金吾财讯 | 中信建投研报指，荣昌生物(09995)2025年前三季度营收17.20亿，同比增长42.27%，第三季度单季营收6.22亿元，同比增长33.13%，营收规模持续扩大且增速保持高位。此外，前三季度归母净亏损为5.51亿元，较去年同期缩窄48.6%，全年经营符合预期。2025年，核心产品泰它西普新增适应症获批后快速放量，维迪西妥单抗联合治疗方案数据优异，同时RC28的DME适应症上市申请获受理；在研管线中RC148获突破性疗法认定，临床数据持续验证价值。整体看，公司商业化进程提速，管线梯队布局完善，看好公司后续发展。该机构指，公司已建立并完善了三大创新核心技术平台，自主研发实力强劲；泰它西普及维迪西妥单抗适应症有望持续拓展，公司的商业化能力得到验证；同时公司国际化已经启程，就RC48的海外权益与SEAGEN达成合作，RC18正在积极推进临床试验，整体运营愈发成熟稳定。但由于公司受到行业变化的影响，该机构预计2025-2027年，公司收入分别为24.55亿元、33.88亿元和45.74亿元，维持“买入”评级。
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