BIOKIN PHARMACEUTICAL(688506) 海通证券·2024-09-25 08:20Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The report highlights the promising data for BL-B01D1 in treating UC, BTC, and ESCC, indicating its potential as a cornerstone drug in these areas [4][6] - The company is expected to achieve significant revenue growth in 2024, with a projected net profit of 4.089 billion yuan, leading to an estimated EPS of 10.20 yuan [5][11] - The report utilizes DCF valuation method, suggesting a reasonable stock price range of 214.73 to 226.83 yuan [4] Financial Performance Summary - The company reported a revenue of 562 million yuan in 2023, with a forecasted increase to 6.213 billion yuan in 2024, representing a year-on-year growth of 1005.8% [5][11] - The net profit for 2023 is projected to be -780 million yuan, with a significant turnaround expected in 2024 to 4.089 billion yuan [5][11] - The gross margin is expected to stabilize around 58.2% in 2024, improving to 70.9% by 2026 [5][11] Clinical Development Insights - BL-B01D1 has shown superior disease control rates (ORR of 40.7% and 6-month PFS rate of 62.4%) compared to other ADCs in late-line treatment for mUC [6][8] - The ongoing global Phase I clinical trial for BL-B01D1 is expected to yield data in 2025, with plans for initiating registration trials in the same year [9][10]