金吾财讯 | 天风证券研报指，近期，和誉(02256)FGFR4抑制剂ABSK011联合阿替利珠单抗治疗FGF19过表达的晚期肝细胞癌（HCC）的Ⅱ期临床研究（ABSK-011-201）结果，在ESMO GI 2025上发布，展现了该疗法的临床潜力，研究入选ESMO GI 2025官方汇总的“Top Trials”试验榜单。 ABSK011在初治和经治HCC患者中均展现出较大的临床潜力，未来可期；另外，ABSK011已进入注册性临床试验阶段。该机构指，和誉目前有超过20款在研药物，有10余款药物已进入临床研发阶段，适应症多数集中在实体瘤领域，包括NSCLC、TNBC、HCC等。其中研发进度最高的药物是CSF-1R抑制剂ABSK021，腱鞘巨细胞瘤NDA已获得CDE受理，大中华区权益已经授予默克。此外，FGFR 2/3高选择性抑制剂ABSK061和口服PD-L1抑制剂ABSK043正在开展关于具有 FGFR2/3突变的转移性/不可切除实体瘤的II期临床试验。此外，和誉还有一个PRMT5/MTA复合物ABSK131进入临床I期，适应症为MTAP缺失的晚期/转移性实体瘤。该机构预计公司2025-2027年的营业收入分别为6.30亿元、6.84亿元和6.34亿元。预计公司2025-2027年的归母净利润为0.45亿元、0.68亿元和0.98亿元。维持“买入”评级。
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