该行表示，国内市场目前仅2款带状疱疹疫苗产品上市，竞争格局良好，其中国产上市品种采用上一代减毒活疫苗技术，公司LZ901在国产重组带状疱疹管线中进度领先。该行维持此前的盈利预测，预计2024-2026年净利润分别为-3.00/-3.56/-3.41亿元。维持“优于大市”评级。Guosen Securities released a research report, stating that Green Bamboo Biotech (02480) reported a adjusted loss of 0.11 billion yuan in 2024 H1, compared to a loss of 0.079 billion yuan in the same period last year. In 2024 H1, research and development expenses were 0.08 billion yuan (+142.4% year-on-year), mainly due to the Phase 3 clinical trial of LZ901 conducted in China; administrative expenses were 0.045 billion yuan (+9.0% year-on-year), mainly due to increased depreciation of properties, factories, and equipment caused by the completion of some construction projects.
The bank pointed out that LZ901, a recombinant herpes zoster candidate vaccine, is one of the company's core pipelines and is expected to become the world's first herpes zoster vaccine with a tetrameric molecular structure, used for the prevention of herpes zoster caused by varicella-zoster virus (VZV) in adults aged 50 and above. LZ901 adopts innovative antigen design to induce a high level of humoral and cellular immune response while maintaining good safety; LZ901 has completed the enrollment of 0.026 million participants in China's Phase 3 clinical trial in January 2024, and it is expected to submit a Biologics License Application (BLA) no later than January 2025 and achieve commercialization of the product in Q4 2025.
The bank further stated that as of June 30, 2024, the company has a total of four preclinical stage investigational products, including recombinant varicella vaccine, recombinant RSV vaccine, K333 bispecific antibody for the treatment of myeloid leukemia, and K1932 bispecific antibody for the treatment of lymphoma.
The bank stated that there are currently only two herpes zoster vaccine products on the domestic market, and the competitive landscape is favorable. Among them, domestically produced vaccines use the previous generation attenuated viral vaccine technology. The progress of the company's LZ901 in the domestic recombinant herpes zoster pipeline is leading. The bank maintains its previous profit forecast, expecting a net income of -0.3/-0.356/-0.341 billion yuan for the years 2024-2026. Maintain an "outperform" rating.
