映恩生物-B（09606）：首次覆盖：ADC行业领军龙头，有望持续成长为中国“第一三共”

研究报告 Research Report 9 Jun 2025 映恩生物 Duality Biologics (9606 HK) 首次覆盖：ADC 行业领军龙头，有望持续成长为中国"第一三共" A leading player in the ADC industry, poised to continue its growth and potentially become China's "Daiichi Sankyo": [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$214.40 目标价 HK$269.70 HTI ESG 4.8-4.8-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$18.87bn / US$2.41bn 日交易额 (3 个月均值) US$21.04mn 发行股票数目 88.04mn 自由流通股 (%) 74% 1 年股价最高最 ...