Mabwell(688062) 方正证券·2025-02-27 08:29Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Insights - The company is positioned as an innovative biopharmaceutical enterprise with a comprehensive industry chain layout, focusing on ADCs, antibodies, and recombinant protein drugs, primarily targeting oncology and age-related diseases [5][17]. - The ADC technology platform is advanced, with the Nectin-4 ADC expected to become a best-in-class (BIC) product, showing promising clinical results compared to existing therapies [6][9]. - The company has a robust pipeline of innovative drugs and biosimilars, with significant revenue growth projected from 2024 to 2026 [8][10]. Summary by Sections Company Overview - The company was established in 2017 and went public on the Shanghai Stock Exchange in 2022, focusing on the research, production, and sales of biopharmaceuticals [17]. - It has 16 products at various stages, including 12 innovative products and 4 biosimilars, with 3 products already on the market [17]. ADC Technology Platform - The company has developed a next-generation ADC targeted conjugation technology platform (IDDCTM), which includes proprietary technologies that enhance drug stability and efficacy [6][28]. - The Nectin-4 ADC (9MW2821) is the fastest progressing ADC in China for treating urothelial carcinoma, currently in Phase III clinical trials [6][9]. Innovative Product Pipeline - The company is advancing multiple differentiated targets, including 9MW1911 (for COPD) and 9MW3011 (for blood disorders), with significant global development progress [7][30]. - The biosimilars have begun commercializing, contributing to cash flow for innovative drug development [7][30]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 2.09 billion, 8.51 billion, and 15.14 billion RMB, respectively, with significant year-on-year growth rates [8][10]. - The company expects to achieve a net profit margin improvement, with net losses decreasing from 1.09 billion RMB in 2024 to 258 million RMB in 2026 [10].