Investment Rating - The report maintains a "Buy" rating for the company 康诺亚 (2162 HK) with a target price of HKD 66.00, indicating a potential upside of 105.9% from the current closing price of HKD 32.05 [1][7]. Core Insights - The company is steadily advancing its commercialization preparations for CM310 and pipeline research, with sufficient cash reserves to support operations for the next 3-4 years. The target price has been slightly adjusted downwards due to revised sales forecasts for 2025-26, but the "Buy" rating remains intact [1][2]. - In 1H24, the company reported revenues of RMB 0.55 billion, primarily from a collaboration with AstraZeneca related to CMG901. The net loss increased to approximately RMB 3.9 billion, attributed to rising R&D and sales expenses [2][3]. - CM310 has submitted three indications for NDA approval, with expectations for approval for atopic dermatitis by year-end. The company is also focusing on developing additional indications and expanding its clinical pipeline [2][3]. Financial Model Update - Revenue forecasts for 2024E have been reduced to RMB 78 million, reflecting a 27.7% decrease from previous estimates. For 2025E and 2026E, revenue forecasts are RMB 788 million and RMB 1.404 billion, respectively, with slight adjustments of -1.0% and -2.8% [3][9]. - The gross profit for 2024E is projected at RMB 73 million, with a gross margin of 93.2%, which is a decrease of 6.8 percentage points from prior estimates [3][9]. Cash Flow and Capital Expenditure - As of 1H24, the company holds cash reserves of RMB 2.58 billion, which is expected to support operations for the next 3-4 years. The capital expenditure budget for the year is approximately RMB 200 million, mainly for the construction of a new headquarters and the development of drug platforms [2][9]. Clinical Pipeline Development - The company is advancing its clinical pipeline with multiple indications for CM310 and other candidates like CD38 monoclonal antibody CM313 and CM383, which have shown promising preclinical results [2][3].
康诺亚-B：1H24商业化准备工作和管线研发稳步推进，维持买入评级