AKESO(09926) 国泰君安·2024-05-31 10:31Investment Rating - The report maintains an "Accumulate" rating for the company [1][3]. Core Insights - The company is entering a harvest period as its R&D pipeline accelerates, with revenue forecasts for 2024-2026 raised to 28.96 billion, 45.25 billion, and 63.86 billion RMB, respectively [3]. - The drug Ivoris has shown positive results in head-to-head trials against Keytruda (K drug) for PD-L1 positive patients, marking a significant advancement in treatment options [3]. - Ivoris has recently received approval from NMPA for its first indication, and multiple core indications are progressing [3]. - The company is actively developing its pipeline with several monoclonal antibodies and ADCs in various stages of clinical trials [3]. Summary by Sections Investment Rating - The company is rated "Accumulate" based on its strong market performance expectations [1][3]. Revenue Forecast - Revenue projections for 2024, 2025, and 2026 have been adjusted to 28.96 billion, 45.25 billion, and 63.86 billion RMB, respectively, indicating a positive growth outlook [3]. Clinical Development - Ivoris has outperformed K drug in a Phase III trial, achieving significant improvements in overall response rate (ORR) and progression-free survival (PFS) [3]. - The company has initiated several Phase III clinical trials for Ivoris in various lung cancer indications, with expected completion of enrollment in the second half of 2024 [3]. Pipeline and Long-term Growth - The company is advancing multiple monoclonal antibodies and ADCs, with several candidates in NDA and Phase III stages, ensuring a robust pipeline for future growth [3].