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《大行》交銀國際升康諾亞(02162.HK)目標價至78元 上半年核心品種市場滲透加速
阿思達克 08-29 10:48
交銀國際研究報告指出,康諾亞-B(02162.HK)上半年核心品種市場滲透加速,差異化佈局。其司普奇拜單抗首個完整半年商業化成績優異,TSLP/IL-13雙抗有望成為自免領域下一代重磅單品,重點佈局鼻科適應症。 該行又指,康諾亞借助強大的臨床開發執行力及差異化顯著的多種技術平台,公司跨技術路徑、跨疾病領域的多元產品矩陣逐步成型,並從自免和腫瘤進一步延展至更多大潛力治療領域。 交銀國際基於康諾亞今年上半年業績及管線研發進展,調整其2025至2027年財務預測,對於利潤率有更樂觀的預測,考慮到好於該行預期的費用管控及管線出海後海外研發轉移至合作夥伴,將DCF模型預測起始年份滾動至2026年,上調目標價至78港元,對應3.1倍收入達峰時的市銷率,維持「買入」評級。
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