《大行报告》瑞信升中生制药(01177.HK)目标价至8.26元评级「中性」
瑞信发表研究报告指,中生制药(01177.HK)与中山康方生物医药成立合营(双方分别持股50%),共同开发重组人源化抗PD-1单克隆抗体AK105项目,并全力推动该药物的注册上市及产业化进程。
该行认为,PD-1市场竞争大,或限制公司起始市场渗透。该行预期至2021年,中国PD-1市场将最少有6个市场参与者,因此AK105的市场渗透未必会如早期进入市场者般快速,并预期2021/2022年,AK105销售将分别达4亿元人民币及10亿元人民币。
瑞信维持中生制药「中性」评级,以反映仿制药降价压力持续,但将目标价由8.13元升至8.26元,并将2021年收入及纯利预测上调0.74%及0.69%,以反映加入AK105项目的因素。
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