【券商聚焦】天风证券首予来凯医药(02105)“增持”评级指LAE102未来可期

金吾财讯

May 19, 2025

金吾财讯 | 天风证券发研指，来凯医药(02105)目前已启动包括 LAE102、LAE002（Afuresertib）、LAE001和 LAE005 在内的七项临床试验，专注于解决肥胖和肿瘤治疗领域未被满足的医疗需求。该行指，LAE102是来凯医药自主研发的全球首创ActRIIA单克隆抗体，旨在解决GLP-1受体激动剂减重疗法中常见的肌肉流失问题。GLP-1类药物在减重领域展现出良好的效果，但其副作用之一是导致显著的肌肉流失，影响患者的代谢健康和长期体重维持。LAE102通过靶向ActRIIA受体，有效抑制肌生成抑制素和GDF11的活性，从而促进肌肉生长、减少脂肪堆积。来凯医药与礼来达成合作，联合开发LAE102，旨在加速其全球临床进程。若LAE102能与GLP-1受体激动剂联合使用，有望成为解决减重治疗中肌肉流失问题的突破性方案，推动高质量体重管理领域的发展。该行表示，考虑到LAE002已进入后期临床阶段，以及LAE102早期临床表现优秀。该行预计公司2025-2027年营业收入分别为0.44亿元、0.50亿元和0.76亿元；归母净利润分别为-2.71亿元、-2.98亿元、-2.54亿元。首次覆盖，予以“增持”评级。

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}\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; 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