科伦博泰生物-B(6990.HK)：中国ADC执牛耳者锻造国际化蓝图

华泰证券06-20

国产ADC 先锋，携手MNC 共谱出海版图，首次覆盖，给予“买入”评级科伦博泰为科伦药业（002422 CH）控股创新药子公司平台，公司2016 年成立至今已深度搭建大&小分子及OptiDC ADC 三大研发平台，14 款临床产品中5 款已进入关键试验/NDA 阶段。基于公司：1）重磅ADC 管线（看好SKB264 成为首个国产获批 TROP2 ADC）；2）前瞻性布局免疫/肿瘤靶向大分子，与公司...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2444216793?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-06-20 20:51","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2444216793","market":"us","top_or_hot":-1,"title":"科伦博泰生物-B(6990.HK)：中国ADC执牛耳者 锻造国际化蓝图","media":"华泰证券","content":"<div>\n<p>国产ADC 先锋，携手MNC 共谱出海版图，首次覆盖，给予“买入”评级科伦博泰为科伦药业（002422 CH）控股创新药子公司平台，公司2016 年成立至今已深度搭建大&小分子及OptiDC ADC 三大研发平台，14 款临床产品中5 款已进入关键试验/NDA 阶段。基于公司：1）重磅ADC 管线（看好SKB264 成为首个国产获批 TROP2 ADC）；2）前瞻性布局免疫/肿瘤靶向大分子，与公司...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202406202051529f52b76f&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>科伦博泰生物-B(6990.HK)：中国ADC执牛耳者 锻造国际化蓝图</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n科伦博泰生物-B(6990.HK)：中国ADC执牛耳者 锻造国际化蓝图\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-20 20:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202406202051529f52b76f&s=b><strong>华泰证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国产ADC 先锋，携手MNC 共谱出海版图，首次覆盖，给予“买入”评级科伦博泰为科伦药业（002422 CH）控股创新药子公司平台，公司2016 年成立至今已深度搭建大&小分子及OptiDC ADC 三大研发平台，14 款临床产品中5 款已进入关键试验/NDA 阶段。基于公司：1）重磅ADC 管线（看好SKB264 成为首个国产获批 TROP2 ADC）；2）前瞻性布局免疫/肿瘤靶向大分子，与公司...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202406202051529f52b76f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1430594728.SGD","symbol_name":"Eastspring Investments - Global Low Volatility Equity AS SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202406202051529f52b76f&s=b","article_id":"2444216793","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202406202051529f52b76f&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2444216793","pubTimestamp":1718887909,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"国产ADC 先锋，携手MNC 共谱出海版图，首次覆盖，给予“买入”评级科伦博泰为科伦药业控股创新药子公司平台，公司2016 年成立至今已深度搭建大&小分子及OptiDC ADC 三大研发平台，14 款临床产品中5 款已进入关键试验/NDA 阶段。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","MRK":"默沙东","BK4231":"零售房地产信托","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0861579265.USD":"联博低波幅策略股票基金A","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","IE00BFTCPJ56.SGD":"Janus Henderson Global Life Sciences A Acc SGD","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1585245621.USD":"EASTSPRING INV GLOBAL LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC