Core Viewpoint - The report from CMB International indicates an optimistic outlook for Kangnuo Ya-B (02162) based on its performance in the first half of the year and pipeline development progress, leading to an adjustment in financial forecasts for 2025 to 2027 and an increase in target price to HKD 78 [1] Financial Forecasts - CMB International has revised its financial forecasts for Kangnuo Ya-B, reflecting a more favorable profit margin outlook due to better-than-expected cost control and the transfer of overseas R&D to partners after pipeline expansion [1] - The DCF model's starting year has been rolled forward to 2026, with the target price corresponding to a 3.1 times revenue peak sales multiple [1] Market Penetration and Product Development - Kangnuo Ya-B has accelerated market penetration of its core products, with a differentiated strategy [1] - The commercial performance of its first complete half-year for the drug Sipukibab has been outstanding, and the TSLP/IL-13 dual antibody is expected to become a next-generation blockbuster in the autoimmune field, particularly focusing on nasal indications [1] - The company is leveraging strong clinical development capabilities and a significantly differentiated range of technology platforms, gradually forming a diverse product matrix that extends from autoimmune and oncology to other high-potential therapeutic areas [1]
交银国际：升康诺亚-B(02162)目标价至78港元 上半年核心品种市场渗透加速