研报掘金丨中银证券：维持天士力“买入”评级，看好公司研发管线进展

Core Viewpoint - Zhongyin Securities report indicates that Tianshili's P134 has been approved for clinical trials, showing optimism about the company's R&D pipeline progress [1] Group 1: Product Development - P134 is an innovative biological drug co-developed by Tianshili and Beijing Neurosurgery Institute, targeting CD44 and/or CD133 as an autologous CAR-T product [1] - The mechanism of action involves specifically recognizing and binding to high-expressing antigen targets in primary and recurrent glioblastoma (GBM), effectively activating and prolonging T cell lifespan to kill tumor cells [1] - As of April 12, 2025, there are no similar products approved for recurrent glioblastoma indications globally [1] Group 2: Financial Outlook - The company is experiencing smooth R&D progress, with products gradually entering late-stage clinical trials, which may lead to fluctuations in R&D levels [1] - Based on the closing price on August 4, the corresponding PE ratios are projected at 22.9/21.3/17.9 times [1] - The company is increasing its R&D efforts, and with the launch of new products, it is expected to maintain rapid development, sustaining a "buy" rating [1]