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研報掘金丨海通證券:首予澤璟製藥“優於大市”評級,目標價90.22~97.09元
格隆匯 03-06 15:36

海通證券研報指出 ,澤璟製藥(688266.SH)深耕創新藥研發,公司正在邁入管線收穫期。多款後期產品已上市或接近上市,逐漸開始爲公司帶來持續的收入利潤增長。包括多納非尼、重組人凝血酶(已上市)、吉卡昔替尼、重組人促甲狀腺素(NDA);部分早期管線陸續讀出臨牀結果,展現出全球競爭力,包括ZG005、ZG006等;l ZG005:全球進度第二的PD1*TIGIT雙抗,早期數據展現出差異化優勢。由於早期TIGIT單抗探索的失敗,目前全球TIGIT在研藥物有限。雙抗領域中,阿斯利康旗下Rilvegostomig 全球進度最快,已經入全球臨牀III 期,且在II期臨牀中展現出了針對胃癌和肺癌一線治療潛在的成藥性。ZG005是全球進度第二的PD1*TIGIT雙抗,公司在2024CSCO大會披露了其針對後期宮頸癌和一線肝癌的優異結果,看好ZG005在宮頸癌適應症的成藥性潛力,以及其在肝癌、非小細胞肺癌的適應症拓展潛力。2025年ZG005的更多數據或將進一步讀出。給予澤璟製藥的合理價值區間爲90.22~97.09元,首次覆蓋,給予“優於大市”評級。

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