金吾财讯 | 中信建投研报指，2024年，来凯医药(02105)研发费用2.15亿元，与2023年相比保持稳定，费用管控稳健，2024年整体发展符合预期。同时公司现金及等价物在手约人民币8亿元，充足现金流可保障未来运营。公司核心产品LAE102的I期SAD试验结果可观，为I期MAD试验做良好铺垫，同时与礼来开展合作进一步提升国际影响力；LAE002临床试验持续推进，针对乳腺癌的III期临床试验值得关注。该机构认为，公司研发布局全球一体化，管线结构均衡，未来可期。 该机构指，公司精准布局癌症领域和代谢领域，研发布局高度全球化一体化；核心产品LAE102的I期SAD试验结果可观，I期MAD试验有序推进，预计上市后能弥补代谢领域需求，具有商业潜力；LAE002针对HR+/HER2乳腺癌的III期临床推进稳健，预计2027年能实现商业化。基于DCF模型，该机构预计公司2025、2026、2027年产品收入为0、0、1.69亿元，公司合理估值为93.9亿港元，给予目标价23.02港元，首次给予“买入”评级。
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