商业化放量

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科伦博泰生物-B(06990.HK):商业化步入收获期 核心临床布局迎来收获期
Ge Long Hui· 2025-08-21 19:35
机构:国金证券 研究员:甘坛焕/姜铸轩 业绩简评 考虑公司核心产品商业化快速放量,佳泰莱后续适应症上市带来的持续增长动能,叠加公司领先的早研 管线实力和有关资产的BD潜力,我们预计2025/26/27 年公司实现营业收入23.25/36.68/53.52亿元(原预 测16.98/22.60/36.95 亿元),归母净利润-3.50/-0.51/3.80亿元(原预测-4.63/-2.60/4.46 亿元)。维持"买 入"评级。 风险提示 新药研发不达预期;海外进展不达预期;商业化放量不及预期。 商业化元年,销售迎来起量。公司目前已有佳泰莱(TROP2 ADC)、科泰莱(PD-L1 单抗)、达泰莱 (西妥昔单抗)3 款产品获批上市;业务已覆盖30 个省份、300 余个地级市以及2000 余家医院。佳泰 莱、科泰莱、达泰莱均已通过基本医保目录初步形式审查,纳入医保后有望进一步迎来加速放量。 数据催化密集,佳泰莱核心临床布局迎来收获期。佳泰莱的2L+TNBC(三阴乳腺癌)、3L EGFRmt NSCLC(非小细胞肺癌)已获批上市,后续核心适应症的临床布局包括:2L EGFRmt NSCLC、2L+ HR+/HER2- ...
信达证券:给予纳微科技买入评级
Zheng Quan Zhi Xing· 2025-06-06 14:34
Core Viewpoint - Nanwei Technology is positioned as a leading company in high-performance nano microsphere materials, with significant improvements in performance margins and growth opportunities in the chromatography filler sector due to import substitution and commercialization expansion [2][3][6]. Company Overview - Established in 2007, Nanwei Technology specializes in the R&D, mass production, sales, and application services of high-performance nano microsphere materials for various sectors including biomedicine and diagnostics [2]. - The company faced growth pressures in 2023 due to external macroeconomic changes, but has shown significant performance recovery since Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [2]. Market Opportunities - The global chromatography media market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. The Chinese market is expected to grow from 11.2 billion yuan to 20.3 billion yuan in the same period, with a CAGR of 21.92% [3]. - Nanwei Technology is well-positioned to benefit from two major opportunities: import substitution and commercialization expansion. The company has developed a comprehensive range of chromatography fillers and media, making it a key player in the domestic market [3][4]. Import Substitution Opportunity - The chromatography filler and media industry has been historically dominated by foreign companies, with low domestic production rates. The rapid development of the domestic biomedicine industry and geopolitical tensions are driving the need for local alternatives [3]. - Successful project changes by downstream client Heng Rui Pharmaceutical provide a template for future import substitution projects, positioning Nanwei Technology as a leader in this transition [3]. Commercialization Expansion Opportunity - The usage of chromatography fillers and media increases with project phases, from early clinical trials to commercialization. Nanwei Technology has accumulated a growing number of clients and is nurturing numerous mid-to-late clinical projects, which are expected to yield significant returns [4]. Industry Chain Layout - Beyond its core business, Nanwei Technology is expanding its industry chain through a combination of self-built and acquired entities, including subsidiaries focused on chromatography instruments and diagnostic materials [5]. - Key subsidiaries include: - Fuli Instruments, a leader in domestic chromatography instruments, has made strides in gas and liquid chromatography [5]. - NAP Analysis, which focuses on high-quality laboratory chromatography consumables, achieving full domestic production [5]. - Saip Instrument, which develops precision purification equipment for large biomolecules, establishing itself as a leader in the domestic market [5]. Financial Forecast - Revenue projections for Nanwei Technology are 1 billion yuan in 2025, 1.24 billion yuan in 2026, and 1.55 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan [6]. - The company is expected to maintain a strong growth trajectory, supported by its leadership in the chromatography filler and media sector and its strategic industry chain expansions [6].
