中金：维持康哲药业“跑赢行业”评级 目标价升至16.5港元

Group 1 - The core viewpoint is that CICC maintains a "outperforming the industry" rating for Kangzheng Pharmaceutical (00867) and raises the target price by 7% to HKD 16.50, considering the upward adjustment of the sector's central tendency [1] - The company maintains a profit forecast of RMB 1.735 billion for 2025 and adjusts the 2026 profit forecast upward by 5% to RMB 1.984 billion due to revenue increments from new product launches, while introducing a profit forecast of RMB 2.418 billion for 2027 [1] Group 2 - The approval of the first and only targeted drug for vitiligo treatment by NMPA has significant clinical potential, with the drug being a JAK1/JAK2 inhibitor developed by Incyte and the first approved drug for non-segmental vitiligo [2] - The company estimates that approximately 10.3 million people in China suffer from vitiligo, with 8.2 million having non-segmental vitiligo, and existing treatments have clinical deficiencies, indicating that the new drug may fill a gap in targeted treatment [2] Group 3 - Clinical efficacy is notable, with preliminary commercial potential shown in Hainan's pilot application, where the drug achieved a 29.9% patient response rate after 24 weeks, significantly higher than the placebo group [3] - Over 7,000 prescriptions have been issued for non-segmental vitiligo patients at the Boao Super Hospital, with over 20 hospitals in cities like Guangzhou and Shenzhen providing prescription services for the drug [3] Group 4 - The product matrix for dermatological treatments at Demy Pharmaceutical is further enriched, with the potential for increased revenue elasticity from the new drug, which is expected to synergize with other innovative drugs in the commercialization phase [4] - The company is actively advancing the NDA application for the AD indication, which has shown positive results in domestic Phase III trials, and has licensed rights for the drug in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which may further contribute to revenue and profit growth [4]