B","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","SG9999013999.USD":"UOB UNITED GLOBAL HEALTHCARE FUND (USDHDG) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","06990":"科伦博泰生物-B","BK4516":"特朗普概念","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU0238689110.USD":"贝莱德环球动力股票基金","ADC":"艾格里房产","LU1023059063.AUD":"BGF WORLD HEALTHSCIENCE \"A2\" (AUDHDG) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","IE0009355771.USD":"骏利亨德森环球生命科技A Acc","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1057294990.SGD":"Blackrock World Healthscience A2 SGD-H","LU0289739699.SGD":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","SG9999002232.USD":"Allianz Global High Payout USD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0058720904.USD":"联博国际健康护理基金A","BK4559":"巴菲特持仓","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC"},"translate_title":"Kelun Botai Bio-B (6990. HK): China's ADC leader forges an international blueprint","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADC":1,"06990":0.9,"MRK":0.9},"content_text":"国产ADC 先锋，携手MNC 共谱出海版图，首次覆盖，给予“买入”评级科伦博泰为科伦药业（002422 CH）控股创新药子公司平台，公司2016 年成立至今已深度搭建大&小分子及OptiDC ADC 三大研发平台，14 款临床产品中5 款已进入关键试验/NDA 阶段。基于公司：1）重磅ADC 管线（看好SKB264 成为首个国产获批 TROP2 ADC）；2）前瞻性布局免疫/肿瘤靶向大分子，与公司ADC 联用剑指一线治疗方案；3）与MNC 合作临床，打开海外商业化空间（与默沙东、Ellipses 等就ADC 及其他资产签订合作及许可协议），我们估测公司24-26 年收入14.1/19.6/29.1 亿元，2026 年实现盈亏平衡，DCF 估值法下（WACC：9.4%，永续增长率2%）给予市值496亿港币，对应目标价222.74 港元，首次覆盖，给予“买入”评级。SKB264：合作默沙东全速推进全球多中心，看好海外可观收入分成2022 年，公司就SKB264/SKB315 以及其他7 项临床前ADC 与默沙东（MSD）签订许可合作协议（前期及里程碑共118 亿美元），其中拳头产品SKB264/ MK-2870（Trop2 ADC）作为MSD 最重视ADC 资产，有望为博泰获得可观海外分成：1）自10M23 以来，MSD 已围绕MK-2870 开展10项全球III 期临床（共计划纳入8583 例患者），涵盖NSCLC/子宫内膜癌/乳腺癌/胃癌/宫颈癌，从后线向前线积极拓展；2）在重磅乳腺癌/NSCLC 方面，MSD 分别开展2/5 个试验，其中NSCLC 聚焦对EGFR 突变后线，及非驱动基因突变早期辅助和晚期一线的潜力发掘；3）叠加布局消化道肿瘤及海外高发妇科瘤，较Dato-dxd 有差异化临床侧重，看好抢占海外商业化先机。SKB264：首个国产Trop2 ADC，TNBC 3L+获益明显，剑指NSCLC 一线国内方面，SKB264 估测将于2H24 以TNBC 3L+首发适应症上市，我们看好该品种国内合计2030 年冲击销售峰值67 亿元，主因：1）国内公司开发15 项适应症，聚焦乳腺癌及肺癌；2）2024 ASCO TNBC（3L+）III 期数据亮眼，单药下mPFS/ORR 分别为5.7 个月/43.8%（对比化疗2.3 个月/12.8%），其获益具备跨时代的意义；3）2024 ASCO 联合A167 针对EGFR野生型NSCLC（1L）II 期，1A 队列 ORR/ mPFS 达48.6%/15.4 个月，1B队列ORR 更高达77.6%，奠定其在该适应症一线治疗的重要地位。肿瘤/免疫临床差异化布局，ADC/大小分子平台多点开花此外，公司其他品种有望于2030 年实现超40 亿元销售额，重磅涵盖：1）A166（HER2 ADC）有望24 年凭借HER2+ BC（3L+）上市，我们看好其后续二线拓展潜力；2）A167（PD-L1）：鼻咽癌（3L+）适应症有望于1H24获得附条件批准；3）A140（EGFR 单抗）：RAS 野生型结直肠癌适应症有望2H24 获批上市；4）A400（RET）RET+NSCLC 进入关键性临床II 期。风险提示：重点品种实验数据不达预期，临床进展低于预期，商业化风险。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2444216793"}

科伦博泰生物-B(6990.HK)：中国ADC执牛耳者 锻造国际化蓝图

精彩评论

科伦博泰生物-B(6990.HK)：中国ADC执牛耳者锻造国际化蓝图