2025 年 3 月 26 日 公司研究 临床前收入快速恢复，整体项目数稳步提升 ——药明生物（2269.HK）2024 年年报点评 研发技术能力强，对外授权增厚利润。公司多个技术平台赋能客户多样化需求， 目前管线内有 313 个 first-in-class 项目，151 个双抗/多抗项目以及 194 个 ADC 项目。公司 TCE 平台开发能力已得到多方认可，基于该平台开发的产品被授权 给默沙东/GSK 等海外公司，且 Medigene AG 也和公司达成战略研究服务合作， 开发 TCR-TCE 疗法。公司技术平台已赋能 50+具里程碑付款及销售分成潜力的 项目，R 技术平台有权获得总额约为 1.4 亿美元的近期付款，潜在总交易金额超 过 23 亿美元，将增厚公司未来利润。 盈利预测、估值与评级：考虑到全球大分子 CDMO 竞争加剧，以及地缘政治影 响，下调 25-26 年归母净利润预测为 42.8/49.3 亿元（前值为 47.4/53.9 亿元， 分别下调 9.7%/8.5%），新增 27 年归母净利润预测为 57.5 亿元，对应 PE 为 23/20/17 倍。公司是我国大分子 CDMO 龙头，且技 ...

Core Insights - Medigene AG and EpimAb Biotherapeutics have entered a strategic co-development agreement to create off-the-shelf T cell receptor-guided T Cell Engagers (TCR-TCEs) aimed at treating immune-related disorders, particularly solid tumors [1][2]. Company Overview - Medigene AG specializes in immuno-oncology, focusing on developing TCR-guided therapies that effectively eliminate cancer. The company utilizes its End-to-End Platform to generate optimal TCRs characterized by sensitivity, specificity, and safety [4]. - EpimAb Biotherapeutics is a clinical-stage biopharmaceutical company that develops multispecific antibodies, leveraging proprietary platforms to advance a unique pipeline of preclinical and clinical assets targeting cancer [5]. Collaboration Details - The collaboration combines Medigene's TCR generation capabilities with EpimAb's CD3 antibody and T-FIT platform, aiming to produce bispecific therapeutics that offer targeted immune responses while minimizing off-target effects [2][3]. - Both companies will equally own the TCR-TCE constructs developed through this partnership, emphasizing a shared commitment to innovation in cancer treatment [2][3]. Market Potential - The bispecific therapy market is projected to grow at a compound annual growth rate (CAGR) of 40.9% from 2023 to 2030, with an estimated market value exceeding USD 80 billion by 2030, indicating significant potential for improving patient outcomes in cancer treatment [4]. - Over 5 million cancer patients globally face low five-year survival rates, highlighting the urgent need for innovative therapies like bispecific TCR-TCEs that utilize the immune system to target and eliminate cancer cells [3]. Technology Insights - TCR-TCEs represent a novel immunotherapy approach that utilizes the specificity of TCRs to direct T cells towards cancer cells, allowing for a broader range of targetable antigens compared to conventional antibodies [6][8]. - The TCR-TCEs activate the patient's T cells through binding to cancer-specific antigens, leading to the release of cytokines and cytotoxic molecules that facilitate the destruction of cancer cells [8][9].