研报掘金丨华鑫证券：予长春高新“买入”评级，合作引入脱敏管线，自主研发布局肿瘤方向

Core Viewpoint - Changchun High-tech's subsidiary, Changchun Jinsai Pharmaceutical, has entered into a partnership with Denmark's ALK-Abelló A/S for the exclusive agency rights of three allergy immunotherapy products in mainland China, indicating a strategic move to capture a significant market opportunity in the allergy treatment sector [1] Group 1: Partnership and Product Details - The collaboration allows Jinsai Pharmaceutical to exclusively market ALK's three products in mainland China, with one subcutaneous injection already launched and a sublingual tablet currently in Phase III clinical trials [1] - The partnership is set to last until 2039, suggesting a long-term commitment to developing the allergy treatment market [1] Group 2: Market Potential - China is the largest market for dust mite desensitization therapy, with a total market size exceeding 1.1 billion RMB in 2023 and a compound annual growth rate (CAGR) of 12% over the next three years [1] Group 3: Product Pipeline and R&D Investment - Jinsai Pharmaceutical's Fuxin Qibai monoclonal antibody is the first fully human anti-IL-1β monoclonal antibody in China, expected to be approved by June 2025, addressing a gap in long-acting targeted therapies for gout [1] - Increased R&D investment has enabled Jinsai Pharmaceutical to attract new talent and establish a drug development platform focused on antibody-drug conjugates (ADC) for oncology [1] Group 4: Investment Rating - The company has been given a "Buy" investment rating, reflecting confidence in its growth prospects and strategic initiatives [1]