纳微科技:公司深度报告:色谱填料主业把握两大机遇,全产业链布局打开成长天花板-20250606
Xinda Securities· 2025-06-06 14:23
Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery starting from Q4 2024, with a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is projected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is expected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company is expanding its industrial chain through a dual approach of self-building and acquisitions, enhancing its business extensibility and opening up growth ceilings [7][20]. Summary by Sections Company Overview - Nanwei Technology, established in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere brands [21][23]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company has developed a comprehensive range of products, making it a key player in the domestic market. The company is expected to benefit from import substitution and commercialization opportunities, with successful case studies already established [5][18]. Industrial Chain Layout - The company is actively building its industrial chain by acquiring and establishing subsidiaries focused on chromatography instruments, consumables, and purification systems. This strategy is expected to enhance its market position and operational efficiency [7][20]. Financial Forecast and Investment Rating - Revenue projections for the company are 1.001 billion yuan in 2025, 1.244 billion yuan in 2026, and 1.549 billion yuan in 2027, with corresponding net profits of 141 million yuan, 221 million yuan, and 285 million yuan. The company is rated positively due to its leading position in the chromatography filler and medium industry, along with favorable market conditions [8][10].
纳微科技(688690):色谱填料主业把握两大机遇,全产业链布局打开成长天花板
Xinda Securities· 2025-06-06 13:42
Investment Rating - The investment rating for the company is "Buy" [2]. Core Insights - The company, Nanwei Technology, is a leader in high-performance nano-microsphere materials, with significant improvements in its performance margins. The company has faced growth pressures due to external macroeconomic changes since 2023, but has shown notable recovery since Q4 2024, achieving a quarterly revenue of 233 million yuan, a year-on-year increase of 71.47%, and a net profit of 41 million yuan, up 38.05% [4][33]. - The company is positioned to capitalize on two major opportunities in its chromatography filler business: import substitution and commercialization expansion. The global chromatography medium market is expected to grow from 6.9 billion USD in 2023 to 9 billion USD by 2026, with a compound annual growth rate (CAGR) of 9.26%. In China, the market is projected to grow from 11.2 billion yuan in 2023 to 20.3 billion yuan by 2026, with a CAGR of 21.92% [5][18]. - The company has established a comprehensive layout in the upstream and downstream of the industry chain, enhancing its growth potential. Through a combination of self-built and acquired subsidiaries, it has expanded into chromatography instruments, consumables, protein purification systems, and in vitro diagnostic consumables [7][20]. Summary by Sections Company Overview - Nanwei Technology, founded in 2007, specializes in the research, production, and sales of high-performance nano-microsphere materials, serving various sectors including biomedicine, flat panel displays, analytical testing, and in vitro diagnostics. The company aims to become a global leader in microsphere technology [4][21]. Chromatography Filler Business - The chromatography filler and chromatography medium are critical consumables for biopharmaceutical separation and purification. The company is well-positioned to benefit from the ongoing import substitution and commercialization expansion in this sector [5][18]. - The company has developed a full range of chromatography fillers and media, making it a key player in the domestic market, which has historically been dominated by foreign brands [5][18]. Financial Projections - Revenue projections for the company from 2025 to 2027 are 1.00 billion yuan, 1.24 billion yuan, and 1.55 billion yuan, respectively. Corresponding net profits are expected to be 141 million yuan, 221 million yuan, and 285 million yuan, with earnings per share (EPS) of 0.35 yuan, 0.55 yuan, and 0.71 yuan [8][10]. Subsidiary Overview - The company has several key subsidiaries, including: 1. Fuli Instruments, a leading domestic chromatography instrument manufacturer [11]. 2. NAP Analysis, focusing on high-quality laboratory chromatography consumables [11]. 3. Saip Instrument, specializing in precision purification equipment for biopharmaceuticals [11][20]. Market Opportunities - The company is expected to benefit from the increasing domestic demand for chromatography fillers and media, driven by the growth of the biopharmaceutical industry and the trend towards import substitution [5][18].