《大行》匯豐研究:創新藥臨床試驗需求正轉向中國 上調泰格醫藥(03347.HK)目標價至41.8元
匯豐環球研究發表報告指,在政策支持的推動下,新藥臨床試驗的加速對合同研究機構(CROs)形成重大利好,創新藥物臨床試驗需求正轉向中國,且中國臨床試驗行業展現出更高的效率與效能,該行看好泰格醫藥(03347.HK),予泰格醫藥H股「買入」評級,H股目標價從39.5元上調至41.8元。
報道指,中國憑藉增強的競爭力追趕世界,國家藥品監督管理局(NMPA)於6月發布通告,提議將所有創新藥臨床試驗申請的審評審批時間,從60天縮短至30天。匯豐注意到,中國的臨床試驗環境已顯著改善,過去十年中國藥企的新藥臨床試驗申請年均複合增長率達約18.8%,反映中國臨床試驗市場更高的效率。
此外,因中國近期監管改革,政策扶持與加速上市需求加速提升了合同研究機構的訂單量(如泰格醫藥過去五年國內收入年均複合增長率達17%以上),並增強了機構的定價能力(領先CRO因其認可的品質享有15%至20%的定價溢價)。
在中國的合同研究機構中,匯豐繼續看好泰格醫藥,且泰格醫藥的海外收入(佔2024年總收入的46%,過去五年年均複合增長率20%)反映其日益轉向高價值的全球項目。隨著中國監管標準與國際醫藥法規協調會議(ICH)趨同,匯豐認為泰格醫藥有能力獲得更多跨國藥企的合作。
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