智通财经APP获悉，昭衍新药(06127)尾盘涨超9%，截至发稿，涨9.23%，报24.62港元，成交额3.91亿港元。
华泰证券发布研报称，昭衍新药在历经18-22年的业绩高增，23-25年的订单量价承压调整后，利空逐渐出清，26年起有望凭借国内复苏(BD出海热潮、IND数量上升)+海外离岸外包双轮驱动进入新一轮增长通道。报告指出，实验猴价格是安评行业供需关系和周期性的风向标，国内目前位于8-10万元/只，企稳后略有上升，供需端处于紧平衡状态。该行认为，伴随后续供需缺口拉大，猴价或逐渐进入新一轮上升周期(22年时高达15-20万元/只)。
与市场观点不同，市场顾虑FDA新政影响及海外业务增长潜力，但该行认为：新政以单抗领域为切入点进行尝试且国内尚未跟进。中短期看，动物实验3-5年内仍为全球药物安评领域的绝对主流方法；长期看，新方法学(AI、类器官等)应用前景仍待观察，需结合其过渡期内的对比结果及远期技术成熟度综合考量。该行看好动物实验与新方法学协同演进推动行业整体发展，并看好公司通过新方法学的积极布局进一步提升综合能力。
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