智通财经8月8日讯(编辑 童古 汤赞淇)以下为各家机构对港股的最新评级和目标价： 里昂：维持中芯国际跑赢大市评级 目标价59.2港元 里昂就中芯国际(00981.HK)发布研报称，该公司二季度收入环比下跌1.7%至22.1亿美元，好于预期。毛 利率20.4%，高于18至20%的预期范围，净利润1.325亿美元，较市场预期低24%。预计三季度收入环比 增长至7%，以中位数6%增幅计，收入为23.4亿美元，较市场预期低1%。毛利率介于18至20%，中位数 19%，较预期低2.1%。 里昂：维持华虹半导体跑赢大市评级 升目标价至50.5港元 交银国际：维持百济神州买入评级 目标价225港元 交银国际就百济神州(06160.HK)发布研报称，公司2Q25业绩超预期，核心产品销售延续高增长，经营 层面进一步扩大盈利。百济神州作为中国创新药出海标杆，泽布替尼和替雷利珠全球销售持续亮眼， HER2双抗表现优异。公司2H25起进入催化剂密集兑现期，Bcl-2抑制剂和BTK CDAC等下一代创新管线 即将进入获批上市/注册性临床数据密集读出的关键节点，有望持续催化股价。 中金公司：维持美高梅中国优于大市评级 中金公司就美高梅中 ...

Group 1: Company Overview - 豪威集团 (OmniVision Technologies) - The automotive intelligent driving business is driving record high revenues, with a closing price of RMB 121.22 and a target price of RMB 180.00, indicating a potential upside of +48.5% [1] - The net profit for 1H25 was in line with expectations, with a median net profit of RMB 1.98 billion and revenue median of RMB 13.87 billion, attributed to a slowdown in smartphone shipments affecting image sensor product revenues [1][2] - The automotive CIS chip market share is steadily increasing in panoramic and action camera segments, contributing to a historical high in revenue for 2Q25 [1] Group 2: Financial Projections - 豪威集团 (OmniVision Technologies) - Revenue forecasts for 2025/26 have been adjusted down to RMB 31.1 billion and RMB 36.8 billion, respectively, with slight adjustments to net profit estimates for the same years [2] - The diluted EPS for 2025/26 is projected at RMB 3.98 and RMB 5.24, maintaining a target price of RMB 180, corresponding to a 39x average P/E ratio for 2025/26 [2] Group 3: Company Overview - 高途 (Gaotu Techedu) - The education business shows strong performance with a projected 31% year-on-year revenue growth for Q2 2025, driven by robust growth in K9 business and better-than-expected growth in high school segments [3] - Despite controlled offline business investments and ongoing operational efficiency improvements, increased AI-related expenditures have led to an adjusted operational loss of RMB 250 million for Q2 [3] - The target price for Gaotu is set at USD 4.80, reflecting a 33% potential upside based on a 15x P/E ratio for online education [3] Group 4: Company Overview - 百济神州 (BeiGene) - The company reported a 41% year-on-year revenue growth in Q2 2025, reaching USD 1.3 billion, exceeding market expectations [6] - Sales of the drug Zejula increased by 49% year-on-year to USD 950 million, with significant growth in both the US and European markets [6] - The target price for BeiGene has been raised to HKD 225.00, indicating a potential upside of +23.2% [6][7] Group 5: Financial Projections - 百济神州 (BeiGene) - Revenue guidance for the full year has been raised to a range of USD 5.0 billion to USD 5.3 billion, with a gross margin target of 80-90% [6] - The company has also increased its peak sales forecasts for Zejula and another drug, with projected peak sales of USD 7.3 billion and USD 900 million, respectively [7]

Group 1 - The core viewpoint is that the company is optimistic about the overseas approval prospects of Ivosidenib (依沃西) for treating 2L+ EGFRm NSCLC, as the treatment options are limited and the efficacy in the HARMONi study is significantly better than current chemotherapy regimens [1] - The company has initiated multiple Phase III studies in mainland China this year, covering large patient populations with limited treatment options, including first-line colorectal cancer, first-line pancreatic cancer, and PD-(L)1 resistant NSCLC [1] - The broad indication layout and the high efficacy with low toxicity characteristics of Ivosidenib are gradually clarifying its path to becoming a new generation I/O cornerstone drug, potentially replacing PD-(L)1 single-target therapies [1] Group 2 - The company has recently received approval for the third indication of Cadonilimab (卡度尼利) for first-line cervical cancer in the entire population and is expected to participate in the medical insurance negotiations in the second half of the year [2] - An overseas Phase II study of Cadonilimab in combination with Lenvatinib for second-line liver cancer, following treatment failure with Atezolizumab and Bevacizumab, is being initiated [2] - The differentiated ADC development strategy is progressing well, with the first ADC (HER3) entering clinical trials and the first bispecific ADC AK146D1 completing its first patient enrollment [2] Group 3 - Key short-term catalysts include: 1) Overseas submission and complete data release of the HARMONi study; 2) Presentation of the AK112-306 study (head-to-head against Tremelimumab for 1L squamous NSCLC) at ESMO 2025; 3) Results of medical insurance negotiations for multiple products/indications in Q4 2025, including Cadonilimab for first-line gastric cancer and cervical cancer, Ivosidenib for first-line PD-L1+ NSCLC, AK101, and AK102; 4) Advancement of more early-stage projects such as ADCs [3]

青侨阳光医药投资 - 行业思考 1 医药出海 中国创新药市场在过去10年迎来高速发展，按我们的估计，创新药在中国药品市场中的比重已经从约5%增加 到10%以上，整个市场规模也从小几百亿增长到接近2000亿的体量，已经足以支撑起一批数百亿乃至一两千亿 人民币市值的上市药企。 但这样的规模体量放在海外创新药市场面前依然是不够看的：2023年海外创新药占药品总市场的比重接近 60%，年销售规模折合人民币高达6-7万亿人民币，仅仅一款帕博利珠单抗2024全年超2000亿人民币的销售额 就能超过整个中国创新药行业的体量，只是美国一个国家近3万亿的创新药市场就比整个中国创新药行业大10 多倍。 也就是说， 中国创新药通过10年高速发展，在全球创新药市场的比重也就从1%-2%的份额提升到3%左右， 即使以每年15%-20%的速度再发展10年，中国市场占全球创新药的比重也很难超过10% 。 是专注于国内这3%的市场，还是打通国外那97%的市场？这里的选择是不言而喻的。 对于每一家有着远大志 向的创新药企来说，"出海"都是必选项，因为那里的天地远比国内更宽广。 中国创新药的出海之路有几个关键节点。 药监政策层面上： 海外市场准 ...