三发驱动差异化加速转型，迈向创新成长新阶段

䈭ࣗᗻ䰻䈱↙ᮽҁ੄Ⲻރ䍙ᶗⅴ䜞࠼ ᆾ↙ ࠰ཽ ᆷ䶏 㠪䘒 ޢਮ⹊ガ འᒩ⍁䇷࡮㛗Գᴿ䲆ޢਮ䇷࡮⹊ガᣛ઀ 2024ᒪ 08ᴾ 08ᰛ ޢਮ␧ᓜ⹊ガ Ҧޛ / 㔪ᤷ 〇՜㦥ѐ (0242) ⴤḽԭ: 39.89 ᱞ᭬ⴎ:30.73 пਇ傧ࣞᐤᔸौࣖ䙕䖢ශθ䗾ੇࡑ᯦ᡆ䮵᯦䱬⇫ „ 䎦ࣵ∊䖹 „ 㛗⾞ᮦᦤ ᙱ㛗ᵢ/ ⍷䙐( ӵ㛗) 16.02/16.02 ᙱᐸٲ/ ⍷䙐( ӵݹ) 492.17/492.17 12Ѡᴾ޻ᴶ儎/ ᴶքԭ(ݹ) 35.49/21.6 ⴮ީ⹊ガᣛ઀ <〇՜㦥ѐδ0242ε2020ᒪпᆙᣛ⛯䇺φпᆙᓜ䘄ѐ㔟ᤆ⛯θࡑ᯦㦥ᴿᵑ䘑ޛ᭬㧭ᵕ>-2020- 11- 01 < ɋའᒩ⍁ॱ㦥Ɍ〇՜㦥ѐδ0242ε␧ᓜᣛ઀φсঀᒪ䘄ѐ㔟ᤆ⛯θԵࡑ㔉ਾ㦥૷䘑ޛ᭬㧭ᵕ>--2020- 08-30 䇷࡮࠼᷆ᐾφઞ䊡 ⭫䈓φ E - MAILφzhouyua@tpyzq.com ࠼᷆ᐾⲱ䇦㕌ਭφS1190523060002 䇷࡮࠼᷆ᐾφ䵃Ӥ ⭫䈓φ E - MAILφhuoliang@tpyzq.com ࠼᷆ᐾⲱ䇦㕌ਭφS1190523070002 ⹊ガࣟ⨼φࡎନ⏫ ⭫䈓φ E - MAILφ ж㡢䇷࡮ѐࣗⲱ䇦㕌ਭφS1190123080023 ۶ղ݅ੌ ཝ䗉⏨+ ਾᡆ⭕⢟ᆜ+ Ե࡬㦥+ࡑ᯦㦥གྷਾ傧ࣞθ䗾ੇࡑ᯦ᡆ䮵᯦䱬⇫Ⱦޢਮᇔ᯳ćпਇ傧ࣞȽࡑ᯦໔䮵ĈⲺਇኋᡎ⮛θⴤࢃᐨᖘᡆ⭧〇՜㦥ѐȽᐓᆷ⭕⢟Ƚ〇՜ঐ⌦ᶺᡆⲺć૷Ĉᆍශᷬᶺ䘆㩛ᒩਦθᡆࣕ䖢ශᡆѰཝ䗉⏨+ ৕ᯏ㦥ѣ䰪։+ Ե࡬㦥+ࡑ᯦㦥གྷਾ傧ࣞⲺ㔲ਾශ࡬㦥ޢਮȾ䙐䗽ཝ䗉⏨ӝ૷ᤷ㔣Վौ䘣ԙθੂᰬ৕ᯏ㦥਀ѣ䰪։㓾ㄥᐸ൰䴶≸਀ԭṲᚘགྷ傧ࣞѐ㔟ᘡ䙕໔䮵θ䘇ӊᒪᖈ∃߶࡟⏜ CAGRѰ 27%Ⱦ2024Q1ޢਮᇔ⧦㩛ѐ᭬ޛ62.19ӵݹθੂ∊໔䮵 11.03%θᖈ∃߶࡟⏜ 10.26ӵݹθੂ∊໔䮵 26.64%Ⱦ ཝ䗉⏨ㄔҿՎࣵどരθᤷ㔣᧞䘑ऻᶆՎौθཐᇚ㻁ӝ૷δ㛖ཌ㩛ޱп㞊㻁+ ㊿⏨ਂᇚ㻁εᨆॽ⳾࡟㜳࣑Ⱦޢਮཐᒪどቻཝ䗉⏨ӝ૷ᐸখ⦽ㅢжθ⳾࡟㜳࣑Վ⿶θ2023ᒪ䗉⏨ᶵඍ∑࡟⦽Ѱ 