UBS published a research report, covering Yingen Bio-B for the first time and giving it a “buy” rating. Based on a risk-adjusted cash flow discount valuation, the target price is HK$320, which corresponds to a 1.2 times risk-adjusted peak sales ratio. The bank believes that the company's current valuation is undervalued. The current price only corresponds to a peak sales ratio of 0.7 times after risk adjustment, far lower than 1.6 times the average of its peers, and the valuation is attractive. The bank expects DB-1311 to be the main valuation driver, and predicts that its peak sales will reach 38.3 billion yuan, which is higher than the market consensus of 28.6 billion yuan. The market has yet to fully price upcoming key data, including proof of concept data for DB-1311 combined with PD-L1/VEGF bispecific antibodies in combination therapy for lung cancer and non-lung cancer, and HER2 ADC's global bioproduct licensing application submission. The bank predicts that total revenue in 2025 will rise from 1.8 billion yuan to 22.8 billion yuan in 2035, and EBITDA is expected to correct in 2030.

UBS published a research report, covering Yingen Bio-B for the first time and giving it a “buy” rating. Based on a risk-adjusted cash flow discount valuation, the target price is HK$320, which corresponds to a 1.2 times risk-adjusted peak sales ratio. The bank believes that the company's current valuation is undervalued. The current price only corresponds to a peak sales ratio of 0.7 times after risk adjustment, far lower than 1.6 times the average of its peers, and the valuation is attractive. The bank expects DB-1311 to be the main valuation driver, and predicts that its peak sales will reach 38.3 billion yuan, which is higher than the market consensus of 28.6 billion yuan. The market has yet to fully price upcoming key data, including proof of concept data for DB-1311 combined with PD-L1/VEGF bispecific antibodies in combination therapy for lung cancer and non-lung cancer, and HER2 ADC's global bioproduct licensing application submission. The bank predicts that total revenue in 2025 will rise from 1.8 billion yuan to 22.8 billion yuan in 2035, and EBITDA is expected to correct in 2030.