《大行報告》瑞信升中生製藥(01177.HK)目標價至8.26元評級「中性」
瑞信發表研究報告指,中生製藥(01177.HK)與中山康方生物醫藥成立合營(雙方分別持股50%),共同開發重組人源化抗PD-1單克隆抗體AK105項目,並全力推動該藥物的註冊上市及產業化進程。
該行認為,PD-1市場競爭大,或限制公司起始市場滲透。該行預期至2021年,中國PD-1市場將最少有6個市場參與者,因此AK105的市場滲透未必會如早期進入市場者般快速,並預期2021/2022年,AK105銷售將分別達4億元人民幣及10億元人民幣。
瑞信維持中生製藥「中性」評級,以反映仿製藥降價壓力持續,但將目標價由8.13元升至8.26元,並將2021年收入及純利預測上調0.74%及0.69%,以反映加入AK105項目的因素。
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