64% θ൞ੂ㺂ѐѣ༺ӄ亼ݾ≪ᒩȾⴤࢃޢਮ൞㛖ཌ㩛ޱȽ㓼㨂᝕ḉȽ։⏨ᒩ㺗਀ѣᷘ⾔㔅ㅿ⯴⯻亼ตᔰ㄁ҼⲺṮᗹՎࣵӝ૷਀䘣ԙӝ૷䳼㗚θᤷ㔣ੇ儎䱺ࣖٲऻᶆ䘣ԙθ儎∑࡟㩛ޱ਀⋱⯍ශӝ૷ᤉኋȾᇼ䰣ᕅ䗉⏨খ∊ᤷ㔣ᨆॽθ2023ᒪ䗴ࡦ53.25%δ+ 4.25pctεȾ䳅⵶ӝ૷ᶺᡆᤷ㔣Վौθ䳼䟽傧ࣞ䬶୤䍯⭞с䲃θ䠃⛯ӝ૷᭴䠅θޢਮཝ䗉⏨ㄥⲺ⳾࡟㜳࣑ᴿᵑ䘑ж↛ᨆॽȾ Ե࡬㦥דᢎ䳼䟽᭴䠅θᤷ㔣ᐹቶ᭯㢥ࡑ᯦གྷᵸ࡬ࡸθ᯦ӝ૷䘑ޛއ⧦ᵕȾޢਮᆎ䠅ཝ૷〃ᐨะᵢ㓩ޛҼളᇬ䳼䟽θᡠ㠩ㅢғ᢯䳼䟽θޢਮާѣḽ 47ⅴӝ૷Ⱦъㅢғ᢯䳼䟽ൽѰ᯦㧭᢯ӝ૷ૂ䗽ৱ䬶䠅䖹քⲺӝ૷θ䳼䟽伄䲟↙䙆↛⎾䲚Ⱦ人䇗ᵠᶛࠖᒪ∅ᒪ㧭᢯㓜 30ѠԵ࡬㦥θ᯦ӝ૷ᴿᵑ਍ⴀ䳼䟽᭴䠅Ⱦޢਮᤷ㔣ᤉኋ᭯㢥ࡑ᯦਀ NDDSགྷᵸ࡬ࡸ㇗㓵θуᯣᐟരޢਮ൞Ṯᗹ亼ตⲺᣚค⋩Ⱦ ৕ᯏ㦥ѣ䰪։ᆎ䠅ѐࣗどരθਾᡆ⭕⢟ᆜ䘑ޛއ⧦ᵕȾޢਮᆎ䠅ѣ䰪։ѐࣗㄔҿṲቶどᇐθӝ㜳亼ݾφ1 ε⺡≦㓘䴿㍖ӝ㜳 3300ਫ਼θփቻ㺂ѐㅢӂθㄔҿṲቶ䳼ѣȾ2 εཪᆘ㊱ѣ䰪։ӝ㜳ާ 3400ਫ਼θփቻ㺂ѐㅢжθޢਮṯᦤс⑮ӝ૷ᐸ൰䴶≸ૂ㺂ѐב㔏᛻߫⚫⍱࡬ᇐ⭕ӝ䇗ࡈθؓ䇷⭕ӝ᭾ⴀᴶཝौȾ3 ε6 - APAӝ㜳 6700ਫ਼θփቻ㺂ѐㅢӂȾਾᡆ⭕⢟ᆜᴿᵑᡆѰ᯦໔䮵⛯φޢਮ䘿૷- ⹊ਇ- ཝ⭕ӝⲺ୼ѐौ։㌱ᶺᔰᇂᡆθⴤࢃᐨᴿ㓘⋗㦥䞽Ƚ5 - 㗕ะ㢨≞䞮Ƚ哜䀈⺡ഖȽדށཐഖㅿཐѠӝ૷䘑ޛ⭕ӝȽ䬶୤䱬⇫θ᯦૷ᴿᵑᤷ㔣䍗⥤໔䠅Ⱦ ࡑ᯦㦥㇗㓵䘄ᶛ᭬㧭ᵕθᴿᵑᡆѰޢਮㅢӂ໔䮵ᴨ㓵Ⱦࡑ᯦㦥㚐❜ADC㦥⢟θ䙐䗽ф唎⋏ђਾ֒θᤷ㔣ᔶᤉޞ⨹ौ୼ѐԭٲȾཐⅴṮᗹ ADC㇗㓵୼ѐौ൞঩φ1) SKB264ᴿᵑᡆѰ俌ⅴളӝрᐸ TROP2 ADCθ 3L+TNBCঋ㦥⋱⯍⯍᭾ᱴ㪍θᴿᵑ 2024ᒪ㧭᢯χ2L+ HR+/HER2- BC 䘸ᓊ⯽ޭ༽ᵡ㓵ঋ㦥⯍⌋Ⲻ best- in- class▒䍞Ⱦ2 εA166δHER2 ADCε3L+ HER2+ҩ㞰Ⲃᴿᵑ 2024- 2025ᒪ㧭᢯рᐸȾ3 ε䙐䗽㛵ⱚ+ 㠠ރঅੂᐹቶθA166δPD-L1εȽ㾵࿛᱊ঋᣍ㊱ղ⢟ᴿᵑӄ 2024- 2025ᒪ㧭᢯рᐸθA400δRETᣇ࡬ࡸεᴿᵑ 2 024ᒪ⭩ᣛрᐸȾ (30%)(16%)(2%)12%26%40%23/8/823/10/2024/1/124/3/1424/5/2624/8/7〇՜㦥ѐ⋠␧300 