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中金:予康方生物-B(9926.HK)目標價39.94港元 評級“跑贏行業”
格隆匯 07-09 11:40

中金首予康方生物-B(9926.HK)目標價39.94港元,予其“跑贏行業”評級。

中金髮布報告稱,生物製品市場增長前景可期,中國的生物製品市場過去幾年增長速度快過全球市場,但滲透率仍然較低,國內生物製品公司仍存在很大的市場份額提升潛力。康方生物獨特的產品平台已獲得大型醫藥公司的有效驗證,所有侯選藥物均通過ACE平台進行篩選。而集團專有的TETRABODY技術可以幫助公司克服雙特異性抗體在化學制造和控制過程中出現的挑戰。與默克及中生製藥(1177.HK)等大型醫藥公司的合作也凸顯集團強大的內部研發能力。中金預計該公司2035年收入將超過179億元人民幣。

中金預計該公司2020及2021年每股虧損分別為0.92元及0.7元人民幣。基於10.3%的加權平均資本成本及3%的永續增速假設,在DCF模型下推算得出康方生物的合理估值為314億元。

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