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大行評級 | 摩根士丹利:首予維昇藥業(2561.HK)增持評級 目標價80港元
格隆匯 05-06 09:07
摩根士丹利發首次覆蓋研報指,維昇藥業(2561.HK)(“維昇”)是專注於內分泌治療的強勁增長型企業,其獨特的起源背景使其能夠加速推進已在海外驗證的產品管線,從而在無需承擔傳統引進許可成本的前提下,捕捉中國代謝類疾病市場的顯著增長潛力。維昇正在開發的三項源自Ascendis的產品,這些產品均基於TransCon技術平臺。TransCon平臺賦予了傳統需每日使用的激素療法以長效注射的潛力,使藥物的給藥頻率大幅降低,從而改善患者依從性和治療效果。維昇與Ascendis雙方在商業利益上的高度一致性使得其能夠以非傳統方式獲得Ascendis的旗艦產品——無需支付通常意義上的里程碑付款和銷售分成。這種模式大幅提升了維昇的盈利潛力,使其在衆多以引進爲主的公司中脫穎而出。該行對維昇的產品管線質量及其在中國市場的商業前景持樂觀態度。若未來出現刺激政策加碼和中美貿易摩擦緩解等利好因素,將進一步推動公司估值的上行空間。根據2030年預測收入2.4倍市銷率,該行對維昇的目標價爲80港元,這意味相對於目前的估價尚有超過80%的上漲空間。該行認爲公司當前的估值尚未充分反映其重大的商業潛力,未來的上漲空間應由穩步的審批進展和高效的商業執行所驅動。
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