百利天恒：首次覆盖：十年磨一剑，双抗ADC领军企业

Investment Rating - The report assigns an "OUTPERFORM" rating to Sichuan Biokin Pharmaceutical with a target price of Rmb 226.83 [1][3][55]. Core Insights - Sichuan Biokin Pharmaceutical has transitioned from a focus on generic drugs to innovative drug development, establishing a robust R&D pipeline with significant partnerships, including a global cooperation agreement with BMS for the EGFR*HER3 dual antibody ADC, BL-B01D1, which has a potential total value of $8.4 billion [1][2][66]. - BL-B01D1 is positioned to become a blockbuster anti-tumor drug, demonstrating broad therapeutic potential and advantages in toxicity reduction and treatment range expansion [2][66]. - The company has 11 innovative biological drugs in clinical stages, with 3 in registration clinical stages, showcasing its strong R&D capabilities [1][2][66]. Summary by Sections Company Overview - Sichuan Biokin Pharmaceutical has evolved through three phases: from developing generic drugs to focusing on innovative biological drugs, supported by the establishment of R&D centers in China and the US [8][9]. - The company has developed three core platforms: SEBA dual antibody platform, GNC multi-specific T cell engager platform, and HIRE-ADC platform, which are crucial for its innovative drug development [18][19]. Clinical Pipeline - BL-B01D1 has initiated Phase III clinical trials for multiple indications, including NSCLC, NPC, ESCC, SCLC, and breast cancer, with an NDA application expected by 2026 [2][29][32]. - Other promising drugs in the pipeline include SI-B001, a dual antibody targeting EGFR-HER3, and BL-M07D1, an ADC targeting HER2, both showing strong early clinical data [2][21][39]. Financial Projections - The company is expected to achieve net profits of Rmb 4.09 billion in 2024, with a projected EPS of Rmb 10.20, followed by losses in 2025 and 2026 [3][54]. - The DCF valuation method suggests a target price of Rmb 226.83 per share, indicating significant growth potential as the company enters a high-growth phase [3][55][56].