Group 1 - The core viewpoint of the reports indicates an optimistic outlook on the sales of Sac-TMT and Bodo-Tuzumab, leading to an upward revision of revenue forecasts for 2025-2027 by 0-5% and an increase in peak sales projections to 6.4 billion and 1.1 billion RMB respectively [1] - The DCF target price for Keren Biotechnology-B (06990) has been raised to 549 HKD, maintaining a "Buy" rating due to the significant global value driven by clinical data for the ADC product matrix [1] Group 2 - Sac-TMT has established a new benchmark for treating EGFR mutation-resistant NSCLC, with the III phase OptiTROP-Lung04 study showing significant improvements in PFS and OS compared to the control group, with median PFS of 8.3 vs. 4.2 months and median OS not reached vs. 17.4 months [2] - The application for marketing authorization for Sac-TMT in this indication was approved in October, and it has shown lower incidence rates of oral mucositis, ocular toxicity, and interstitial pneumonia compared to competitor Dato-DXd [2] - In the ADC product matrix for breast cancer, Sac-TMT's application for second-line and above HR+/HER2- breast cancer has been accepted, and Bodo-Tuzumab has been approved for 2L+ HER2-positive breast cancer, with both III phase study results presented at the ESMO conference [3] - The OptiTROP-Breast02 study demonstrated statistical superiority in PFS for Sac-TMT with a median of 8.3 vs. 4.1 months, and the KL166-III-06 study showed Bodo-Tuzumab significantly extended median PFS compared to T-DM1 [3]
交银国际：维持科伦博泰生物-B(06990)“买入”评级 目标价上升至549港元