Core Viewpoint - CICC initiates coverage of HAPO Pharmaceuticals-B (02142) with an "outperform" rating and a target price of HKD 13.4, projecting earnings per share of RMB 0.09 and RMB 0.02 for 2025 and 2026 respectively [1] Group 1 - HAPO Pharmaceuticals possesses proprietary full-human monoclonal antibody transgenic mouse core technology platform, having completed a technological upgrade from version 1.0 to 2.0 [1] - The company has developed multiple technologies including HBICE, HBICA, ADC 2.0, and HumAtrlx AI platform, which support the research and development of the next generation of full-human antibody therapies [1] - HAPO's HCAb platform is one of the few globally available for external licensing, indicating its rarity and value [1] Group 2 - Since 2022, the company has established partnerships with several leading global pharmaceutical companies for pipeline/technology platform licensing, covering areas such as bispecific antibodies, ADC, and CAR-T [1]
中金：首予和铂医药-B(02142)“跑赢行业”评级 目标价13.4港元