《大行》匯豐研究升信達生物(01801.HK)目標價至65.8元 評級「買入」
匯豐研究發表報告,指信達生物(01801.HK)本年至今股價累升約63%,跑贏恆生醫療保健指數同期的32%升幅。其於2025年的美國臨床腫瘤學會(ASCO),在黑色素瘤、非小細胞肺癌及大腸癌中顯示出令人鼓舞的概念驗證,預期將在中國啟動更多第三期臨床試驗,並對IBI343的授權潛力更為樂觀;同時預期GLP1/GIP的上市、CLDN18.2抗體偶聯藥物(ADC)的新藥申請提交及業務發展將支持股價進一步上升。該股估值相當於預測今年市銷率8倍,低於內地同業的12倍,該行認為估值仍吸引,目標價由原先60元上調至65.8元,維持「買入」評級。
該行認為,信達生物的首創新藥IBI363(IL-2/PD1)報告了令人振奮的抗腫瘤療效,認為信達生物已在中國啟動一線黑色素瘤的關鍵試驗,與Keytruda進行頭對頭比較(來源:公司數據,Pharmcube)。預期其出色的抗腫瘤療效將支持在大腸癌及非小細胞肺癌中開展更多第三期試驗,並增加對外授權機會,特別是隨著全球大型製藥公司對PD1基於雙特異性抗體資產的認可增加,因專利到期及美國價格下調壓力。
匯豐研究表示,儘管預測IBI362(GLP1/GCGR)在內地上市計劃可能延遲至2025年下半年,但看好IBI362在第48周6mg每周一次(QW)亞組中實現80.2%的肝臟脂肪減少療效,以及代謝指標的改善。此外,信達生物已建立強大的早期代謝產品組合。該行預期IBI3032及IBI3012將在今年至2026年上半年啟動首次人體試驗。
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