《大行報告》中金:康方生物(09926.HK)業績好過預期 目標價升至66.2元
中金上調康方生物(09926.HK)目標價16.2%至66.23元,並維持「跑贏行業」評級。該行指,公司去年收入45.26億元人民幣,並扭虧錄得純利20.28億元人民幣,兩者均勝該行預期,主要因為公司與Summit Therapeutics合作記賬確認收入高於預測。
該行指,公司去年產品銷售16.3億元人民幣,當中開坦尼(AK104)銷售13.6億元人民幣,其餘主要為與正大天晴合作銷售的安尼可(AK105),後者年度銷售收入略低於該行預測,受內地已有多款PD-1抑制劑影響。
該行基於AK105競爭格局變化,下調對公司今明兩年營業收入預測14%及12%,但基於公司合理控制成本,下調對公司今年股東應佔虧損預測至3.04億元人民幣,上調明年純利預測至5.86億元人民幣。
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