智通财经网·2026-02-09 07:02Core Viewpoint - Goldman Sachs has issued a report stating that Innovent Biologics (01801) announced a milestone payment from Eli Lilly (LLY.US) and a tiered royalty based on net sales outside of China, indicating a positive outlook for the company [1] Group 1: Company Performance - Goldman Sachs believes that Innovent Biologics is currently undervalued, considering the high implied weighted average cost of capital (12%) in the market [1] - The firm has assigned a "Buy" rating to Innovent Biologics and set a target price of HKD 102.85 based on risk-adjusted discounted cash flow analysis [1] Group 2: Market Position and Prospects - Innovent Biologics is expected to maintain its leading position in the Chinese biotechnology sector, attributed to its extensive pipeline of novel molecules targeting next-generation immuno-oncology [1] - The company has received encouraging preliminary data for IBI363 (a PD-1/IL-2α bispecific antibody), which shows differentiated drug properties in immunotherapy/cold tumors [1] - Innovent's strong commercialization capabilities and deep collaboration with global partners, particularly Eli Lilly, are also highlighted as key strengths [1]