Jinwu Financial News | According to Pacific Securities Research Report, Kangfang Biotech (09926) announced the major HarmonI-2 study results at the World Lung Cancer Conference (WCLC). Compared with Pabolizil, Evaroxi achieved the longest median PFS in first-line treatment of patients with advanced PD-L1 expression positive NSCLC. The median PFS in the Ivosi group reached 11.14 months, and the data were still immature; the median PFS in the Pabolizu group was 5.8 months, and the data were mature. The PFSK-M curves separated very quickly between the two groups, and the extent was particularly obvious. PFSHR was 0.51. Ivosil treatment significantly reduced the risk of disease progression or death in ITT people by 49%, showing significant efficacy advantages.
According to the report, cardonil was approved as a first-line indication for gastric cancer, which is expected to reshape a new pattern of gastric cancer treatment in September 2024. Based on the results of the COMPASSION-15 study, NMPA approved the first-line treatment of patients with locally advanced unresectable or metastatic gastric or gastroesophageal junction (G/GEJ) adenocarcinoma, filling the gap for patients with advanced gastric or gastroesophageal junction (G/GEJ) adenocarcinoma with low PD-L1 expression and a more comprehensive range of patients with advanced gastric cancer An efficient immunotherapy option, which is expected to go further Optimizing the current clinical treatment pattern for advanced gastric cancer.
The bank expects the company's 2024/2025/2026 operating income to be 2.678/4.333/6.978 billion yuan, respectively; net profit to mother is -0.305/0.487/1.419 billion yuan, respectively. The commercialization of the company's core products went smoothly and is expected to be profitable in 2025. According to the DCF valuation model, with reference to the 10-year treasury bond yield and the average yield of the biological products sector, assuming WACC = 8.28% and a sustainable growth rate of 3.00%, it is estimated that the reasonable market value is HK$75.415 billion, corresponding to the target share price of HK$84.15. First coverage, giving a “buy” rating.
