Guotou Securities: Initial rating of Buy for Baoli Tianheng, with a target price of 399.56 yuan.

Guotou Securities research report pointed out that they are optimistic about the overseas market volume potential of Bai Li Tian Heng's EGFRHER3 dual anti-ADC, and the rise of ADC+ multi-antibody leaders is worth looking forward to. The company's EGFRHER3 dual anti-ADC has been authorized by overseas MNC big pharmaceutical company BMS, considering its disclosed excellent clinical data and BMS's dominant position in the field of oncology drugs, it is optimistic about its overseas market sales volume. In addition, the company has made a deep layout in the ADC and multi-antibody fields, and multiple globally pioneering ADCs and multi-antibodies have entered the clinical stage, and subsequent progress is worth looking forward to. The company's value obtained by using the DCF valuation method is approximately 160.2 billion yuan, corresponding to a target price of 399.56 yuan in 12 months, and an initial investment rating of "Buy-A" is given for the first time.