迪哲医药2024年中报业绩点评：舒沃替尼快速放量，研发商业化高速发展

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [2][30]. Core Insights - The company has entered a phase of rapid development in both research and commercialization, with two leading products, Shuwotini and Golixitinib, having received approval for sale in China [2][30]. - The sales of Shuwotini have shown strong growth, achieving sales revenue of 0.91 billion CNY within four months of its launch and exceeding 2 billion CNY in the first half of 2024, with a growth rate of over 50% for two consecutive quarters [1][12]. - The company is expanding its research team and increasing R&D investment, with R&D expenses reaching 3.83 billion CNY in the first half of 2024, a year-on-year increase of 11.7% [1][12]. - Shuwotini has been included in the CSCO guidelines and is progressing well in global development, with ongoing clinical trials in multiple regions [1][12]. - Golixitinib has also been approved for sale, addressing treatment gaps in PTCL, with a reported ORR of 44% in clinical trials [19][20]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 2.04 billion CNY, with a net loss of 3.45 billion CNY, narrowing by 32.96% year-on-year [1][12]. - The company expects revenues of 4.51 billion CNY, 9.48 billion CNY, and 16.47 billion CNY for 2024, 2025, and 2026 respectively, with net losses projected at -7.96 billion CNY, -5.16 billion CNY, and -2.94 billion CNY [2][30]. Product Development - Shuwotini is the first approved targeted therapy for EGFR Exon20ins NSCLC, with clinical data showing an ORR of 61% for second-line treatment [15][16]. - Golixitinib is the first high-selectivity JAK1 inhibitor for PTCL, with a CR rate of 24% and a mDoR of 20.7 months in clinical trials [19][20]. Valuation Analysis - The DCF valuation model estimates the company's reasonable market value at 217.48 billion CNY, with a sensitivity range of 188.70 to 255.77 billion CNY [30].