《大行》瑞銀升先聲藥業(02096.HK)目標價至14.5元 創新研發進入收成期
瑞銀表示,儘管今年完成兩項對外授權協議的先聲藥業(02096.HK),股價年初至今上漲55%,仍跑輸H股醫藥板塊(漲幅79%)。該行認為市場尚未充分反映公司的研發實力及創新藥銷售潛力。其創新成果正加速兌現——2024年獲批兩款新藥,今年迄今再添兩款,2026至2027年可能還有4款獲批。
先聲今年達成的兩項授權協議(與艾伯維就SIM0500[GPRC5D-BCMA-CD3三特異性抗體]的合作,以及與Nexture就SIM0505[CDH6 ADC]的協議),使瑞銀對其早期管線和技術平台更具信心。該行預測先聲藥業2024至2029年收入及調整後淨利潤複合年增長率將分別達15.2%及18.3%,重申「買入」評級,目標價由10.4元升至14.5元。今年關鍵催化劑包括:1) SIM0500及其他早期候選藥物的數據讀取;2)ADC或T細胞銜接器(TCE)技術平台可能達成的額外授權協議。
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