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《大行報告》摩通首予榮昌生物-B(09995.HK)「增持」評級 目標價90元
阿思達克 12-14 09:40
摩根大通發表研究報告指,榮昌生物-B(09995.HK)兩款主要的研發後期候選藥物RC18和RC48具有高度差異化的臨床效果,令公司在中國以至全球都具有強大競爭力,加上公司擁有深厚的產品線及強大的藥物研發引擎,料在全球發展戰略及經驗豐富的管理層領導下,可實現持續增長,首次給予「增持」評級。

該行指,榮昌生物通過三個核心技術平台開發自身免疫、腫瘤學和眼科疾病領域的療法,預測經風險調整後RC18及RC48的全球峰值銷售額分別為57億元人民幣和27元億人民幣,基於現金貼現法及分類加總估值法平均值,予目標價90元。該行指出,目前股價水平為2023年EV對銷售收入約27倍,高於行業平均水平10倍,但由於其研發產品在全球市場具增長潛力,相信估值合理。

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