Core Viewpoint - 招银国际 maintains confidence in the global development of 科伦博泰生物-B (06990) SKB264, raising the target price from HKD 299.93 to HKD 498.55, based on discounted cash flow valuation, and maintains a "Buy" rating [1] Financial Performance - In the first half of the year, the company reported revenue of RMB 950 million, with product sales amounting to RMB 310 million, of which SKB264 contributed RMB 302 million, accounting for 34% of the annual forecast [1] - The company recorded cooperation and R&D service income of RMB 641 million, which includes an upfront payment for the licensing of SKB378 (TSLP) to WindwardBio and milestone payments from Merck [1] Product Development - SKB264 has been approved for the treatment of late-line triple-negative breast cancer (TNBC) and EGFR mutation non-small cell lung cancer (NSCLC), currently in the early stages of accelerated growth [1] - The management maintains a sales target for SKB264 of RMB 800 million to RMB 1 billion for the full year, with expectations that the two approved indications will be included in the national medical insurance catalog starting early next year [1] Cost Structure - Sales expenses accounted for 58% of sales, reflecting the commercial activities initiated following the approval of SKB264 [1] Financial Position - The total value of cash and financial assets is RMB 4.46 billion, providing sufficient funds for commercialization and R&D development [1]
招银国际：升科伦博泰生物-B(06990)目标价至498.55港元 续吁买入