Sinolink: First coverage of GENFLEET-B (02595) with a "buy" rating and a target price of 55.63 Hong Kong dollars.

Sinolink released a research report stating that GENFLEET-B (02595) is expected to generate sales revenue of 1.46/1.60/3.35 billion yuan in the years 2026/2027/2028, with a year-on-year increase of +12.3%/+9.4%/+109.1%. The net profit attributable to the parent company is estimated to be -1.85/-1.84/-2.36 billion yuan. Based on the DCF model valuation, the calculated fair market value is 17.97 billion yuan, corresponding to a fair target price of 55.63 Hong Kong dollars per share. First coverage is given a "Buy" rating. Sinolink's main points are as follows: Deeply cultivating "difficult-to-drug" targets, accurately seizing key global race tracks The company has built a differentiated pipeline matrix centered around the RAS signaling pathway, including the first domestically approved KRASG12C inhibitor, Fluzlaser, the globally leading oral KRASG12D inhibitor, GFH375, the pan RAS molecular glue GFH276 with the most potential in its class, and the GDF15/IL-6 bispecific antibody GFS202A targeting the huge unmet clinical needs of cancer cachexia. Approximately 30% of global cancer patients have RAS mutations, making it a highly valuable direction for drug development. With breakthroughs in the "intractable drug" problem (i.e. lack of effective binding pockets, making conventional techniques difficult to drug), there has been a global wave of development in recent years, with the company's pipeline layout ranking in the top tier. The company completed its Hong Kong IPO in September 2025, raising a total of 268 million US dollars. GFH375 has advanced global development progress and is expected to disrupt the huge blue ocean market of "cancer king" pancreatic cancer Pancreatic cancer, known as the "king of cancers," has a 5-year survival rate of only about 13%, and there is a clinical urgent need for more effective targeted drugs, with a huge unmet clinical demand. The KRASG12D mutation is particularly common in pancreatic cancer (43.6%), and the malignancy of the tumor is higher. GFH375 is the fastest advancing oral KRASG12D inhibitor globally, targeting pancreatic cancer and showing better clinical treatment potential than competitors even in patients with poor baseline and late treatment lines. It has entered the registration clinical stage and has shown preliminary anti-tumor activity and excellent safety signals in overseas I/IIa dose escalation trials. Comprehensive layout of the RAS pipeline matrix, multi-dimensional enrichment of the research pipeline GFH276 is a promising pan-RAS molecule with the best potential in its class, with superior molecular properties and resistance to multiple drug resistances, currently in Phase I clinical trials; GFS202A is the world's first GDF15/IL-6 dual antibody, targeting the huge unmet clinical needs of cancer cachexia, currently in Phase I clinical trials; GFS784 is the world's first pan-RAS inhibitor loaded ADC, in the IND stage. Continued output of new molecular entities with a rich research pipeline. Risk Warning Risk of business progress falling short of expectations, risk of intensified market competition, risk of clinical trial progress falling short of expectations, risk of product market approval progress falling short of expectations, risk of restricted stock lifting.