华泰金融(HK)9月15日发布公告。On September 11, stapokibart was approved by the NMPA for moderate-to-severe AD in adults, becoming the first domestic anti-IL-4RαmAb approved (second globally). We are bullish about its monetization prospects, given: 1) its great efficacy and leading progress at home; 2) Keymed’s active efforts to build sales teams; 3) the booming market of autoimmune skin diseases. Besides, we expect approval for CRSwNP/SAR by early 2025, which should boost sales. And we see rosy prospects for its early-stage pipelines, as CM313 could achieve POC for SLE (right after ITP), and the Phase III trial for CMG901 is advancing globally. We estimate Keymed’s 2024/2025/2026 EPS at RMB(3.02)/(3.26)/(1.57); our DCF-based target price is HKD58.76 (WACC: 11.4%; terminal growth: 2.5%). BUY.