Jin Wu Financial News | According to CITIC Construction Investment Research Report, Kang Fang Biotech (09926) released first-line AK104 gastric cancer data at the AACR conference. The mid-term analysis yielded positive results: regardless of PD-L1 expression, the Cardonil combination regimen was significantly superior to chemotherapy. The company's 2024 recommendations focus on: (1) AK104 first-line cervical cancer NDA; (2) AK112 approved for marketing in China, head-to-head K drug data read, US enrollment completed, etc.; (3) PCSK9, IL12/23, etc. were approved for marketing; (4) domestic NDAs and IL4R of the self-immune drug IL17 and IL4R entered phase III clinical trials. The company continues to invest in the field of oncology and chronic diseases, and is expected to accelerate implementation in various fields.
The bank expects the company's revenue in 2024, 2025, and 2026 to be 2,696 billion yuan, 4.413 billion yuan, and 6.239 billion yuan respectively, corresponding growth rates of -40.43%, 63.67%, and 41.38%, respectively, and net profit to mother of -521 million yuan, 106 million yuan, and 763 million yuan, respectively. Considering the continued deepening of the company's self-developed new drug development and the implementation of more major milestones in clinical development and commercialization, it maintained a “buy” rating.