20240319-东吴证券-迈威生物-688062.SH-9MW2821（Nectin-4ADC）积极拓展泛瘤种_有望成为全球性大单品_13页_1mb

Company Overview: Miaowei Biosciences-U (stock code 688062) focuses on developing 9MW2821 (Nectin-4 ADC), an antibody-drug conjugate with strong potential in oncology.

Investment Highlights: 9MW2821 is advancing rapidly across multiple cancer types. Key successes include oral presentations at major conferences for urinary tract cancer and cervical cancer, with data showing superior outcomes compared to competitors like Tivdak and EV. It has received Fast Track designation from FDA for esophageal cancer, positioning it for broad market impact.

Product Expansion: 9MW2821 is being evaluated for several indications. Clinical trials have enrolled over 280 patients with positive initial results in urinary tract cancer, cervical cancer, and esophageal cancer. Its Nectin-4 targeting is seen as a promising alternative to traditional therapies, with niche in areas like Patcev and cervical cancer treatments.

Financial and Investment Outlook: Revenue forecast has been adjusted to 128/400/750 billion yuan for 2023-2025 due to policy factors, maintaining a "Buy" rating backed by global sales potential. The valuation considers high growth potential.

Risks: Key risks include policy changes, R&D delays, increased competition, global business challenges, pricing pressures, and core talent retention issues.