研究报告 Research Report 30 Jul 2025 三生制药 3S BIO (1530 HK) 首次覆盖：主营业务稳健，迈向 PD-1*VEGF 的星辰大海 Solid Core Business, Steering Toward the PD-1 × VEGF Frontier: Initiation [Table_yemei 观点聚焦 1] 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$33.55 | | 目标价 | | | | HK$45.50 | | HTI ESG | | | | 3.0-5.0-4.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | | | | 市值 | | | HK$80.51bn / US$ ...