证 券 研 究 报 告 昂利康（002940）重大事项点评 强推（维持） 莱古比星入选 ESMO LBA，平台得到进一步验证 事项： 公司研究 化学制剂 2025 年 10 月 22 日 | 目标价：52.05 | 元 | | --- | --- | | 当前价：38.92 | 元 | 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002 公司紧密合作伙伴亲合力的首款创新化疗药物莱古比星 III 期结果入选 ESMO 2025 LBA 并口头汇报。数据整体表现惊艳，呈现疗效和安全性的双优，其肿 瘤微环境特异激活（TMEA)平台机制获得临床级验证。公司深度合作管线的首 款创新药 ALK-N001 依托同一平台路径，后续进展值得关注。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,538 | 1,470 | 1,806 | 2,234 | | 同比增速(%) | ...

中国经济网北京10月21日讯 昂利康(002940.SZ)今日股价收报38.92元，跌幅6.58%。 （责任编辑：徐自立） 华源证券股份有限公司研究员刘闯、陶宸冉10月20日发布研报《昂利康(002940)：莱古比星获选 ESMOLBA汇报 创新药平台持续验证》称，维持昂利康"买入"评级。 ...

华源证券研报指出，昂利康合作伙伴亲合力首款创新药莱古比星获选ESMO2025LBA汇报，疗效、安全 性表现优异，平台价值持续得到验证，公司引进首款创新药ALK-N001基于同平台设计，值得重点关 注。有效性优越，PFS翻倍，OS明显延长；毒性明显降低，尤其是心脏、血液毒性。ALK-N001亦基于 TMEA-SMDC平台开发，且修饰毒素为细胞毒性更强的DXd，有望成为一种特异性强、稳定性高的肿瘤 治疗候选药物。ALK-N001临床前结果积极，目前针对晚期实体瘤的临床1/2期研究正在推进中。公司抗 肿瘤创新药ALK-N001开发平台持续得到印证，临床价值较高，维持"买入"评级。 ...

证券研究报告 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 陶宸冉 SAC：S1350525070007 taochenran@huayuanstock.com 市场表现： | 基本数据 | 2025 | | 年 | 10 | | 日 | | | 月 | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 44.82 | | | | | | 一 年 最 / 最 低 | | 高 | | | | | 内 | | | | | （元） | | | | | 68.80/11.44 | | | | | | | 总市值（百万元） | | | | | | 9,041.46 | | | | | | 流通市值（百万元） | | | | | | 8,304.05 | | | | | | 总股本（百万股） | | | | | | 201.73 | | | | | | 资产负债率（%） | | | | | | 40.07 | | | | ...

1.一周融资概述 本周上海共发生26起融资，张江和临港各有4起。 2.融资企业动态 9月16日，易卜半导体亮相SEMI-e 2025深圳展； 9月17日，奥百鑫生物精彩亮相天津核酸大会。 3.热点行业聚焦 9月19日，劲方医药在香港联交所主板挂牌上市； 01 融资综述 加冕研究院据张通社Link数据库统计，本周（9.22 – 9.28），上海企业共发生26起融资事件，其中有9起披露了融资金额，合计金额约9.5亿元。本周较上 周（19起）多7起融资事件。 从行政区域分布来看，本周上海共有10个区发生融资事件。其中，浦东新区融资事件数量位居首位，共计7起；闵行区以1起之差位居第二；新增静安、宝 山和徐汇融资；奉贤区发生的3起融资均为生物医药领域。 9月23日，长风药业通过港交所上市聆讯； 9月24日，信达生物宣布其开发的阿达木单抗注射液在澳门获批上市； 9月24日，礼来宣布在美国德州新建制药工厂； 9月25日，药明生物宣布推出行业领先的定点整合CHO细胞株开发平台TrueSite TI™； 9月26日，罗氏试验减肥药进入第三阶段临床。 02 热门融资速览 从融资轮次来看，本周上海融资A轮最多，有9起，占总融资事件 ...

