迪哲医药：迪行小分子赛道，折桂全球创新之巅

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [7]. Core Insights - The company is focused on developing innovative drugs with differentiated competitive advantages, particularly in the small molecule sector, and has a strong pipeline of products [7]. - The company has successfully commercialized its product Shuwotini in China and is on track for approval in the U.S. market, indicating strong growth potential [7]. - The report highlights the company's unique position in addressing unmet medical needs in oncology, particularly with its lead products targeting specific mutations in non-small cell lung cancer (NSCLC) [7]. Summary by Sections 1. Company Overview - The company was established in 2017 and went public in December 2021, focusing on innovative drug development with a global competitive edge [15]. - The management team has extensive experience in the pharmaceutical industry, enhancing the company's operational capabilities [15][18]. 2. Product Pipeline - The company has six products in its pipeline, with Shuwotini being the first globally to receive breakthrough therapy designation for treating EGFR Exon20ins NSCLC [7][15]. - Golixitinib is the first and only JAK1 inhibitor approved for treating relapsed/refractory peripheral T-cell lymphoma (PTCL) [7]. 3. Market Potential - The report estimates that the global market for EGFR Exon20ins NSCLC patients will grow, with new cases expected to reach 74,000 by 2024 and 86,000 by 2030 [7][32]. - The domestic sales forecast for Shuwotini is projected to reach approximately 4 billion RMB in 2024, with significant growth expected in subsequent years [7]. 4. Financial Projections - The company anticipates peak sales for its four products to reach nearly 6 billion RMB by 2032, with a target stock price of 82.26 RMB per share based on discounted cash flow analysis [7]. - The report provides detailed revenue forecasts, indicating a substantial increase in total revenue from 91.29 million RMB in 2023 to 1.2 billion RMB by 2026 [7]. 5. Commercialization Strategy - The company has established a comprehensive commercialization strategy, including a nationwide sales network and plans for international expansion [29]. - Shuwotini and Golixitinib have been included in the national medical insurance directory, effective January 1, 2025, which is expected to enhance their market penetration [29].