【券商聚焦】交银国际维持荣昌生物(09995)买入评级指次季产品销售强劲增长并减亏

金吾财讯

Aug 27

金吾财讯 | 交银国际研报指，荣昌生物(09995)上半年收入同比增长47.6%至10.9亿（人民币，下同），其中包括泰它西普销售收入6.5亿、维迪西妥单抗销售收入4.4亿。毛利率同比提升7.3个百分点至84.4%；SG&A/研发费用率分别同比下降11.4ppts/49.7ppts。单 2Q 亏损1.95 亿，同/环比均有收窄。管理层维持全年产品销售增长30%以上、2026年实现盈亏平衡、2027年剔除BD后实现盈利的指引。公司现金储备充足，账面现金14.8亿，另有27亿银行授信额度。该机构指，泰它西普治疗SS的国内III期研究达主要终点，下半年将递交上市申请并公布数据；海外，合作伙伴Vor Bio正在推进MG全球III期临床、并将计划SS等更多适应症的开发。维迪西妥单抗UC、GC、BC等重要适应症的前线治疗开发稳步推进，2026-27年有望集中获批。RC28亚洲多国权益授权给参天制药，DME和wAMD适应症将于2H25/2026 年申报上市。早期管线中，PD-1/VEGF 双抗、新机制ADC等资产有望产生更多BD机会。该机构下调2027年收入预测但上调净利润预测，主要反映泰它西普授权后，收入来源转变为规模更小但利润率更高的合作收入。基于DCF估值，该机构上调目标价至103港元，维持买入评级。

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