Group 1: Utilities - Recommended stock: Su Yan Jing Shen (603299.SH) due to its stable cash flow from traditional salt and salt chemical businesses, and the potential growth from gas storage projects [3][4] - The company is expected to enter a performance release period with the first phase of the gas storage project nearing production [4] Group 2: Pharmaceuticals - Recommended stock: Ang Li Kang (002940.SZ) as the impact of centralized procurement is gradually clearing, and new products are expected to drive revenue growth [4] - The introduction of ALK-N001, a promising anti-tumor candidate, is anticipated to enhance the company's innovation capabilities [4] Group 3: Media - Recommended stock: Alibaba-W (09988.HK) with a focus on the stabilization of traditional e-commerce and the potential for growth in the instant retail sector [5] - Alibaba Cloud's leading position in the domestic market and continuous revenue growth are highlighted [5] Group 4: Electronics - Recommended stock: Zhong Wei Company (688012.SH) due to its robust order backlog and continuous revenue growth driven by new product launches [6] Group 5: Non-Banking Financials - Recommended stock: China Life (601628.SH) for its excellent asset-liability matching and early transformation in dividend insurance sales [8] - The company is expected to release significant solvency capacity following asset reclassification [8] Group 6: Automotive - Recommended stock: Li Auto (02015.HK) as the company is positioned to leverage its strategic foresight and adaptability in the evolving automotive landscape [9] - The i-series is expected to maintain strong sales momentum, with the first model projected to achieve over 5,000 monthly sales [9] Group 7: Transportation - Recommended stock: YTO Express (600233.SH) with a leading growth rate in business volume, benefiting from the "anti-involution" trend in the industry [10] Group 8: Agriculture - Recommended stock: De Kang Agriculture (02419.HK) as it is positioned at a pivotal point in the agricultural sector, leveraging technology and innovative models for growth [12] - The company's platform strategy is expected to extend into other agricultural segments, enhancing its market presence [12] Group 9: Metals and New Materials - Recommended stock: Luoyang Molybdenum (603993.SH) with a strong performance in the first quarter, exceeding expectations [14] Group 10: North Exchange - Recommended stock: Yuan Hang Precision (833914.BJ) as a leading player in the domestic nickel-based conductor materials sector, benefiting from stable demand across multiple industries [14][15]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][9]. Core Views - The company's main business is expected to stabilize and recover, with innovative anti-cancer drugs showing improved efficacy and reduced toxicity, suggesting that the platform may have been validated [4][11]. - The impact of the national procurement on the core product, Leflunomide, is gradually diminishing, and with new products being launched, the company's performance is anticipated to return to a growth trajectory [6][11]. Summary by Sections Company Overview - The company, established in 2001, specializes in the research, production, and sales of chemical raw materials, chemical preparations, pharmaceutical excipients, and specialty intermediates. It was listed on the Shenzhen Stock Exchange in 2018 [16]. - The company has a strong position in cardiovascular preparations, oral cephalosporin raw materials, alpha-keto acid raw materials, inhalation anesthetics, and androgen hormone intermediates [16]. Financial Performance - The company reported a revenue of 1.54 billion yuan in 2024, a decrease of 5% year-on-year. The decline is primarily attributed to the impact of Leflunomide's inclusion in national procurement [6][24]. - The company expects a rebound in revenue, projecting 1.81 billion yuan in 2025, with a year-on-year growth rate of 17.7% [8]. Product Development and Innovation - The introduction of ALK-N001, an innovative anti-cancer drug, is based on the TMEA platform, which has shown promising clinical results. The first drug from this platform, Legobit, has completed Phase III trials, demonstrating superior efficacy and safety compared to existing chemotherapy options [7][11]. - The company is actively expanding into new fields such as plant sterols and animal health, which are expected to become new growth drivers [6][11]. Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 132 million yuan, 170 million yuan, and 216 million yuan, respectively, with growth rates of 64%, 29%, and 27% [8][9]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 69, 54, and 42 for the years 2025, 2026, and 2027, respectively [9].

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][47]. Core Views - The report emphasizes the validation of the TMEA platform for targeted drug delivery in cancer treatment, highlighting the potential of Legubicin as a promising candidate [3][12]. - The pharmaceutical sector is expected to experience a structural rebound in 2025, driven by innovation in drug development, increased international market presence, and the aging population's healthcare demands [36][38]. - The report suggests focusing on innovative drugs and medical devices, as well as companies with low valuations that are positioned for growth in the context of aging and international expansion [36][38]. Summary by Sections Market Performance - From July 14 to July 18, the pharmaceutical index rose by 4.00%, outperforming the CSI 300 index by 2.91% [5][16]. - Notable gainers included Borui Pharmaceutical (+42.35%), Lisheng Pharmaceutical (+41.68%), and Nanjing New Pharmaceutical (+34.95%) [5][17]. Key Investment Opportunities - The report recommends focusing on innovative drug companies such as Heng Rui Medicine, Han Sen Pharmaceutical, and Keren Pharmaceutical, as well as companies in the CXO and supply chain sectors like WuXi AppTec and Tigermed [5][36]. - The TMEA platform's success in reducing toxicity and enhancing efficacy in cancer treatments positions companies like Anglikang as key players to watch [3][12]. Industry Trends - The report identifies several positive factors for the pharmaceutical industry, including the maturation of domestic innovation, improved international competitiveness, and a growing elderly population driving demand for chronic disease treatments [36][38]. - The ongoing development of a multi-tiered payment system, including the promotion of commercial insurance, is expected to support industry growth [36][38]. Recommendations - The report suggests a focus on innovative drugs and devices, manufacturing expansion overseas, and addressing the needs of an aging population [36][38]. - Specific stocks to watch include Xintai, Tianen Kang, Anglikang, and Yuekang Pharmaceutical for the current week, and a broader list for July including Rejuvenation Biology and Microchip Biomedicine [39].