高盛：上调基石药业-B(02616)评级至“买入” 目标价6.25港元

智通财经网

2025/07/09

智通财经APP获悉，高盛发布研报称，将基石药业-B(02616)评级从“中性”上调至“买入”，基于风险调整后的现金流折现法给出12个月目标价6.25港元，隐含20%上行空间。

高盛在其最新的中国医疗健康行业报告中指出ADC/双抗是中国的主要差异化优势(占对外授权交易的三分之一)。并提及基石药业管线2.0两大核心资产CS5001(ROR1 ADC)与CS2009(PD-1/VEGF/CTLA-4三特异性抗体/TsAb)，并看好两大核心产品的差异化优势与对外授权交易可视度。

该行将2026-2027年每股收益(EPS)预测从人民币-0.05/-0.04元调整至0.70/0.09元，反映预计CS2009在2026年达成对外授权交易。预计sugemalimab单抗2025年下半年起将在欧盟市场销售，截至2029年总销售收入2亿美元，扣除出厂成本公司将获得50%总销售收入，鉴于管线2.0出海能见度提升，该行将永续增长率从1%上调至2%。

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