Core Viewpoint - The report from CMB International indicates an optimistic adjustment in the financial forecasts for Kanghua-B (02162) for the years 2025 to 2027, based on its performance in the first half of the year and pipeline development progress [1] Financial Forecast Adjustments - CMB International has revised its profit margin outlook positively 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, and the target price has been raised to HKD 78, corresponding to a peak revenue multiple of 3.1 times [1] Market Performance and Product Pipeline - Kanghua's core products have shown accelerated market penetration with a differentiated strategy [1] - The commercial performance of its first complete half-year for the drug Siponimod 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 technology platform, gradually forming a diverse product matrix across various technical paths and disease areas, extending from autoimmune and oncology to more high-potential therapeutic fields [1]
交银国际：升康诺亚-B目标价至78港元 上半年核心品种市场渗透加速