【券商聚焦】交银国际维持德琪医药(06996)买入评级调ATG022中长期及峰值销售预测近30%

金吾财讯

Aug 27

金吾财讯 | 交银国际研报指，德琪医药(06996)CLDN18.2 ADC ATG022 已获中国内地突破性治疗药物认定，用于3L+ CLDN18.2 阳性、HER2阴性胃癌/胃食管结合部腺癌（GC/GEJ）的治疗；并同时公布I/II 期最新数据，响应率相比此前公布的小样本数据有进一步优化的趋势。值得注意的是，公司首次公布中高表达人群的中位PFS 6.97个月，相比同靶点竞品有明显优势。1.8mg/kg剂量组安全性亮眼，没有发生眼毒性和ILD，该机构将继续关注该剂量的生存获益结果。公司未来在胃癌上的开发计划包括：1）3L单药中高表达III期即将启动；2）3L低/极低表达探索附条件上市；3）联合K药2L治疗PD-L1+人群；4）联合K药和化疗1L 治疗PD-L1+人群。管理层维持产品全球峰值销售超50亿美元的预测。该机构续指，ATG-037与K药联用的I/II 期最新数据显示，其在不同病理的黑色素瘤和非小细胞肺癌中展现出可持续的疗效及安全性。此外，AnTenGager? TCE 平台产出CD19/CD3 双抗预计将在4Q25递交IND，用于B细胞介导的自免疾病治疗。该机构上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港元目标市值和2.1倍达峰时市销率，维持买入评级。

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TCE 平台产出CD19/CD3 双抗预计将在4Q25递交IND，用于B细胞介导的自免疾病治疗。该机构上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港元目标市值和2.1倍达峰时市销率，维持买入评级。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】交银国际维持德琪医药(06996)买入评级 调ATG022中长期及峰值销售预测近30%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】交银国际维持德琪医药(06996)买入评级 调ATG022中长期及峰值销售预测近30%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2025-08-27 09:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，德琪医药(06996)CLDN18.2 ADC ATG022 已获中国内地突破性治疗药物认定，用于3L+ CLDN18.2 阳性、HER2阴性胃癌/胃食管结合部腺癌（GC/GEJ）的治疗；并同时公布I/II 期最新数据，响应率相比此前公布的小样本数据有进一步优化的趋势。值得注意的是，公司首次公布中高表达人群的中位PFS 6.97个月，相比同靶点竞品有明显优势。1.8mg/kg剂量组安全性亮眼，没有发生眼毒性和ILD，该机构将继续关注该剂量的生存获益结果。公司未来在胃癌上的开发计划包括：1）3L单药中高表达III期即将启动；2）3L低/极低表达探索附条件上市；3）联合<a href=\"https://laohu8.com/S/TKKD.SI\">K</a>药2L治疗PD-L1+人群；4）联合K药和化疗1L 治疗PD-L1+人群。管理层维持产品全球峰值销售超50亿美元的预测。该机构续指，ATG-037与K药联用的I/II 期最新数据显示，其在不同病理的黑色素瘤和非小细胞肺癌中展现出可持续的疗效及安全性。此外，AnTenGager? TCE 平台产出CD19/CD3 双抗预计将在4Q25递交IND，用于B细胞介导的自免疾病治疗。该机构上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港元目标市值和2.1倍达峰时市销率，维持买入评级。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"06996","symbol_name":"德琪医药-B","start_time":0,"source_url":"1964909","article_id":"2562953762","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/YmUwNDEzZDkyZTQxMjdjZGQ1ZTFlYjEwODUyNTc4Njg4Nw==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2562953762","pubTimestamp":1756257593,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"金吾财讯 | 交银国际研报指，德琪医药 CLDN18.2 ADC ATG022 已获中国内地突破性治疗药物认定，用于3L+ CLDN18.2 阳性、HER2阴性胃癌/胃食管结合部腺癌的治疗；并同时公布I/II 期最新数据，响应率相比此前公布的小样本数据有进一步优化的趋势。管理层维持产品全球峰值销售超50亿美元的预测。该机构上调ATG022中长期及峰值销售预测近30%，上调公司DCF目标价至8.8港元，对应约60亿港元目标市值和2.1倍达峰时市销率，维持买入评级。","collect":0,"end_time":0,"defaultTopTitle":"","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"06996":"德琪医药-B"},"translate_title":"[Brokerage Focus] BoCom International maintains Antengene Pharmaceuticals (06996) buy rating and adjusts ATG022 medium-and long-term and peak sales forecast by nearly 30%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06996":1},"content_text":"金吾财讯 | 交银国际研报指，德琪医药(06996)CLDN18.2 ADC ATG022 已获中国内地突破性治疗药物认定，用于3L+ CLDN18.2 阳性、HER2阴性胃癌/胃食管结合部腺癌（GC/GEJ）的治疗；并同时公布I/II 期最新数据，响应率相比此前公布的小样本数据有进一步优化的趋势。值得注意的是，公司首次公布中高表达人群的中位PFS 6.97个月，相比同靶点竞品有明显优势。1.8mg/kg剂量组安全性亮眼，没有发生眼毒性和ILD，该机构将继续关注该剂量的生存获益结果。公司未来在胃癌上的开发计划包括：1）3L单药中高表达III期即将启动；2）3L低/极低表达探索附条件上市；3）联合K药2L治疗PD-L1+人群；4）联合K药和化疗1L 治疗PD-L1+人群。管理层维持产品全球峰值销售超50亿美元的预测。该机构续指，ATG-037与K药联用的I/II 期最新数据显示，其在不同病理的黑色素瘤和非小细胞肺癌中展现出可持续的疗效及安全性。此外，AnTenGager? 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