未知机构：高盛甘李药业603087SH重估全球布局管线逐步成型上调目标价-20260121

Summary of the Conference Call for Ganli Pharmaceutical (603087.SH) Company Overview - Ganli Pharmaceutical has received marketing approvals for its insulin products in the European Union and Ethiopia on January 14 and 15 [1][1]. - The company has been exporting insulin analog raw materials and formulations for over ten years, with products approved in more than 20 countries [3][3]. Key Points and Arguments Revenue and Profit Forecasts - The revenue and net profit forecasts for 2026E-2027E have been raised, and a new forecast for 2028E has been introduced [1][1]. - The target price has been increased from 73 RMB to 83 RMB, maintaining a "Buy" rating [2][2]. Global Expansion - Brazil is highlighted as the most significant overseas market, with a 10-year agreement signed with a local partner, ensuring a minimum cumulative income of no less than 3 billion RMB [3][3]. - The company is expanding into high-potential emerging markets such as Mexico, Argentina, India, and Turkey [4][4]. - In developed markets, the company has received EU approval for its insulin products, with others currently under regulatory review [4][4]. Clinical Pipeline Updates - The advanced pipeline includes GLP-1 drug GZR18, weekly insulin GZR4, and next-generation premixed insulin GZR101 [5][5]. - GZR4 is expected to enter Phase III clinical trials in 2025, with improved pricing and commercialization visibility [1][1]. Advantages and Collaborations - The core advantage of the GLP-1 drug is its lower dosing frequency, with positive data from a Phase II weight loss trial [6][6]. - The company collaborates with Sandoz for the commercialization of diabetes products, estimated to follow a 50/50 revenue-sharing model [4][4]. Additional Important Information - The company has strict quality control standards and has obtained EU GMP certification, contributing to its ongoing overseas expansion [4][4]. - The introduction of a monthly dosing regimen for GZR18 is in Phase III trials, which could enhance patient convenience and compliance [6][6].