金吾财讯 | 东吴证券研报指，歌礼制药(01672)宣布FIC每日一次口服小分子FASN抑制剂地尼法司他（ASC40）治疗中重度寻常性痤疮的III期临床试验达到所有主要、关键次要及次要终点。经安慰剂校准后的治疗成功率，地尼法司他（18.6%）疗效比FDA批准的沙瑞环素（9.4%）和多西环素（6.7%）分别高98%和178%。与FDA批准的柯拉特龙乳膏（11.6%）相比高60%。目前痤疮疗法治标不治本，临床期待新药；地尼法司他III期临床达到所有终点，疗效数据优秀，未来有望成为疗效显着、患者依从性高、安全性好的BIC痤疮药物。另外，公司差异化布局小分子减重赛道，ASC30和ASC47潜力较大。该机构指，随着地尼法司他III临床期顺利结束，公司预计将在2025年提交药监局申报上市，2026年贡献收入。该机构维持公司2025年营收预测，上调2026年营收预测至0.4亿元，新增2027年营收预测为1亿元。结合原FCFF估值模型，上调目标价至11.88元人民币，维持“买入”评级。
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