Group 1 - The core viewpoint is that CICC has initiated coverage on Lai Kai Pharmaceutical-B (02105) with an "outperform" rating and a target price of HKD 27.02, indicating a potential upside of 43.7% from the current stock price, based on DCF valuation [1] - Lai Kai is a global biopharmaceutical company focusing on metabolic and oncology diseases, recognized as a rising player in the domestic fat loss and muscle gain sector [1] - The market perceives Eli Lilly's Bimagrumab data as strong, revealing the drug's potential for fat loss and muscle gain through targeting the ActRII receptor, which aligns with the clinical demand for higher quality weight loss solutions [2][3] Group 2 - The global market for GLP-1 receptor agonists (GLP-1RA) is rapidly expanding, projected to reach USD 14.7 billion in 2024, accounting for 86.6% of the global obesity drug market, with an expected increase to 93.9% by 2034, reaching USD 54.1 billion [2] - There are concerns regarding muscle loss associated with GLP-1RA weight loss drugs, as studies indicate that over 40% of the weight lost may come from lean body mass, highlighting the need for therapies that promote fat loss while preserving muscle [2] - LAE102, a monoclonal antibody developed by Lai Kai targeting ActRIIA, shows promise in promoting muscle regeneration and reducing fat, with ongoing Phase I clinical trials in China and the US [3]
中金：首予来凯医药-B跑赢行业评级 目标价27.02港元