中金：升康方生物(09926)目标价至225港元 维持“跑赢行业”评级

Core Viewpoint - CICC reports that Kangfang Biopharma (09926) achieved a 37.75% year-on-year revenue growth in the first half of the year, aligning with the bank's expectations [1] Group 1: Financial Performance - The company’s performance meets CICC's expectations, leading to a maintenance of earnings forecasts for the next two years [1] - CICC has raised the target price for the company by 87.5% to HKD 225 [1] Group 2: Product Development - The clinical success rate for AK112 has been upgraded by CICC, and the forecast for the re-licensing of Summit AK112 has been included in the valuation [1] - Core drugs, AK104 and AK112, have been included in the national medical insurance directory, indicating strong clinical advantages and high recognition among medical professionals [1] Group 3: Market Outlook - Given the significant clinical advantages and high acceptance of the products, along with the company's accelerated sales investment, CICC holds an optimistic view on the domestic sales of these two products [1]