康方生物-B(09926.HK)研發實力雄厚，重磅新藥明年起陸續上市，給予“買入”評級，目標價39.13港元
機構：國元證券
評級：買入
投資要點
在研管線豐富，產品臨近上市期：
公司立足腫瘤、免疫等領域的抗體生物製藥市場，涉及 20 多種藥物開發，涵蓋臨牀、IND 及藥物開發多階段。擁有臨牀在研產品 10 個並針對其進行單一與聯合治療雙結合開展多適應症開拓，1）腫瘤板塊 5 個產品，包含 1 個 PD-1 單抗（AK105）已於 2020 年 5 月由 NMPA 受理新藥申請並預計 2021年 6 月上市銷售；2 個雙抗（AK104(PD-1/CTLA-4)、AK112(PD-1/VEGF)），AK104 是全球在研 5 款 PD-1/CTLA-4 雙抗之一，研發進程排在前列並表現出更優質的藥效，有望在 2021 年向 NMPA 提交有關宮頸癌適應症的 NDA； 2）免疫板塊 3 個產品，包含 1 個 IL-12/IL-23 單抗（AK101）是中國本土唯一一個進入臨牀階段的 IL-12/IL-23 單抗產品；3）其他板塊 2 個，包含 1 個PCSK9 抑制劑（AK102）適應於高膽固醇血癥、1 個 CD73（AK119）適用於新冠疫情治療。此外，公司還有 4 個以上產品處於 IND 階段，10 個以上產品處於藥物開發階段。
研發實力雄厚，持續推進商業化進程：
公司建立全面研發服務 ACE 平台搭載 TETRABODY 技術，為公司自主研發與臨牀提供保障；持續加大研發投入，截止 2020 年上半年投入研發開支 2.4億元，同比增長 95.35%；且不斷招募優質且經驗豐富的科研管理人員，積極引進研發與臨牀人才，擴建自身科研團隊，實現相關人員佔比達總職工人數 50.8%。同時，穩步推進商業化發展，與正大天晴合資的正大天晴康方將推廣 PD-1，藉助正大天晴的銷售網絡及與其腫瘤藥的聯合使用，有望快速放量。對於雙抗等其他品種的銷售，以組建自有核心銷售團隊為主，並積極在全球尋找優質合作伙伴。
首次覆蓋給予買入評級,目標價 39.13 港元：
我們預計公司 2021-2022 年收入分別為人民幣 3.11 億元、14.47 億元，基於現金貼現法及 EV/收入估值，給予公司目標價為 39.13 港元，對應 2023 年EV/收入為 14.2 倍， 較現價有 30%的上漲空間，首次覆蓋給予“買入”評級。
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