智通财经APP获悉，大和发布研报称，维持中国生物制药(01177)“买入”评级，以现金流折现率计，目标价从5.6港元升至10港元。大和又对公司2025至2027年收入上调到1%至6%，每股盈测上调到56%至106%，反映创新药销售预测获上调，以及其他收入预测获上调(因假设持续录得来自科兴生物的股息收入)。
大和表示，中国生物制药创新药销售如期推进;三年产品推出计划向上修订。上半年，其创新药产品收入同比增长27%，达78亿元人民币。对于产品推出，中生制药预计创新产品总数将于2025、2026和2027年分别达到21个、26个和逾35个。
报告指出，中生制药主要变化是2027年新增3款药物推出，分别为TQC3721(PDE3/4)、LM-302(Claudin 18.2 ADC)和TQC2731(TSLP mAb)。中生制药现预计TQC3721(PDE3/4抑制剂)的授权交易将于2025年内完成，因其表示正在与潜在合作伙伴修订条款，鉴于Verona/默克于7月9日宣布，以PDE3/4抑制剂为中心的100亿美元并购交易。
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