交银国际研究报告指出，康诺亚-B(02162.HK) 上半年核心品种市场渗透加速，差异化布局。其司普奇拜单抗首个完整半年商业化成绩优异，TSLP/IL-13双抗有望成为自免领域下一代重磅单品，重点布局鼻科适应症。
该行又指，康诺亚借助强大的临床开发执行力及差异化显著的多种技术平台，公司跨技术路径、跨疾病领域的多元产品矩阵逐步成型，并从自免和肿瘤进一步延展至更多大潜力治疗领域。
交银国际基于康诺亚今年上半年业绩及管线研发进展，调整其2025至2027年财务预测，对于利润率有更乐观的预测，考虑到好于该行预期的费用管控及管线出海后海外研发转移至合作伙伴，将DCF模型预测起始年份滚动至2026年，上调目标价至78港元，对应3.1倍收入达峰时的市销率，维持“买入”评级。(hc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-28 16:25。)
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