机构：中信建投证券 研究员：贺菊颖/袁清慧/赵旭 10 月22 日，信达生物与武田制药达成全球战略合作。武田制药将向信达生物支付12 亿美元首付款，其 中包括1 亿美元的战略股权投资，每股认购价格为112.56 港元，较信达生物过去30 个交易日的加权平均 股价溢价20%。合作交易总包高达114 亿美元。信达生物将与武田制药共同开发IBI363(PD-1/IL-2α- bias）。此外，信达生物授予武田制药IBI343 (CLDN18.2 ADC)在大中华区以外地区的独家权益、IBI30 0 1(EGFR/B7H3 ADC)在大中华区以外地区权益的独家选择权。 点评 与武田达成全球战略合作，国际化扬帆起航 信达与武田达成全球战略合作。武田制药将向信达生物支付12 亿美元首付款，其中包括1 亿美元的战略 股权投资。每股认购价格为112.56 港元，较信达生物过去30 个交易日的加权平均股价溢价2 0%。 合作交易总包达114 亿美元。信达生物将与武田制药共同开发IBI363(PD-1/ IL-2α-b ias ）。此外， 信达 生物授予武田制药IBI 3 43(CLDN18.2 ADC) 在大中华区以外地区的独 ...

报告中称，10月22日，信达生物与武田制药达成全球战略合作。武田制药将向信达生物支付12亿美元首 付款，其中包括1亿美元的战略股权投资，每股认购价格为112.56港元，较信达生物过去30个交易日的 加权平均股价溢价20%。合作交易总包高达114亿美元。信达生物将与武田制药共同开发IBI363(PD- 1/IL-2α-bias)。此外，信达生物授予武田制药IBI343 (CLDN18.2 ADC)在大中华区以外地区的独家权益、 IBI3001(EGFR/B7H3 ADC)在大中华区以外地区权益的独家选择权。 智通财经APP获悉，中信建投发布研报称，维持信达生物(01801)"买入"评级，预计2025-2027年收入为 118.06亿元、153.82亿元和210.92亿元，采用DCF估值，公司合理市值为2215亿港元，给予目标价至 129.61港元。公司在肿瘤赛道的广泛布局已初具规模，高价值的临床产品有望将公司肿瘤赛道的收入进 一步提升并让边际成本持续下降;非肿瘤赛道中，公司已在代谢、自免和眼科领域进行广泛布局，已上 市与在研产品兼具竞争力强和进度领先。 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][11]. Core Insights - The company has entered a global strategic partnership with Takeda Pharmaceutical to accelerate the development of next-generation IO and ADC therapies, expanding its global market value [5]. - The collaboration includes a significant upfront payment of $1.2 billion, with potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [6]. - The company is expected to achieve net profits of RMB 373 million, RMB 1.427 billion, and RMB 2.404 billion for the years 2025, 2026, and 2027 respectively, reflecting substantial year-on-year growth [11]. Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current H-share price of HKD 86.90 and a target price of HKD 107 [1]. - The company has a market capitalization of approximately RMB 690.75 billion and a total share count of 1,713.52 million [1]. Product Portfolio - The company's revenue is primarily derived from drug sales (87%), with a smaller portion from licensed products (12%) and R&D income (1%) [2]. - Key products include IBI363, which has shown promising clinical data and has received breakthrough therapy designation in China and fast track designation from the FDA in the U.S. [7]. Financial Projections - The company is projected to achieve a net profit turnaround in 2025, with a year-on-year growth rate of 282.23% [9]. - The earnings per share (EPS) is expected to increase from -0.66 RMB in 2023 to 1.40 RMB by 2027 [9]. Strategic Development - The partnership with Takeda is not merely a licensing agreement but a joint development and commercialization model, which is expected to enhance the company's capabilities in global drug development and commercialization [7].