金吾财讯 | 招银国际研报指，信达生物(01801)针对免疫耐药的鳞状和非鳞状（sq和nsq）NSCLC均展现出良好的生存获益。IBI363（PD-1/IL2）在免疫耐药的sq-NSCLC 领域极具前景，其单药（3mg/kg）达到9.3个月的mPFS，相较于其他在研品种颇具竞争力，例如针对IO经治的sq-NSCLC，SKB264和YL201的mPFS仅为 5.1 个月和 4.1 个月。在3L+结直肠癌（CRC）中，IBI363展现出优异的疗效信号及安全性。IBI363 单药1mg/kg Q2W的cORR为13.6%，mOS长达17.5个月。IBI363 联合贝伐珠单抗表现出更强的竞争力，cORR提高到19.4%，mPFS达5.6个月，OS未成熟。此外，IBI363的三级以上TRAE比例处于合理范围。例如 3mg/kg Q3W单药在后线NSCLC的三级以上TRAE为44%，单药在后线CRC的三级以上TRAE为28%，联用贝伐珠单抗在后线CRC的三级以上TRAE为36%。该机构预计IBI363经风险调整的海外峰值销售额有望达到38亿美元，国内峰值销售额有望达到40亿元人民币。鉴于IBI363作为下一代IO品种的潜力得到进一步验证，该机构上调信达生物基于DCF的目标价至94.74港元（WACC：9.0%，永续增长率：3.0%），维持买入评级。
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