Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 56.20, indicating a potential upside of 21.1% from the current price of HKD 46.40 [1][11]. Core Insights - The successful inclusion of the drug "耐赋康" (EVER001) in the national medical insurance directory is expected to drive significant sales growth, with projected sales reaching RMB 12.2 billion and RMB 18.3 billion for 2025 and 2026, respectively [2]. - The report highlights the promising clinical results of EVER001, a reversible BTK inhibitor, which has shown high rates of clinical remission in patients with membranous nephropathy, a condition with increasing prevalence [1][2]. - The market potential for EVER001 is substantial, as it is the only drug approved for the IgA nephropathy indication in the national medical insurance directory, providing a significant first-mover advantage [2]. Financial Projections - Revenue projections for the company have been revised upwards, with expected revenues of RMB 744 million for 2024, RMB 1.765 billion for 2025, and RMB 2.951 billion for 2026, reflecting increases of 17.4% and 15.3% for the latter two years compared to previous forecasts [3][13]. - The net profit forecast for 2026 has been adjusted to RMB 409 million, a significant improvement from previous estimates [3][13]. - The gross profit margin is expected to improve to 79.0% by 2026, indicating enhanced operational efficiency [3][13]. Market Context - The report notes that the incidence of membranous nephropathy is rising, with approximately 2 million patients in China and significant numbers in the US, Europe, and Japan, highlighting the growing market opportunity for the company's products [1][2]. - The company is positioned in the biotechnology sector, which is experiencing robust growth, particularly in the development of innovative therapies for unmet medical needs [11].
云顶新耀-B：耐赋康成功纳入医保、EVER001膜性肾病初步数据优异，上调目标价