《大行》華泰證券升康諾亞(02162.HK)目標價至90.89元 維持「買入」評級
華泰證券發表報告指,康諾亞(02162.HK)上半年營收4.99億元人民幣(下同),按年增長812%。司普奇拜單抗收入約1.69億元,在AD領域療效安全性優勢明顯、競爭力強勁,在鼻科獨家適應症帶動下,銷售額快速增長,公司擬參與2025醫保談判,有望提升可及性。同時公司多條早期管線全球潛力強勁,多項催化有望兌現,該行預計CMG901有望2026年報產,CM512有望2H25讀出AD臨床數據。
參照上半年授權收入,該行上調了康諾亞2025年授權收入,並考慮2026年有望逐步達成CMG901等的里程碑,上調對應授權收入預期,調整2025至2027年淨利潤預測1.28/7.32/-0.02%至-7.42/-6.04/1億元,目標價由56.05港元升至90.89港元,維持「買入」評級。
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