䈭ࣗᗻ䰻䈱↙ᮽҁ੄Ⲻރ䍙ᶗⅴ䜞࠼ ᆾ↙ ࠰ཽ ᆷ䶏 㠪䘒 ޢਮ␧ᓜ⹊ガ 2 пਇ傧ࣞᐤᔸौࣖ䙕䖢ශθ䗾ੇࡑ᯦ᡆ䮵᯦䱬⇫ z ⳾࡟人⎁਀ᣋ䍺ᔰ䇤 ᡇԢ人⎁ޢਮ 2024/2025/2026ᒪ᭬ޛѰ 233.35/257.56/286.56ӵݹθੂ∊໔䮵 8.77%/10.38%/11.26%Ⱦᖈ∃߶࡟⏜Ѱ 29.04/32.99/38.22ӵݹθੂ∊໔䮵 18.22%/13.60%/15.86 % ȾሯᓊⲺ 2024ᒪ- 2026ᒪ EPS࠼ࡡѰ 1.81ݹ/ 㛗θ2.06ݹ/ 㛗ૂ 2.39ݹ/ 㛗θᐸ⳾⦽࠼ࡡѰ 17كθ15كθ13كȾ㘹㲇ޢਮ 1 εཝ䗉⏨ᤷ㔣ॽ㓝䘣ԙ儎∑࡟૷〃θԵ࡬㦥ᆎ䠅䳼䟽伄䲟࠰␻θ᯦૷〃ٕࣟ䳼䟽᭴䠅χ2 ε৕ᯏ㦥ѣ䰪։Ṯᗹӝ૷ㄔҿṲቶどᇐθਾᡆ⭕⢟ᆜӝ૷уᯣ୼ѐौ㩳൦䍗⥤᭬ޛχ3 εࡑ᯦㦥ཐ㇗㓵୼ѐौ൞঩θᩰᢁཝශ MNCѪᓀᔶਇ䘑ᓜᴿᵑࣖ䙕θᡇԢ㔏Ҿޢਮ 2024ᒪ 22ك PEθሯᓊᵠᶛ 6 ѠᴾⴤḽԭѰ 39.89ݹθ㔪ᤷćҦޛĈ䇺㓝Ⱦ z 伄䲟ᨆ⽰ 㺂ѐ᭵ㆌ伄䲟χ㦥૷⹊ਇ਀рᐸу਀人ᵕχӝ૷䬶୤у਀人ᵕχㄔҿࣖ࢝Ⲻ伄䲟χ⧥ؓ伄䲟Ⱦ „ ⳾࡟人⎁ૂ䍘ࣗ᤽ḽ 2023A 2024E 2025E 2026E 㩛ѐ᭬ޛδⲴнݹε 21,454 23,335 25,756 28,656 㩛ѐ᭬ޛ໔䮵⦽( % ) 12.69% 8.77% 10.38% 11.26% ᖈ∃߶࡟δⲴнݹε 2,456 2,904 3,299 3,822 ߶࡟⏜໔䮵⦽( % ) 44.03% 18.22% 13.60% 15.86% ᪀㮺∅㛗᭬ⴀδݹε 1.64 1.81 2.06 2.39 ᐸ⳾⦽δPEε 17.19 16.95 14.92 12.88 䍺ᯏᶛⓆφWindθའᒩ⍁䇷࡮θ⌞φ᪀㮺∅㛗᭬ⴀ᤿ᴶ᯦ᙱ㛗ᵢ䇗㇍ 䈭ࣗᗻ䰻䈱↙ᮽҁ੄Ⲻރ䍙ᶗⅴ䜞࠼ ᆾ↙ ࠰ཽ ᆷ䶏 㠪䘒 ޢਮ␧ᓜ⹊ガ 3 пਇ傧ࣞᐤᔸौࣖ䙕䖢ශθ䗾ੇࡑ᯦ᡆ䮵᯦䱬⇫ ⴤᖋ жȽ ޢਮᾸ߫ ...................................................................... 6 ( ж) 〇՜㦥ѐφпਇ傧ࣞθ䗾ޛᡆ䮵᯦䱬⇫ ..................