at 22.9, 21.3, and 17.9 for 2025, 2026, and 2027 respectively, indicating a favorable valuation as new products are expected to drive growth [6][8].