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中金:维持欧康维视生物-B(01477)跑赢行业评级 上调目标价至10.16港元
OCUMENSIONOCUMENSION(HK:01477) 智通财经网·2025-08-27 03:21

Core Viewpoint - Company maintains its earnings forecast for 2025 and 2026, with a target price increase of 35.5% to HKD 10.16, indicating a 3.4% upside potential from the current stock price [1] Group 1: Pipeline Development - The company's pipeline is progressing steadily, with accelerated clinical and registration advancements for core products [2] - OT-1001 has received approval for commercialization, featuring dual mechanisms for allergy and inflammation [2] - OT-101 has completed a two-year dosing period for all subjects, with III phase clinical unblinding expected by June 2026 [2] - OT-802's III phase clinical trial application has been approved, set to start in early 2026, aiming to fill a market gap in innovative drugs for presbyopia [2] - OT-301 has met primary endpoint indicators in a global multi-center III phase clinical trial, surpassing latanoprost, positioning it as a potential BIC lowering eye pressure drug [2] - OT-703 has been approved for real-world research application in Hainan Boao Lecheng, with patient enrollment completed [2] Group 2: Commercialization and Sales Network - In the first half of 2025, the company achieved revenue of CNY 294 million, a 75.4% year-on-year increase, driven by significant growth in ophthalmic product sales [3] - The company has established coverage across 21,535 hospitals, including 2,799 tertiary hospitals, with a commercial team exceeding 290 members [3] - The company is actively promoting market access for new products, enhancing market share and brand influence [3] Group 3: Manufacturing and Supply Chain - The production system is gradually improving, with local manufacturing capabilities being enhanced [4] - Six products have received production approval, and commercial batch production is progressing smoothly [4] - The local production of the core product has entered the review and public announcement stage, indicating advancements in supply assurance and cost control [4] - The company's "OcuManufacturing" model is being implemented, ensuring supply stability and product quality while enhancing production efficiency and reducing costs [4]