金吾财讯 | 中泰国际研报指，信达生物(01801)一季度产品销售收入同比增加超40%至超24亿元（人民币，下同），主因：1）肿瘤药达伯舒的销售收入维持快速扩张，一季度销售收入同比增加17.8%至1.38亿美元（约10.0亿元人民币）；2）公司一季度新增获批四款新药，包括肿瘤领域的达伯乐、奥壹新、捷帕力与甲状腺眼病药物信必敏，导致公司获批的产品数量增加至15款。新上市产品一季度销售情况很好，引领除达伯舒以外的产品销售收入同比增加近六成至超14亿元。综合以上情况，公司一季度产品销售收入略超预期。该行指，从一季度情况看，公司现有产品的终端需求强劲。此外，自身免疫药物匹康奇拜单抗的银屑病适应症上市申请2024年9月底获国家药监局受理，另外公司表示市场关注的糖尿病与减肥药玛士度肽审批进展也顺利，预计年内有望获批，因此公司预计2025年有望新增六款新产品。该行预计2025-27E收入将维持快速增长，由于一季度产品销售收入略超预期，该行将2025-27E收入预测分别上调1.8%、3.6%、3.7%，股东净利润预测分别上调1.7%、8.1%、5.8%。目标价上调至60.00港元，由于股价近期上涨，评级调整至“增持”。
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