科伦博泰生物－Ｂ(06990)锋芒初显，中国ADC龙头逐鹿全球市场

国泰君安07-23

投资要点：首次覆盖，给予增持评级。公司具有业内领先的药物开发技术平台，尤以ADC见长，构建了丰富的创新药研发管线，核心产品加速步入收获期。预计2024-2026年收入11.81/15.74/23.61亿元。综合绝对估值法及相对估值法，给予目标价198.43港元/股。首次覆盖，给予“增持”评级。ADC为肿瘤领域的行业风口，SKB264展现同类最佳潜力。ADC药物具有精准治疗特性，有望引领临床针对传统...

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/2453977627?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-07-23 11:14","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2453977627","market":"hk","top_or_hot":-1,"title":"科伦博泰生物－Ｂ(06990)锋芒初显，中国ADC龙头逐鹿全球市场","media":"国泰君安","content":"<div>\n<p>投资要点：首次覆盖，给予增持评级。公司具有业内领先的药物开发技术平台，尤以ADC见长，构建了丰富的创新药研发管线，核心产品加速步入收获期。预计2024-2026年收入11.81/15.74/23.61亿元。综合绝对估值法及相对估值法，给予目标价198.43港元/股。首次覆盖，给予“增持”评级。ADC为肿瘤领域的行业风口，SKB264展现同类最佳潜力。ADC药物具有精准治疗特性，有望引领临床针对传统...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407231200249551a714&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(06990)锋芒初显，中国ADC龙头逐鹿全球市场</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(06990)锋芒初显，中国ADC龙头逐鹿全球市场\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-23 11:14 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407231200249551a714&s=b><strong>国泰君安</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资要点：首次覆盖，给予增持评级。公司具有业内领先的药物开发技术平台，尤以ADC见长，构建了丰富的创新药研发管线，核心产品加速步入收获期。预计2024-2026年收入11.81/15.74/23.61亿元。综合绝对估值法及相对估值法，给予目标价198.43港元/股。首次覆盖，给予“增持”评级。ADC为肿瘤领域的行业风口，SKB264展现同类最佳潜力。ADC药物具有精准治疗特性，有望引领临床针对传统...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407231200249551a714&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":"06990","symbol_name":"科伦博泰生物-B","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407231200249551a714&s=b","article_id":"2453977627","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202407231200249551a714&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=2453977627","pubTimestamp":1721704468,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"首次覆盖，给予“增持”评级。ADC为肿瘤领域的行业风口，SKB264展现同类最佳潜力。背靠默沙东，横跨乳腺癌与肺癌两大市场。公司多款ADC管线与全球制药巨头默沙东开展密切合作，其中SKB264已成为默沙东在肿瘤领域的关键资产，已陆续启动10项关键临床试验。临床试验进展不及预期风险；新药研发失败风险；市场推广及销售不及预期风险。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"06990":"科伦博泰生物-B","BK1161":"生物科技","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC"},"translate_title":"Kelun Botai Biotech-B (06990) is beginning to show its edge, and China's ADC leader competes in the global market","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06990":1},"content_text":"投资要点：首次覆盖，给予增持评级。公司具有业内领先的药物开发技术平台，尤以ADC见长，构建了丰富的创新药研发管线，核心产品加速步入收获期。预计2024-2026年收入11.81/15.74/23.61亿元。综合绝对估值法及相对估值法，给予目标价198.43港元/股。首次覆盖，给予“增持”评级。ADC为肿瘤领域的行业风口，SKB264展现同类最佳潜力。ADC药物具有精准治疗特性，有望引领临床针对传统化疗的升级迭代，已成为新一代抗肿瘤药物的行业风口。TROP2ADC兼具泛癌种治疗潜力与极佳的ADC药物适配性，已成为新一代广谱抗肿瘤药物的新星。公司的芦康沙妥珠单抗(SKB264)为研发进展最快的国产TROP2ADC，且相比海外竞品在药物结构设计、临床数据等方面具备差异化优势，为潜在的全球同类最佳产品。背靠默沙东，横跨乳腺癌与肺癌两大市场。公司多款ADC管线与全球制药巨头默沙东开展密切合作，其中SKB264已成为默沙东在肿瘤领域的关键资产，已陆续启动10项关键临床试验。SKB264的海内外临床布局重点发力乳腺癌(包括TNBC、HR+HER2-BC)及非小细胞肺癌(包括EGFR-TKI耐药、野生型前线治疗)两大核心领域，同时包含胃癌、尿路上皮癌、子宫内膜癌等，有望成为泛癌种治疗的新一代“重磅炸弹”，我们预计SKB264的国内销售额有望达40亿元以上，来自海外市场的销售分成有望达20亿元以上。核心品种陆续步入收获期，潜在催化剂充足。(1)SKB264的首发适应症3L+TNBC有望2024H2在国内获批上市，肺癌领域首个适应症EGFR-TKI耐药NSCLC有望2025年在国内获批上市；(2)PD-L1单抗的鼻咽癌适应症有望2024H2获批上市；(3)HER2ADCA166首发适应症3L+HER2+BC有望2025年获批上市；(4)西妥昔单抗生物类似药A140有望2025年获批上市；(5)RET抑制剂A400有望2024年申报NDA、2025年获批上市。风险提示。临床试验进展不及预期风险；新药研发失败风险；市场推广及销售不及预期风险。","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/2453977627"}