机构：交银国际 本土MNC 初具雏形：2026-28 年，公司预计将有近20 款新品/新适应症获批，到2028 年的新产品数量将 突破40 个，包括有同类首创潜质的CLDN18.2 ADC、AT2R，及有同类最佳潜质的CD3/EpCAM 双抗、 HER2 双抗ADC、PDE3/4、TSLP 等。新收购的礼新和赫吉亚对公司管线迭代带来快速支撑，2026 年将 迎来多项单/双抗、ADC 和小核酸药物的PoC 或I 期数据读出，有望对股价形成较大催化。在创新研发 以外，公司开放创新生态体系，在对外授权/引进、公司收购/孵化、战略合作/投资等方面高歌猛进，逐 步从本土新药研发/商业化企业进化为全球综合性医药创新平台。 研究员：丁政宁/诸葛乐懿 下调目标价：我们基于2025 年业绩表现下调公司2026-27 年经调整净利润预测，以反映我们对于BD 合 作收入确认节奏及存量仿制药收入更审慎的预期，下调DCF 目标价至7.7 港元，对应36 倍/1.1 倍2026 年 市盈率/PEG（基于主业利润），维持买入评级。 2025 年录得强劲利润增速后，我们预计公司2026 年：1）在中国内地首屈一指的商业化能力下，肿瘤线 新品 ...

交银国际研究 财务模型更新 个股评级 买入 1 年股价表现 0% 20% 40% 60% 80% 100% 120% 140% 160% 1177 HK 恒生指数 股份资料 | 52周高位 (港元) | 9.01 | | --- | --- | | 52周低位 (港元) | 3.34 | | 市值 (百万港元) | 105,346.83 | | 日均成交量 (百万) | 126.58 | | 年初至今变化 (%) | (4.69) | | 200天平均价 (港元) | 6.92 | | 资料来源： FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 5.89 | 港元 | 7.70↓ | +30.8% | | | 中国生物制药 (1177 HK) | | | | | | 新品种强势表现驱动持续高增长，国际化全方位快速推进，维持买入 2025 年录得强劲利润增速后，我们 ...

交银国际研究 财务模型更新 | 医药 收盘价 | | 目标价 | | 潜在涨幅 | 2026 年 3 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | 5.89 | 港元 | 7.70↓ | +30.8% | | | 中国生物制药 (1177 HK) | | | | | | | 52周高位 (港元) | 9.01 | | --- | --- | | 52周低位 (港元) | 3.34 | | 市值 (百万港元) | 105,346.83 | | 日均成交量 (百万) | 126.58 | | 年初至今变化 (%) | (4.69) | | 200天平均价 (港元) | 6.92 | | 资料来源： FactSet | | 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 盈利预测变动 新品种强势表现驱动持续高增长，国际化全方位快速推进，维持买入 2025 年录得强劲利润增速后，我们预计公司 2026 年：1）在中国 ...

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]