First Read: Sunresin New Materials "Oligo expert dinner takeaway - a long..."

研报英文原文证据摘录

First Read: Sunresin New Materials "Oligo expert dinner takeaway - a long..."

Global Research

21 May 2026abc

First Read

EquitiesSunresin New Materials

Oligo expert dinner takeaway - a long run way China

Chemicals, Commodity

12-month rating Buy

Confidence reaffirmed

Last night, we hosted Mr. Wang, a CMC expert in an oligonucleotide (oligo) biotech 12m price target Rmb90.00

firm, for a client dinner. Overall, he was optimistic on oligo drug's market outlook, driven

by ramping up of current pipelines and potential indication expansion (from soly liver-

Price (20 May 2026) Rmb62.03

targeted to other organs). On solid phase synthesis carrier (SPSC), a key consumable for

oligo drug synthesis, he stressed that it is instrumental for manufacturing efficiency and RIC: 300487.SZ BBG: 300487 CS

drug quality, especially during commercialisation stage. Sunresin stands out as the only Trading data and key metrics

domestic supplier with both hydroxyl- and amino-SPSCs in China. Driven by rapid

52-wk range Rmb77.44-44.75

growth of oligo SPSC and Tibet Guoneng lithium projects, Sunresin could register a 39%

Market cap. Rmb31.5b/US$4.63b

2025-28E EPS CAGR, vs 23x 2026E PE. Reiterate Buy.

Shares o/s 508m (ORDA)

Oligo drugs: expanding indications & TAM to drive SPSC consumption Free float 44%

Avg. daily volume ('000) 4,397

On improving drug delivery tech, namely GalNAc, leading oligo drug makers (Novartis,

GSK) have expanded their indications into more common conditions such as Avg. daily value (m) Rmb299.8

cardiovascular disease and Hepatitis B, targeting a wider patient group. Further target Common s/h equity (12/25E) Rmb4.83b

sites/organs expansion including brain, kidney, etc, per expert, is highly likely on the back P/BV (12/25E) 6.5x

of potential breakthrough of new delivery tech.