Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company announced that its self-developed new drug, Kangyueda (Supuqibai monoclonal antibody), for the treatment of seasonal allergic rhinitis (SAR) has been approved by NMPA ahead of expectations, indicating a significant opportunity in the nasal market [7] - The company has three approved indications for its IL-4R monoclonal antibody, with a competitive edge in the market, and is expected to achieve rapid growth in 2025 through its dermatology and nasal indications [7] - Revenue forecasts for 2024-2026 have been adjusted to 318 million, 467 million, and 1,003 million yuan respectively, with corresponding EPS of -2.01, -2.19, and -1.26 yuan [7] Financial Summary - The total market capitalization is 8.84 billion HKD, with a current stock price of 31.60 HKD [2] - The company’s revenue for 2022 was 100 million yuan, with a projected revenue of 354 million yuan for 2023, and a decline to 318 million yuan in 2024, followed by growth to 467 million yuan in 2025 and 1,003 million yuan in 2026 [10] - The net profit for 2024 is expected to be -563 million yuan, improving to -351 million yuan by 2026 [10] - The gross margin is projected to remain high at around 95% for 2024-2026 [10] Market Opportunity - The prevalence of allergic rhinitis in China has increased from 11.1% to 17.6%, with approximately 200 million patients affected, indicating a large unmet clinical need [8] - Despite the use of existing treatments, 62% of moderate to severe allergic rhinitis patients do not achieve effective symptom control, highlighting the potential for new therapies [8] Product Details - Supuqibai monoclonal antibody is the first globally approved biological agent for treating moderate to severe seasonal allergic rhinitis in adults, showing significant symptom relief compared to existing treatments [9] - Key clinical trial results indicate rapid relief of nasal congestion symptoms within two days of the first dose, with nearly half of the patients achieving mild to complete relief after the first treatment [9]
康诺亚-B：港股公司信息更新报告：康悦达过敏性鼻炎获批快于预期，鼻科市场放量在即