研報掘金|中金:維持康方生物“跑贏行業”評級 上調目標價至70港元
中金髮表報吿指,康方生物9月8日於WCLC公佈依沃西單抗(AK112)對比Keytruda用於1L治療PD-L 陽性NSCLC III期臨牀數據,ITT組mPFS 11.14 m vs 5.82m,ITT組HR達0.51,且在PD-L1 TPS 1-49%、鱗癌和非鱗癌亞組中HR表現穩定,AK112 單藥優於Keytruda。 SUMMIT也公吿將於2025年啟動AK112 vs Keytruda治療1L PD-L1 高表達的III期臨牀。該行認為該結果進一步夯實AK112 作為IO基石產品的潛力,包括後續和其他藥物聯用。中金維持康方生物2024年和2025年盈利預測不變,維持“跑贏行業”評級,考慮到本次數據讀出亮眼,基於現金流折現率模型,上調對其目標價5.7%至70港元。
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