《大行報告》摩通降信達生物(01801.HK)目標價51元 評級「增持」
摩通發表報告指出,信達生物(01801.HK)旗下降糖藥物mazdutide的商業發布準備工作正在進行中,包括已使用國內CDMO進行原料藥生產,目前正與一家瑞士製造商就注射筆合作磋商,並持續探索國內的合作選項。灌裝和成品方面,公司已建立一條生產線,成本約數千萬元人民幣不算高昂,該行料灌裝和成品產線的年產能至少可達數百萬枝注射筆。公司有信心其目前的產能規劃可滿足未來的mazdutide需求。
該行提及,信達生物在mazdutide的商業策略上,建立血管及代謝(CVM)藥物商業團隊。鑑於信達生物2027年銷售目標200億元人民幣,該行預期公司mazdutide於2027年的銷售目標可能達50億元人民幣或以上。
該行小幅上調信達生物的毛利率並降低營業費用率,以考慮到公司經營效率的改善。對公司目標價由55元下調至51元,評級「增持」。
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